Balance of payments, international investment position and external debt of the Russian Federation
2nd quarter of 2026
Last update: 30.09.2026
Data links:
The Bank of Russia published the balance of payments, international
investment position and the external debt of the Russian Federation in
Q2 2026 and revised indicators for
Balance of payments of the Russian Federation
Main components of the balance of payments of the Russian Federation, in billions of US dollars
| Current account | 18,3 | 2,1 | 8,2 | 10,0 | 38,6 | 13,2 | 16,9 |
| Trade balance | 30,6 | 23,6 | 31,3 | 27,7 | 113,2 | 27,1 | 39,4 |
| Exports of goods | 97,3 | 98,7 | 107,7 | 115,8 | 419,5 | 100,9 | 125,7 |
| Imports of goods | 66,7 | 75,1 | 76,4 | 88,1 | 306,4 | 73,8 | 86,3 |
| Balance on services | -7,6 | -12,6 | -15,1 | -13,3 | -48,6 | -8,8 | -13,1 |
| Balance on primary and secondary income | -4,7 | -8,9 | -8,0 | -4,3 | -25,9 | -5,1 | -9,3 |
| Financial account | 10,8 | -1,8 | 8,3 | 7,4 | 24,9 | 12,5 | 8,3 |
| Net acquisition of financial assets, excluding reserve assets | 20,3 | 4,1 | 8,7 | 5,5 | 38,5 | 18,3 | 9,1 |
| Net incurrence of liabilities | 3,6 | 2,4 | -5,3 | -5,6 | -4,9 | -0,8 | 8,1 |
| Reserve assets | -5,9 | -3,4 | -5,6 | -3,6 | -18,5 | -6,7 | 7,3 |
The current account surplus in Q2 2026 increased to $16.9 billion from $13.2 billion in the previous quarter (Fig. 1) owing to the outstripping growth of exports of goods compared to imports.
Main components of the current account, in billions of US dollars
The trade balance surplus rose to $39.4 billion because of the increase of exports of goods by $24.8 billion primarily because of the rising world prices. The imports grew by $12.5 (Fig.2).
Trade balance of the Russian Federation, in billions of US dollars
The deficit in the balance on services grew by $4.3 billion to $13.1 billion due to the outstripping imports rise (Fig. 3). The key role was played by the seasonal increase in Russians’ spending during foreign trips and the rise in the amount of transport services received from non-residents and other services, including telecommunications, computer, and information services, charges for the use of intellectual property, and other business services. The growth in exports of services was driven by higher non-residents spending during visits to the Russian Federation as well as by the growing volume of services provided to foreign transport companies.
Balance on services, in billions of US dollars
- Other services include: manufacturing, maintenance and repair services, construction, financial services, insurance, telecommunications, computer, and information services, charges for the use of intellectual property, other business services, personal, cultural and recreational services, government services.
The total deficit in the balance on primary and secondary income rose to $9.3 billion compared to Q1 2026. The main contribution was made by the increase in personal transfers payable as a result of the US dollar equivalent of wages received by foreign workers. The negative balance on investment income remained almost unchanged due to the comparable increase in the amount of income receivable and payable.
The financial account surplus decreased to $8.3 billion ($12.5 billion in Q1 2026) (Fig. 4) mainly due to the $8.1 billion growth of foreign liabilities after $0.8 billion fall in Q1 2026. Foreign assets acquisition (including reserve assets) rose to $16.4 billion from $11.7 billion in Q1 2026.
Net lending by functional categories, in billions of US dollars
By functional category, the financial account surplus was mainly formed by increasing reserve assets.
As for direct investment, net borrowing reduced to $0.5 billion ($1.5 billion in Q1 2026) primarily due to the decrease in non-residents’ equity investment in Russian companies.
Portfolio investment remained virtually unchanged ($0.1 billion net borrowing in the previous quarter).
The financial derivatives balance as in Q1 2026 was minimal ($0.1 billion) amid low activity of non-residents in the Russian market.
Other investment growth slowed down to $1.5 billion ($20.6 billion in the previous quarter) mainly due to an increase in non-residents’ balances in accounts and deposits.
Reserve assets rose by $7.3 billion ($6.7 decrease in Q1 2026).
International investment position of the Russian Federation
The decrease in the net international investment position of the Russian Federation in Q2 2026 (from $1,111.2 billion at the end of Q1 2026 to $1,092.2 billion as of June 30, 2026) was caused by the more significant decrease in external assets compared to foreign liabilities (Fig. 5).
Foreign assets and liabilities of the Russian Federation, in billions of US dollars
| Total | 1764,0 | 1740,2 | 652,8 | 648,0 |
| Direct investment | 266,3 | 259,9 | 291,2 | 289,2 |
| Portfolio investment | 50,3 | 54,5 | 138,1 | 125,9 |
| Financial derivatives | 0,1 | 0,0 | 0,0 | 0,1 |
| Other investment | 698,4 | 705,3 | 223,5 | 232,8 |
| Reserve assets | 749,0 | 720,4 |
External assets of the Russian Federation declined by $23.8 billion amounting to $1,740.2 billion ($3.8 billion drop in Q1 2026). The negative contribution of revaluation and other changes exceeded the positive balance of payments transactions. Direct investment reduced by $6.4 billion (by $10.7 billion in Q1 2026) influenced by other changes. Portfolio investment rose by $4.2 billion ($2.6 billion decrease in Q1 2026) due to the increase of the value foreign equity instruments in the residents’ portfolios.
External liabilities of the Russian Federation reduced by $4.8 billion to $648.0 billion since the end of Q1 2026 (by $18.3 billion in Q1 2026) because of the negative revaluation and other changes. The key role was played by the decrease of portfolio investment liabilities by $12.2 billion (by $2.6 billion in Q1 2026) owing to the negative revaluation of non-residents’ investment in equity instruments of Russian companies. Other investment liabilities increased by $9.4 billion ($6.5 billion decrease in Q1 2026) as a result of, among other things, the rise in non-residents’ balances in accounts and deposits.
International investment position of the Russian Federation, in billions of US dollars
External debt of the Russian Federation
The external debt of the Russian Federation as of June 30, 2026 amounted to $309.0 billion (11% of GDP over the last 12 months), having increased by $10.7 billion in Q2 2026 (Fig. 6).
The main contribution was made by the banking system’s external liabilities rise by $6.3 billion to $113.0 billion (37% of total external debt). The external debt of other sectors grew by $4.3 billion amounting to $172.9 billion (56%). General government liabilities amounted to $23.1 billion (7%).
External debt of the Russian Federation, in billions of US dollars
- Minor discrepancies between the total and the sum of components are due to the rounding of data.