Page 57 - RusRPTMay20

5.2.2​ Current account dynamics
The current account surplus of the balance of payments of the Russian Federation in January-March 2020 decreased by more than a third to $21.7bn ​vs $33.6bn in the first quarter of 2019, according to preliminary data from the Bank of Russia.
The decisive factor was the reduction in the trade balance due to a decrease in export supplies of energy resources amid a negative pricing environment on world commodity markets while maintaining a comparable level of commodity imports.
The deteriorating economic situation also affected the foreign trade in services​: according to the results of the quarter, according to the Bank of Russia, both exports and imports of services decreased, while the volumes of imports of transport services and services under the “travel” item decreased most noticeably.
The current result on operations reflected in the current account of the balance of payments led to net lending by the country to the rest of the world ​mainly in the form of repayment of external liabilities and placement of financial assets of the private sector.
The positive balance of financial operations of the private sector in January-March 2020 amounted to $17.0bn ​vs $24.0bn a year earlier.
At the same time, unlike the situation a year earlier, other sectors in the past quarter reduced their liabilities to non-residents and significantly reduced the placement of financial assets abroad.
57​ RUSSIA Country Report​ May 2020 ​ ​www.intellinews.com