Page 83 - RusRPTJul24

companies in May.
The current account surplus in January — May 2024 increased to $38.1 billion from $21.0 billion in the corresponding period of 2023 due to both the expansion of trade balance and the reduction in deficits of other current account items.
5.2.4 Gross international reserves
Russia’s international reserves as of June 1, 2024, reached $599.04bn, which is 0.19% (or $1.129bn) higher than the figure at the beginning of May, the Bank of Russia said in a statement.
As of June 1, 2023, Russia’s international reserves amounted to $584.175bn.
The regulator noted that foreign exchange reserves in May increased by 0.27% to $423.163bn and the value of monetary gold in reserves decreased over the month by 0.01% and amounted to $175.877bn.
Russia’s international reserves are highly liquid foreign assets available with the Bank of Russia and the Russian government. They comprise foreign currency, Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund and monetary gold. Following the onset of Moscow’s special military operation in Ukraine Western countries slapped sanctions against the Bank of Russia. Apart from freezing Russia’s gold and foreign currency reserves, all transactions related to management of the
83 RUSSIA Country Report July 2024 www.intellinews.com