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decline in transport and high-tech services provided to non-residents;
— decrease in the total deficit of primary income reflected the decrease in foreign investment in Russian companies in previous periods, as well as the decline in the amount of dividends declared by domestic corporations;
— the negative balance of secondary income decreased to $3.3bn due to the decline in the amount of outgoing personal transfers, including due to the reduction of the dollar equivalent of the amounts directed;
— the net lending to the rest of the world amounted to $18.5bn against $143.6bn a year earlier, in contrast to the last year’s dynamics characterized by a large-scale contraction of liabilities, in January — June 2023 the net lending was formed by accumulation of foreign assets by $15.5bn amid the reduction of liabilities by $3.3bn;
— net lending in the form of direct investment totaled $12.8bn: the main volume was represented by a decrease of foreign participation in the capital of Russian companies, as well as repayment of debt to affiliated foreign structures within the framework of the mechanism for issuing replacement bonds; investments of resident companies into the capital of foreign counterparties from friendly jurisdictions continued in Q2;
— a surplus of portfolio investments in the amount of US $2.6bn is represented mainly by the withdrawal of non-residents from sovereign debt instruments;
— the net lending to the rest of the world in form of other investments by $10.6bn was due, among other things, to the accumulation of receivables and debt for pending settlements on foreign trade activities;
— reduction in the external debt of the Russian Federation was owing to a repayment of other sectors’ debt liabilities in the form of loans, including within the framework of direct investment relationship;
— an advanced decrease in external liabilities compared to foreign assets, including mainly as a result of negative exchange rate revaluations, led to an increase in the net international investment position of the Russian Federation to $816.6bn.
5.2.4 Gross international reserves
The physical volume of gold deals on the Moscow Exchange almost tripled on the year to 65 tonnes in January–October, the bourse said in a statement on November 2. The volume of silver deals more than doubled to 122.3 tonnes. In monetary terms, the deals in gold and silver grew to 361.6bn rubles from 92.2bn rubles in January–October 2022. In October, the Moscow Exchange’s gold market amounted to 10.7 tonnes of gold worth 63.8bn rubles, and the silver market amounted to 14.3 tonnes worth 1.1bn rubles.
The Russian central bank has outlined its plans to continue the sale of foreign currency as part of the National Wealth Fund's (NWF) investment into the Russian economy for the next three years, Prime reported on November 2.
59 RUSSIA Country Report December 2023 www.intellinews.com