Page 64 - RusRPTOct22

5.2.2 Current account dynamics
Russia's current account was still well in surplus in August. According to the preliminary estimate of the Russian Central Bank, the surplus was $16.5bn in August. The surplus was clearly smaller compared to the peak readings of recent months, but still at a historically high level. In January-August, a surplus of around $180bn was accumulated. This year, the surplus has also varied exceptionally much from month to month. It may reflect an exceptional situation due to the war, but it may also be related to statistical problems. Russian customs has stopped publishing foreign trade statistics and the central bank only publishes a reduced version of the balance of payments.
The development of Russian foreign trade after the war has been mapped in the recent BOFIT Policy Brief. Trade flows have been estimated based on the statistics of trading partners, as Russian statistics are no longer available. Russian imports fell sharply after Russia invaded Ukraine, but recovered in the summer. In June, however, the value of imports was still almost 40% lower than a year earlier. Imports of technology products in particular have shrunk sharply. The export restrictions of the EU, the United States and other countries are particularly aimed at the export of technology products to Russia.
In contrast, Russia's export earnings have grown even after the start of the
64 RUSSIA Country Report October 2022 www.intellinews.com