Page 94 - RusRPTApr23

Turkish exports of similar semiconductors to Russia, meanwhile, rose from $79,000 in 2021 to $3.2mn in 2022, United Nations data shows. And Turkey, which has also declined to endorse US and European sanctions on Russia, has become a major exporter of overall electronic equipment to Russia. Turkey’s total electrical machinery and electronics exports to Russia more than doubled in 2022 to $559mn, U.N. data shows.
US Treasury officials visited Turkey and several other Middle Eastern nations including Oman and the United Arab Emirates in early February to try to clamp down on Russian procurement networks. Turkey’s foreign minister said on February 20 that Turkey doesn’t export electronics used in the defence industry to Russia.
5.2.2 Current account dynamics
Lower export volumes saw Russia's current account surplus shrink 58.2% to $8bn in January, the central bank said, squeezing Russia's capital buffers at a time when Moscow is ramping up budget spending.
Russia's current account surplus hit a record high in 2022, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy over the conflict in Ukraine.
Russia’s current account surplus narrowed to $31.4bn in Q4 of 2022 from $35.5bn in the corresponding period of the previous year, according to preliminary estimates. It was a sharp decline from the record high $76.7bn in Q2 of the year, as the EU’s oil embargo, the G7’s price cap on oil export services, and Moscow’s halt of natural gas exports to Europe suppressed the goods exports. Meanwhile, sweeping sanctions from the West kept imports below pre-invasion levels. Still, the surplus hit a record high of $227.4bn in 2022, up 86% from 2021 as imports fell and export revenues remained strong on higher oil and gas prices despite Western efforts to isolate the Russian economy.
94 RUSSIA Country Report Russia April 2023 www.intellinews.com