Russia registered the largest current account surplus since at least 1994 reaching, in the first quarter of 2022 (thus including the first month of the conflict), 58.2 billion dollars, more than double that of the 22.5 billion recorded in the same period of 2021. Russian central bank. The maxi trade balance surplus (difference between the value of exports and imports) depends on the fact that the value of exports (mainly oil and gas) has risen significantly with the increase in prices and the substantial stability of supplies. On the other hand, imports collapsed after the United States and its allies imposed sanctions for the invasion of Ukraine.
“Export flows have remained practically the same, but imports have dropped dramatically due to logistical limits and restrictions imposed by Western countries,” the finance minister said yesterday. Anton Siluanov in an interview published in the Izvestia newspaper. According to calculations by the Bloomberg research office, the expected revenues for Moscow in 2022 from energy exports are 320 billion dollars, almost 100 billion more than in 2020 thanks to soaring gas, oil and coal prices. War which amplifies these upward movements seems to be paying for itself to some extent. Russia has “enough” gold and yuan reserves and will be able to grow again. This was stated by the governor of the Russian Central Bank Elvira Nabiullina. The World Bank has estimated one for the Russian economy contraction of 11.2%.
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