Estimate of Key Aggregates of the Balance of Payments of the Russian Federation

The essentials:

The Bank of Russia published the estimate of the balance of payments of the Russian Federation for June 2025 and revised the estimate for January – May 2025 due to the receipt of additional reporting data as of 14 August, 2025.

The current account surplus in June 2025 was $0.7 billion against $2.8 billion in May 2025. Its decline was caused by an increase of deficit in the balance on services and balance on primary and secondary income.

In January-June 2025 the current account surplus reduced to $25.0 billion from $42.1 billion in the corresponding period of 2024 due to a weaker trade balance as well as the expansion of deficit in the balance on services.

Key Aggregates in details in June 2025:

• the trade balance surplus rose to $9,3 billion relative to the updated value in May 2025 due to the more significant reduction in imports of goods compared to exports;
• the deficit in balance on services expanded to $4.8 billion by $0.3 billion compared to the previous month figure mainly due to the seasonal growth in Russians’ spending during foreign trips;
• the total deficit in primary and secondary income rose to $3.8 billion from $1.4 billion a month earlier, primarily driven by an increase in the amounts of dividends payable by Russian companies;
• external assets (excluding reserve assets) grew by $0.9 billion against $2.1 billion a month earlier mainly in the form of other investment;
• external liabilities dropped by $0.6 billion (rose by $0.9 billion in May 2025), among other things owing to the reduction in other investment liabilities.

Key Aggregates in January-June 2025:

• the trade balance surplus declined to $57.3 billion against $70.9 billion a year earlier due to a decline in exports with stable imports;
• the deficit in the balance on services expanded to $20.7 billion ($16.1 billion a year earlier) as a result of growth in imports of services owing to the increase in Russians’ spending during foreign trips as well as the rise of other services imports;
• the decrease in the total deficit in primary and secondary income to $11.6 billion ($12.7 billion a year earlier) resulted from both a reduction in dividends payable to non-residents and a decline in the amount of reinvested earnings of foreign investors;
• the slowdown in the growth of external assets (excluding reserve assets) to $24.9 billion ($38.9 billion in January-June 2024) is, among other things, caused by the decline of non-residents’ indebtedness on outstanding settlements;
• the growth of external liabilities of the economy amounted to $1.9 billion (a decrease of $1.6 billion in the corresponding period of the previous year) and was driven, among other things, by the rise in direct investment;
• reserve assets declined by $9.3 billion (by $8.2 billion a year earlier).

Current account components, in billions of US dollars