Russia’s current account surplus from January to July reached $167 billion.
Russia’s current account surplus reached $167 billion in 2022, according to the Central Bank of Russia. Although, after the Russian attack on Ukraine, imports collapsed because Western governments and companies shun Russia. Despite this, the surplus is three times higher this year. A year ago, in the comparable period, it was about $50 billion.
Oil trading saves the budget
According to the American Business Insider, the Russian economy is based on the sale of energy resources. Despite the sanctions imposed by Western countries, the Putin regime continues to earn big money from this.
Despite sanctions aimed at limiting Moscow’s revenues and the ability to transact globally, the country posted a record surplus in the second quarter.
The collapse of imports
A growing current account surplus is also emerging despite the collapse in imports as a result of sanctions and self-sanctions.
However, imports from a key Chinese ally that escaped Russia’s punishment for its war with Ukraine have lately risen to nearly pre-invasion levels. Imports of Chinese goods increased by 20 percent in July. up to 6.7 billion dollars. Currencies of Russia and China also strengthened due to the restoration of trade contacts.
Europe buys Russian oil
According to Bloomberg, oil buyers in Southern Europe are slowly returning to the Russian oil market. According to the agency, shipments of raw materials from Russia to the entire Mediterranean region have recently been the highest since mid-June. Bloomberg cites shipments to Italian ports as an example, which peaked in the last 7 weeks, while shipments to Turkey were the highest in six weeks.
Source: Wprost
