Page 23 - Russia OUTLOOK 2022

"Russia's strong current account surplus demonstrates that the recent ruble weakness has been the result of geopolitical tensions and increased capital outflow. If the situation begins to return to normal, we would expect the ruble [exchange rate] to move below RUB70 for US dollar very quickly," the analysts warn.
• External sector
Russia's foreign trade surplus in January-October amounted to $149bn, which is 1.8 times more than in the same period last year, the Federal Customs Service (FCS) reported . Russia's foreign trade turnover for the specified period increased by 36.7% in annual terms and amounted to $627.8bn.
Russia is expected to end 2021 with a trade surplus of $120bn that will rise to $125bn in 2022 and $130bn in 2023. However, it smashed through the official forecasts with a $163bn trade surplus in 11M21.
Most of the gains are from the growing mutual trade with China, where turnover broke through the $100bn mark in November to reach $127bn, according to Putin. The two countries want to reach $200bn of turnover in the
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