Page 116 - RusRPTAug24

5.0 External Sector & Trade 5.1 External sector overview
High oil profits have contributed to a favourable environment, ensuring
Russia’s macroeconomic stability. In the first half of 2024, Russia’s trade balance reached $68bn, a 19% increase compared to the same period in 2023. The overall current account surplus rose to $41bn, a 74% increase.
Although non-oil exports were weaker, lower imports and a smaller income and transfers deficit supported the current account. These favorable conditions reduced pressure on the ruble, leading to its strengthening. This was further supported by interest rate hikes from the Central Bank of Russia since mid-2023. Less effective energy sanctions have allowed Russia to maintain economic stability.
While the value of exports rose in the second quarter, the physical volume slightly declined due to foreign restrictions on Russian metals and voluntary reductions in oil production and exports. The export value was supported by a rise in Brent crude prices to an average of $85 per barrel, up 8% y/y, and a 31% y/y increase in the price of Russian Urals crude to $69
116 RUSSIA Country Report August 2024 www.intellinews.com