Russia recorded a current account surplus of $9.2 billion in the fourth quarter of 2025, a sharp decline from $13.8 billion in the same period a year earlier. This was the smallest surplus for a fourth quarter since 2020, when the pandemic-driven collapse in commodity prices hit the value of Russia’s exports.
The goods surplus narrowed to $28.1 billion from $31.6 billion a year earlier, weighed down by slowing Chinese demand for energy. China has been Russia’s main customer for key commodity exports since Western sanctions were introduced in 2022. At the same time, the services deficit widened to $13.5 billion from $9.9 billion.
By contrast, the combined deficit on the primary and secondary income accounts narrowed to $5.4 billion from $9.9 billion. For the full year 2025, Russia’s current account surplus stood at $41.4 billion, down from $62.6 billion in 2024, equivalent to an estimated 2% of GDP.
