Russia 's current account surplus hit $58.2 billion in the first quarter of 2022 — a three-decade high.- Russia's revenues
oil and gas export surged while imports plunged on the back of sweeping sanctions.
Russia has reported its largest current account surplus in around three decades, as revenue from the country's oil and gas exports surged, Bloomberg records show. The surge in oil and gas exports came as imports plunged on the back of sweeping sanctions over the
Russia's current account surplus hit $58.2 billion in the first quarter of this year, the country's central bank announced on Monday. This was more than double the $22.5 billion it recorded in the same period last year. Current account surplus is a key gauge of trade and investment flows, and trade is a big component of the measure.
Russia is an
The Europe Union (EU) — a major customer of Russian energy — has not cut the country off completely. Last week, the trade bloc approved a ban on Russian coal. It's also considering an oil embargo, but the EU has not mentioned cutting off
The EU has already paid $38 billion for Russian energy since the country invaded
The windfall from high oil and gas prices has also helped the Kremlin bolster its emergency government reserves with 273.4 billion rubles ($3.2 billion) from its oil and gas sales.
Despite sweeping Western sanctions, Russia's coffers appear to be holding up. The country was repaying its foreign debt on time until last Monday, when the US Treasury blocked the country's payment in dollars held with US banks. Russia then transferred the money in rubles. The currency has bounced back to prewar levels thanks to Russia's strict capital controls.
The