KONTAN.CO.ID - MOSCOW. Lower export volumes saw Russia's current account surplus shrink 58.2% to $8 billion in January, the central bank said on Thursday, squeezing Russia's capital buffers at a time when Moscow is ramping up budget spending. Russia's current account surplus hit a record high in 2022, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy over the conflict in Ukraine. But Moscow is now contending with sharply lower export revenues, down 35.1% year-on-year in January, in part due to price caps and embargoes on Russian oil and gas products.
Russia's Current Account Surplus Shrinks 58.2% in January as Exports Fall
KONTAN.CO.ID - MOSCOW. Lower export volumes saw Russia's current account surplus shrink 58.2% to $8 billion in January, the central bank said on Thursday, squeezing Russia's capital buffers at a time when Moscow is ramping up budget spending. Russia's current account surplus hit a record high in 2022, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy over the conflict in Ukraine. But Moscow is now contending with sharply lower export revenues, down 35.1% year-on-year in January, in part due to price caps and embargoes on Russian oil and gas products.