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Balance of payments, international investment position and external debt of the Russian Federation in January – September 2023

Balance of payments of the Russian Federation

The surplus in the current account in January-September 2023 reduced to $39.5 billion from $196.3 billion in January-September 2022 as a result of the weakening of the trade balance to $90.3 billion from $252.7 billion. At the same time, the total deficit of other components of the current account decreased to $50.8 billion ( $56.4 billion in January-September 2022).

Main components of the current account in January – September 2015–2023, billions of US dollars

Exports of goods declined by 29.1% to $317.6 billion due to a drop of the world prices for the main goods of the Russian export.

Imports of goods continued to recover by increasing supplies from friendly countries, amounting to $227.3 billion, which is 16.4% higher than in January-September 2022 and 4.0% higher than in the corresponding period of 2021.

The deficit in foreign trade in services expanded by 1.9 times to $26.2 billion, both by reducing exports and increasing imports of services.

Exports of services decreased by 17.8%, or by $6.5 billion, to $29.9 billion. The dynamics of the indicator was formed by an advanced decrease in other services provided to non-residents by 35.0%, or by $7.3 billion, due to a reduction in exports of telecommunications, computer and information services, as well as other business services. At the same time, travel services, on the contrary, increased by 27.3%, or by $1.1 billion, as a result of the revival of the inbound flow of foreign citizens. Exports of transportation services remained virtually unchanged, amounting to $11.2 billion compared to $11.4 billion in January-September 2022.

Imports of services rose by 11.8%, or by $5.9 billion, to $56.1 billion. The volume of imports of services exceeded the indicator of comparable periods of 2022 and 2021 by 11.8% and 6.6%, respectively. The key driver was the revival of the tourist of the outbound tourist flow from the Russian Federation, which caused the increase of travel services compared to January-September 2022 by 2 times, or by $13.0 billion. Thus, the value of expenses of Russians on foreign trips approached the level of the 2019. Due to the involvement of foreign transportation companies in passenger and freight transport services, the amount of transport services received increased by 14.6%, or by $1.5 billion. At the same time, imports of other services was less than in the same period last year by $8.6 billion, or by 31.9%.

Composition of exports and imports of services in January – September 2023

The negative balance of investment income significantly reduced mainly due to a decrease in the dividends accrued to non-residents.

Balance of financial account significantly declined to $30.9 billion

External liabilities of the economy decreased by $1.1 billion:

  • Reduction of direct investment liabilities by $8.0 billion is due to continued sale by non-residents of equity instruments of Russian companies, as well as a reduction of debt under the bonds substitution mechanism;
  • Foreign debt in portfolio investment became less by $8.2 billion as a result of the purchases of Russian sovereign debt securities and corporate bonds;
  • At the same time, other investment rose by $18.2 billion, an important role was played by an increase in the gap between the value of imported goods and payments in favor of non-residents.

Net incurrence of liabilities by residents by functional categories in January – September 2015–2023, billions of US dollars

The growth in financial assets was totaled $ 32.1 billion in January — September 2023:

  • External financial assets in direct investment increased by $8.7 billion, mainly as a result of growth in investments of other sectors in foreign equity, which is partially offset by the reduction in claims for affiliated foreign companiesas a result of the bonds substitution mechanism;
  • Portfolio investment decreased by $2.4 billion mainly due to the sale of debt securities issued by non-residents;
  • Foreign claims in the form of other investment grew by $36.5 billion owing to finance of foreign trade transactions and other receivables.
  • Reserve assets decreased by $8.8 billion

Net acquisition of financial assets by residents by functional categories in January – September 2015–2023, billions of US dollars

International investment position of the Russian Federation

The advanced decline in foreign liabilities compared to the foreign assets led to an increase in the net international investment position of the Russian Federation from $759.6 billion as of the beginning of 2023 to $828.8 billion as of September 30, 2023.

The total volume of foreign assets of the Russian Federation decreased by $ 89.6 billion to $ 1,502,6 billion. The key reasons were negative revaluation mainly associated with the straightening of the US dollar against other currencies, as well as the negative value of other changes.

Foreign assets of the Russian Federation, millions of US dollars

 

Position as of 31.12.2022

Position as of 30.09.2023

Total

1,592,164

1,502,557

Direct investment

381,194

307,762

Portfolio investment

80,641

70,467

Financial derivatives

1,282

725

Other investment

547,058

554,581

Reserve assets

581,989

569,021

Direct investment decreased by $73.4 billion, largely as a result of negative revaluations.

Portfolio investments reduced by $10.2 billion, mainly due to due to the bonds substitution issued by foreign companies with domestic debt liabilities.

Other investment increased by $7.5 billion largely as a result of growth in accounts receivable within the framework of foreign trade settlements.

Composition of foreign assets as of September 30, 2023

External liabilities of the Russian Federation decreased by $158.8 billion since the end of 2022. The determining factors were the negative revaluations of liabilities related to the depreciation of ruble against the US dollar and decrease in the market value of financial instruments issued by residents, as well as negative value of other changes.

Foreign liabilities of the Russian Federation, millions of US dollars

 

Position as of 31.12.2022

Position as of 30.09.2023

Total

832,568

673,777

Direct investment

442,276

315,838

Portfolio investment

155,097

139,807

Financial derivatives

1,282

944

Other investment

233,913

217,189

Direct investment in the Russian Federation declined by $126.4 billion as a result of a decrease in liabilities on debt instruments to affiliated foreign companies as a part of the bond substitution mechanism.

Sales of Russian sovereign debt securities by non-residents was the key driver for reducing foreign portfolio investment by $15.3 billion

The decrease in debt on other investment by $16.7 billion is mainly due to a depreciation of ruble against the US dollar, as well as the repayment of long-term loans by other sectors.

Composition of foreign liabilities as of September 30, 2023

External debt of the Russian Federation

External debt of the Russian Federation as of September 30, 2023 amounted to $322.3 billion, having decreased by $61.3 billion, or by 16.0% since the end of 2022.

The reduction in external debt was mainly due to a decline in debt of other sectors, including within the framework of direct investment relationship, by $46.4 billion, or by 19.1%.

Indebtedness of general government to non-residents decreased by 31.0%, or by $14.3 billion. At the same time, total external debt of central bank and banks remained virtually unchanged.

External debt of the Russian Federation, billions of US dollars

During January — September 2023, a decrease in external debt occurred for financial instruments denominated both in domestic and foreign currencies was a proportional. Reduction in debt in domestic currency was influenced by the debt on sovereign debt securities. The decrease in debt denominated in foreign currency was mainly due to repayment of loans under direct investment relations.

External debt of the Russian Federation in domestic and foreign currencies, billions of US dollars

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Department responsible for publication: Statistics Department
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Last updated on: 29.12.2023