Balance of Payments - Estimate

June 2026

The essentials:

The Bank of Russia published the estimate of the balance of payments of the Russian Federation for June 2026 and revised the estimate for April-May 2026 due to the receipt of additional reporting data as of 14 August, 2026.

The current account surplus in June 2026 amounted to $5.9 billion (the updated value of May 2026 – $8.6 billion, June 2025 – $1.3 billion deficit). The increase in the indicator compared to June 2025 was driven by the outstripping rise in exports of goods compared to imports.

The current account surplus in January-June 2026 grew to $34.1 billion from $20.4 billion in the corresponding period of 2025 owing to the increase in the value of exports of goods.

Key Aggregates in June 2026:

• the trade balance surplus amounted to $12.5 billion (May 2026 – $14.3 billion; June 2025 – $8.2 billion). The rise in indicator year-on-year was associated with the exports growth amid the improvement in the price environment and the increase in the quantities of supplies; the growth rate of the value of imports was lower than that of exports;
• the negative balance on services year-on-year remained virtually unchanged amounting to $4.9 billion (May 2026 – $4.4 billion; June 2025 – $4.8 billion). The deficit rise compared to May 2026 was caused by the seasonal increase in Russians’ spending during foreign trips;
• the total deficit in primary and secondary income reduced year-on-year to $1.6 billion (May 2026 – $1.3 billion; June 2025 – $4.7 billion) as a result of the shift in the dividend accrual dates by Russian companies compared to last year’s schedule; the amount of income earned by residents on other investment was more significant than a year earlier;
• external assets (excluding reserve assets) decreased by $2.0 billion (May 2026 – $6.3 billion growth; June 2025 – $0.6 billion growth) owing to the, among other things, non-residents’ indebtedness reduction on international trade settlements and the loan repayment by non-residents;
• external liabilities growth by $1.4 billion (May 2026 – $5.4 billion; June 2025 – $1.2 billion) was due to, among other things, an increase in non-residents’ funds in accounts and deposits;
• reserve assets rose by $5.7 billion (by $1.7 billion in May 2026).

Key Aggregates in January-June 2026:

• the trade balance surplus increased to $65.4 billion ($54.2 billion in January- June 2025) owing to the exports growth associated with the price factor and higher demand for Russian goods; imports also continued to grow;
• the deficit in the balance on services amounted to $21.3 billion ($20.2 billion in January-June 2025) due to the services imports increase, influenced by the rise in Russians’ spending during foreign trips. Services exports rose due to the travel and transport services;
• the total deficit in primary and secondary income declined to $10.1 billion ($13.6 billion a year earlier) because of the decrease in the amount of dividends payable to non-residents and an increase in investment income receivable;
• external assets (excluding reserve assets) grew by $30.1 billion (by $24.4 billion in January-June 2025) primarily due to the rise in non-residents’ indebtedness on international trade settlements in Q1 2026;
• external liabilities increased by $10.3 billion ($6.1 billion a year earlier) mainly in the form of other investment. At the same time, direct investment decreased (it was growing a year earlier);
• reserve assets increased by $0.6 billion ($9.3 billion reduction a year earlier).

Current account components, in billions of US dollars