The Central Bank of Russia published a new quarterly issue of its information and analytical commentary Russia’s Balance of Payments, reporting that the current account surplus decreased in 2025 Q2 as imports rose in US dollar terms while exports remained below 2024 levels. Year-on-year import growth was driven mainly by services, including higher Russian household spending on foreign travel, while goods imports were restrained by factors including an increased recycling fee, large commodity stocks, and high loan interest rates. Exports were weighed down by lower world prices for crude oil and coal, oil production cuts under OPEC+ agreements, reduced grain stocks, and export quotas.
Central Bank of Russia 2025-08-25
Central Bank of Russia reports narrower 2025 Q2 current account surplus as imports rise and exports fall
The Central Bank of Russia's latest quarterly commentary on Russia’s Balance of Payments reveals a decrease in the current account surplus for Q2 2025, attributed to rising imports in USD terms and exports remaining below 2024 levels. Import growth was primarily driven by services, notably increased spending on foreign travel, while exports were impacted by lower global prices for crude oil and coal, OPEC+ production cuts, and export quotas.