Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
getoverit
Jan 17, 2023 9:21AM ET
Bhahahaha to all collective west.
2
2
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
👀 Bezos, Buffett & Berkowitz: What's in Their Portfolios? Unlock Data
Russia posts record current account surplus of $227 billion in 2022
Published Jan 17, 2023 09:14AM ET
© Reuters. FILE PHOTO-National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. REUTERS/Maxim Shemetov
(Reuters) -Russia's current account surplus hit a record high in 2022, the central bank said on Tuesday, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy.
Russia's current account - a measure of the difference between all money coming into a country through trade, investment and transfers, and what flows back out - came in at $227.4 billion, up 86% from 2021.
Russian imports fell sharply last year amid an exodus of Western firms after the West imposed sweeping sanctions on Moscow for its invasion of Ukraine.
But the Kremlin has sought to replace revenues lost from its oil and gas exports to Europe with a pivot to China, India and other Asian countries.
Trade between Russia and China hit a record high of $190 billion last year, Chinese customs data showed.
As imports fell, Moscow's trade balance - the difference between total exports and imports - swelled to $282.3 billion in 2022, up from $170.1 billion the previous year.
The central bank said higher commodity prices throughout 2022 had helped push the current account higher, while imports slowly recovered in the second half of the year.
Russia's export revenues are set to come under fresh pressure in 2023 as Western and Japanese sanctions on Russian oil come into full effect.
The Group of Seven major economies will expand an oil embargo beyond crude to include Russian oil products from Feb. 5.
Analysts say this could lead to a reduction in Russian oil output of up to 1 million barrels per day (bpd) in the first quarter of 2023.
An official forecast sees Russia's output of oil products falling sharply this year to 230 million tonnes from 272 million, according to a senior Russian source.
Related Articles
Comments (1)
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.