Page 58 - RusRPTDec22

5.2.4 Gross international reserves
Russia’s international reserves rose to $552.1bn, climbing by 1.9% ($10.5bn) over the week as of November 11, the Central Bank of Russia (CBR) announced.
As of November 4, 2022, international reserves amounted to $541.6bn, Tass reported. (chart) The total includes the circa $300bn frozen in Western central banks at the start of the war in Ukraine in February.
Russia’s reserves are continuing to rise as its trade recovers from the shock of the massive sanctions package imposed following the invasion of Ukraine in February.
Russia’s current account surplus showed some increase in October, reaching c$17bn v c$15bn in September, according to the CBR. This stronger figure was driven by higher Urals prices ($70.62 per barrel in October v $68.25 per barrel in September), which supported export flows, and by a contraction in imports as a result of subdued household consumption.
Russia’s exports are recovering too. Despite the sanctions, Russia’s exports to the EU – mostly energy and raw materials – are on course to increase this year compared to exports a year earlier, largely due to the hefty increases in the cost of oil and gas.
Russia’s bilateral trade with the European Union in 2021 reached €257bn, with €158bn of that being Russian exports to the bloc. According to Eurostat,
58 RUSSIA Country Report December 2022 www.intellinews.com