FX.co ★ Russia Posts Smallest Trade Surplus in Over 2 Years

In November 2025, Russia's trade surplus diminished to $8.6 billion, down from $12.3 billion in the same period of the previous year, marking the lowest level since July 2023. This figure also represents the second-lowest surplus since February 2022, a time when the Russian invasion of Ukraine led to substantial disruptions in global commodity markets and extensive sanctions on the Russian economy. Exports decreased by 16.2% year-on-year to $32.9 billion, the most significant drop in nearly two years. This decline was primarily driven by reduced crude oil prices and a gradual decrease in shipments from Indian refiners in response to U.S. sanctions on Lukoil and Rosneft. Meanwhile, imports decreased by 3.1% to $26.1 billion, marking a fourth consecutive decline. This occurred despite a robust ruble, as a weakening domestic economy curtailed the demand for goods.