Russia’s current account surplus has tripled since the beginning of the year

The decline in imports was accompanied by a boom in energy and commodity sales
Russia’s current account surplus has more than tripled since the start of the year from last year, after hitting record levels since the invasion of Ukraine, as lower imports coupled with booming revenues from energy and commodity sales abroad.

The current account surplus, the broadest measure of trade and investment flows, widened to nearly $167 billion in the January-July period, compared to just over $50 billion during the same period a year earlier, the Bank of Russia said in a preliminary estimate. Posted today Tuesday.

The proceeds have become an important source of hard currency for the Kremlin since the invasion of Ukraine in February. The collapse in imports, driven in part by international sanctions due to the war, contributed to this surplus.