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contracted due to a decline in investment income paid by Russian companies in favour of non-residents. Meanwhile, the financial account of the balance of payments' positive balance resulted from a decrease in liabilities to non-residents and the growth of foreign assets of the Russian economy, the regulator added.
In 2022, various countries placed restrictions on conducting foreign trade operations with Russian foreign economic activity participants, including a large list of goods from electronics to food. The US and EU even imposed a complete ban on selling, supplying, transferring, or exporting these goods or technologies to any person or entity in Russia or for use in Russia.
The foreign trade surplus of Russia dropped by more than 2.8 times y/y in January - February 2023 and stood at $15.3bn, the Central Bank said on Friday. The current account surplus fell by more than 2.9 times in the reporting period to $12.9bn.
5.2 Balance of payments, current account 5.2.1 Import/export dynamics
● Partners & regions
Russia for the first time entered the top five largest trading partners of India, in 2022 the trade turnover between the countries reached $38.4bn, Rosneft said in a statement on March 29. According to the latest statistics from
85 RUSSIA Country Report Russia April 2023 www.intellinews.com