Falling export goods prices hit incomes, central bank says
Russia’s current account surplus shrank 73% in the first quarter of this year compared to the same period last year, central bank data showed on Tuesday.
The surplus in January-March this year was $18.6 billion, down $51 billion from 2022, the regulator said in a statement. statement published on its website.
The central bank attributed the decline to a “significant decline in the value of exports mainly due to lower prices”, and one “decrease in the amount of dividends declared by Russian companies” over the reporting period.
The volume of goods imports has been restored to last year’s values, the regulator noted.
Russia has seen a sharp drop in revenue due to international sanctions and restrictions on energy exports. After the US, EU and their allies imposed a ban on oil imports by sea last year and a price cap on Russian crude, the country was forced to sell crude at a discount to to find new buyers. Russia’s former main buyer of natural gas, the EU, has started sourcing energy elsewhere.
According to Ministry of Finance figures released earlier this month, oil and gas revenues fell 45% in the first quarter, compared to the same period in 2022.
The International Monetary Fund warned on Tuesday that falling energy revenues could see Russia’s current account surplus shrink further and its federal budget deficit rise from the current $29 billion reported last week.
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