Page 58 - RusRPTFeb23

tools, equipment, production lines,” the CBR said. “A significant volume of goods imported through parallel imports fell on goods for everyday use, clothing and perfumes.”
The recovery of imports was also facilitated by the preservation of a stronger ruble compared to the same period in 2021, which made these imports much cheaper for Russians. The real effective ruble exchange rate increased by 33% y/y in 4Q22 compared to a gain of 46% y/y in 3Q22.
“At the same time, unilateral restrictive measures by individual states and the withdrawal of foreign companies from the Russian market, as well as problems with payments and logistics, continued to exert downward pressure on imports,” the CBR reports.
Current account balance
The positive balance of the financial account in the fourth quarter of 2022 was $30bn. It was noticeably lower than in the previous quarter ($45bn) as well as in the fourth quarter of 2021 ($48bn).
Net lending to the rest of the world was carried out mainly in the form of an accelerated decline in external liabilities, which were down by $23bn in 4Q22 after a decrease of $3bn in 3Q 2022. In the fourth quarter of 2021, there was a net increase in foreign liabilities by $3bn.
Foreign asset growth was $7bn in 4Q22 (vs 4Q21 of $51bn). Overall, in 2022, the positive financial account balance was $223bn (vs 2021: $122bn).
It was formed in 2022 both by an increase in foreign assets (+$107bn) and a reduction in foreign liabilities (-$116bn), including due to the withdrawal of non-residents from the capital of Russian companies and the repayment of foreign debt non-financial enterprises.
The volume of international reserves for the fourth quarter of 2022 increased to $582bn as of January 1, 2023 (as of October 1, 2022: $541bn). The change is due to the revaluation of foreign exchange assets and gold when the US dollar weakens on the world market.
5.2.1 Import/export dynamics
Change in Russian imports by supplier y/y in December
Turkey +86% China +35%
India +4%
South Korea -20% Japan -42%
58 RUSSIA Country Report February 2023 www.intellinews.com