Page 63 - RusRPTSept21

5.2.2 Current account dynamics
Russia's current account surplus reached $51.7 bln in 7m21, versus a $26.6 bln surplus in 7m20 and rising from $43.1 bln in 1H21. The trade surplus was $81.1 bln, versus $54.9 bln in 7m20 and $62.4 bln in 1H21. The y-o-y surge was attributable to higher exports amid elevated oil prices ($74.5/bbl in July)
Private capital outflow was about at the 2020 level in 7m21, coming in at $34.9 bln (versus $35.3 bln in 7m20 and $27.0 bln in 1H21). As part of the fiscal rule, the CBR bought and accumulated $14.5 bln of FX in 7m21 (it sold $8.8 bln in 7m20).
The 7m21 current account surplus looks to be in line with our full-year forecast of $70 bln in 2021.
63 RUSSIA Country Report September 2021 www.intellinews.com