Russia’s foreign trade surplus grew by 120% to $238 billion

Russia’s foreign trade surplus grew by 120% in the first nine months of the current year 2022, compared to the same period last year, reaching $238 billion.

According to the data of the Russian Central Bank, the country’s exports increased by 28% in the first nine months of this year compared to the same period the previous year, reaching 483 billion dollars.

In the same mentioned period, the country’s imports decreased by 10% to reach 245 billion dollars, while the trade surplus increased by 120% to 238 billion dollars.

According to estimates by the Russian Central Bank, the country’s foreign trade surplus is expected to reach $243 billion at the end of the year, with an average price of $80 per barrel of oil.

At the same time, Russian gas exports to Europe declined.

Although shipments still pass through Ukraine, other routes, such as the main link of Nord Stream to Germany, have been stopped.

Gazprom’s exports to its main markets, excluding the countries of the former Soviet Union, fell to 18 billion cubic meters in the third quarter, an estimated decline of 61% from last year.

The decline came as a result of limited flows to Europe, which has historically been the main destination for the Russian gas producer.

Meanwhile, the current account surplus (the difference between exports and imports) reached an estimated $51.9 billion in the third quarter, down from a record high of $76.7 billion in the previous three months, according to Russian Central Bank data posted on Tuesday.

The windfall from rising energy revenues has so far been a lifeline for an economy that found itself cut off from much of the global financial system after the United States and its allies imposed sanctions over President Vladimir Putin’s invasion of Ukraine in February.

The Russian ruble fell to its lowest level in more than three months, reaching 63.7 rubles against the US dollar on Wednesday.

Observers attributed the decline to being affected by the escalating geopolitical risks associated with the conflict in Ukraine and the decrease in the supply of foreign exchange among exporters.

Russian President Vladimir Putin said Moscow launched long-range missile attacks on Ukraine’s energy, military and communications infrastructure on Monday in response to an attack on a vital bridge linking Russia to Crimea at the weekend.