Russia Records Lowest Current Account Surplus in 4 Years

Russia posted a current account surplus of $9.2 billion in the final quarter of 2025, narrowing sharply from the 13.8 billion in the corresponding period of the previous year. It was the lowest current account surplus for the period since the fourth quarter of 2020, when the pandemic crisis triggered plunges in the value of commodities that Russia exports. The surplus of goods narrowed to $28.1 billion from $31.6 billion in the previous year, pressured by slowing demand for energy from China, which has been the main costumer for heavyweight commodity exports for Russia since Western sanctions from 2022. In turn, the deficit for services widened to $13.5 billion from $9.9 billion. On the other hand the primary and secondary account gap aggregates narrowed to $5.4 billion from $9.9 billion. For the full year, Russia's current account surplus was at $41.4 billion, narrowing from $62.6 billion in 2024 and totalling estimates of 2% of the Russian GDP.

Russia posted a current account surplus of $7.3 billion in the second quarter of 2025, narrowing sharply from the downwardly revised $17.7 billion. It was the lowest current account surplus for Russia since the fourth quarter of 2020, when the pandemic crisis triggered plunges in the value of commodities that Russia exports. The surplus of goods narrowed to $27.2 billion in the second quarter from $30.1 billion in the previous year, pressured by slowing demand for energy from China, which has been the main costumer for heavyweight commodity exports for Russia since Western sanctions from 2022. In turn, the deficit for services widened to $12.9 billion from $7.8 billion, while the primary and secondary account gap aggregates widened to $7 billion from $4.6 billion.

Russia's current account surplus narrowed to $19.8 billion in the first quarter of 2025 from $24 billion in the corresponding period of the previous year. The surplus for goods narrowed to $32.5 billion from $34.8 billion, pressured by slowing demand for energy from China, which has been the main costumer for heavyweight commodity exports for Russia since Western sanctions from 2022. Also, the gap for primary and secondary incomes widened to $5.4 billion from $3.5 billion. In turn, the deficit for services was unchanged at $7.4 billion.