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The Russian Central Bank said: The current account surplus doubled last year and hit a record, amid rising global energy prices, and despite the imposition of Western sanctions.
The bank added, in a statement reported by “RT News” today: The current account, which measures the difference between the volume of funds issued and funds received through trade, investment and remittances, grew by about 86 percent on an annual basis during 2022 to $227.4 billion, indicating that the increase Commodity prices over the past year contributed to the growth of the current account balance, while imports slowly recovered in the second half of the year.
Russia's foreign trade surplus in goods and services also increased by 66 percent from 170.1 percent in 2021 to $282.3 billion last year, reaching a historical high for the second year in a row, according to the statement.
This comes as Moscow has redirected the bulk of its trade flows eastward, after Western sanctions have largely disrupted supply chains with its markets.
Trade between Russia and China rose by about a third in 2022 to more than $190 billion, according to Chinese customs data.
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