FX.co ★ Russia Current Account Surplus Narrows

In the first quarter of 2025, Russia's current account surplus contracted to $19.8 billion, down from $24 billion in the same period last year. The goods surplus saw a reduction, declining to $32.5 billion from $34.8 billion, largely due to decreased energy demand from China. China has served as a key market for Russia's major commodity exports following Western sanctions imposed in 2022. Additionally, the deficit in both primary and secondary income categories expanded to $5.4 billion, compared to $3.5 billion previously. Conversely, the services deficit remained steady at $7.4 billion.