Estimate of Key Aggregates of the Balance of Payments of the Russian Federation

The essentials:

The Bank of Russia published the estimate of the balance of payments of the Russian Federation for November 2025 and revised the estimate for January – October 2025 due to the receipt of additional reporting data as of 23 January, 2026.

The current account surplus in November 2025 amounted to $2.0 billion (October 2025 – $3.9 billion surplus, November 2024 – $7.8 billion surplus). The dynamics of the indicator was primarily driven by the decrease in the trade balance surplus.

In January-November 2025 the current account surplus reduced to $38.1 billion from $59.9 billion in the corresponding period of 2024, the main role was played by the decline in trade balance surplus and the growth in the deficit in the balance on services.

Key Aggregates in November 2025:

• the trade balance surplus amounted to $6.8 billion (the updated value of October 2025 - $10.8 billion surplus; November 2024 - $12.3 billion surplus). The main contribution to month-on-month dynamics was made by the reduction in exports of mineral products, as well as metals and articles thereof; decreasing supplies of mineral products played a key role in year-on-year dynamics. Imports of goods remained virtually unchanged;
• the deficit in the balance on services decreased to $3.4 billion (October 2025 - $4.5 billion deficit; November 2024 - $2.6 billion deficit) as compared to the previous month owing to the seasonal drop in travel services imports; however, in annual terms, the expansion of the deficit in the balance on services was influenced by the increase in outbound tourist flow;
• the total deficit in primary and secondary income declined to $1.4 billion (October 2025 - $2.4 billion deficit; November 2024 - $1.9 billion deficit), the value of dividends accrued to non-residents was traditionally low in the reporting period; in annual terms the dynamics was caused by the decrease in reinvested earnings accrued to non-residents;
• external assets (excluding reserve assets) grew by $9.7 billion (by $4.5 billion in October 2025), direct investment transactions related to the restructuring of residents’ foreign assets played an important role in the value of both assets and liabilities;
• external liabilities increased by $11.2 billion (by $0.8 billion in October 2025) as a result of transactions mentioned above and the rise in residents’ indebtedness on outstanding international settlements;
• reserve assets declined by $1.6 billion (by $1.8 billion in October 2025).

Key Aggregates in January-November 2025:

• the trade balance surplus decreased to $106.2 billion from $121.9 billion in January-November 2024 due to the more significant reduction of exports compared to imports;
• the deficit in the balance on services rose to $43.0 billion from $34.0 billion in January-November 2024. The key factor was the increase in travel and other services imports, including construction services. At the same time, there was the growth in travel and other services exports, including telecommunication, computer, and information services as well as construction services;
• the deficit in primary and secondary income declined to $25.1 billion ($28.0 billion a year earlier), the significant factor was the drop in reinvested earnings accrued to non-residents, as well as the reduction of dividends accrued to non-residents;
• the slowdown in the growth of external assets (excluding reserve assets) to $47.3 billion from $67.3 billion a year earlier was affected by the decrease of non-residents’ indebtedness on outstanding international settlements;
• external liabilities growth (by $11.6 billion) was close to the January-November 2024 figure (by $10.4 billion) and was formed primarily due to the direct investment transactions;
• reserve assets decreased by $18.3 billion (by $8.7 billion a year earlier).