Russian Federation Current Account

Russia’s current account surplus sank to $4.8 billion in the fourth quarter of 2024, narrowing sharply from the $11.3 billion in the corresponding period of the previous year, to mark the lowest current account since the third quarter of 2020, well before the price shocks of energy goods resulting from Russia’s invasion of Ukraine. The surplus for goods narrowed to $20.4 billion from $31.4 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. In turn, the deficit for services widened to $9.2 billion from $8.4 billion. Lastly, the gap for primary and secondary incomes narrowed to $6.5 billion from $11.7 billion.