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Main Aggregates of External Sector Statistics in January – March 2020

According to the Bank of Russia’s data the surplus in the current account of the balance of payments of the Russian Federation decreased in Q1 2020 in comparison to the previous year by $11.8 billion to $21.7 billion as a result of the declining surplus of the trade balance by $15.0 billion due to the falling values of key exports against the background of deteriorating market conditions. At the same time, there was a contraction of the deficits of other current account components.

The balance of financial transactions of the private sector totaled $16.8 billion in January-March 2020 ($24.0 billion in the first quarter of 2019). If a year earlier it was formed by the growth of foreign assets, the main factor in the reporting quarter was the reduction of external liabilities, while the private sector’s claims to non-residents increased less significantly.

The international reserves of the Russian Federation rose by $5.0 billion in January — March 2020 against $18.6 billion in the corresponding period of previous year, mainly driven by foreign currency purchases on the domestic market under the fiscal rule.

The size of the external debt of the Russian Federation totaled $457.7 billion as of March 31, 2020. From the beginning of the year debt liabilities decreased by $33.7 billion mostly due to the decrease of indebtedness to nonresidents in the form of sovereign debt securities denominated in Russian rubles, and debt instruments under direct investment relationship.

Significant decrease of accumulated external liabilities substantially exceeded the decline in foreign assets and resulted in the increase of the Net International Investment Position of the Russian Federation from $358.7 billion at the beginning of the year to $523.6 billion as of March 31, 2020.

30 June 2020

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Last updated on: 30/06/2020