Page 36 - bne IntelliNews Russia OUTLOOK 2025

3.2 Current account dynamics
As imports contracted, Russia's current account surplus increased in 2024. In January-October, the surplus amounted to $60bn. According to the CBR, the surplus was partly eroded by dividend payments to foreign investors. However, in practice, a large part of these payments do not leave Russia due to restrictions on capital flows. Based on financial balance data, Russians' net claims on foreign countries have also risen this year. This largely reflects the difficulties in repatriating export earnings caused by sanctions.
Despite higher oil prices and a growing current account surplus, the ruble has weakened this year. In November, the ruble was about 7% weaker than a year earlier.
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