Balance of payments, international investment position and external debt of the Russian Federation
2nd quarter of 2025
Last update: 30.09.2025
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The Bank of Russia published the balance of payments, international investment position and the external debt of the Russian Federation in Q2 2025 and revised indicators for 2024 due to accounting of additional reporting data as of September 30, 2025.
Balance of payments of the Russian Federation
Main components of the balance of payments of the Russian Federation, in billions of US dollars
| Current account | 24,5 | 16,8 | 7,8 | 14,3 | 63,4 | 17,9 | 4,0 |
| Trade balance | 34,8 | 35,2 | 30,5 | 31,6 | 132,1 | 30,3 | 25,1 |
| Balance on services | -6,8 | -9,3 | -12,4 | -9,9 | -38,4 | -7,7 | -12,6 |
| Balance on primary and secondary income | -3,6 | -9,1 | -10,3 | -7,3 | -30,3 | -4,7 | -8,4 |
| Balance on financial account | 22,2 | 9,2 | 6,0 | 15,6 | 53,0 | 9,9 | 1,0 |
| Net acquisition of financial assets, excluding reserve assets | 24,8 | 13,3 | 10,3 | 17,4 | 65,8 | 19,0 | 4,9 |
| Net incurrence of liabilities | -4,3 | 2,7 | 1,2 | 9,4 | 9,0 | 3,2 | 0,5 |
| Reserve assets | -6,9 | -1,3 | -3,2 | 7,6 | -3,8 | -5,9 | -3,4 |
The current account surplus in Q2 2025 decreased to $4.0 billion from $17.9 billion in the previous quarter (Fig. 1) due to both a reduction of trade balance surplus and an increase in deficit in balance on services and balance on investment income.
Main components of the current account, in billions of US dollars
As compared to 2025 Q1, the trade balance reduced to $25.1 billion following the outstripping growth in imports of goods by $8.2 billion compared to exports of goods – $2.9 billion (Fig.2). Exports rose due to the supply of non-energy goods as a result of, among other things, higher prices. At the same time, the value of hydrocarbons exported decreased because of falling energy prices. Imports showed a recovery trend compared to a low base of Q1 2025 mainly due to the imports of investment goods.
Trade balance of the Russian Federation, in billions of US dollars
The deficit in the balance on services amounted to $12.6 billion, having increased by $5.0 billion (Fig. 3). Its dynamics was caused by the growth in other services imports, including in the construction industry, as well as a seasonal rise in Russians’ spending during foreign trips. At the same time, exports of services rose by $1.7 billion due to, among other things, the increase of computer services provided to non-residents and the growth of foreign citizens’ spending during trips to the Russian Federation.
Balance on services, in billions of US dollars
- Other services include: manufacturing, maintenance and repair services, construction, financial services, insurance, telecommunications, computer, and information services, other business services, personal, cultural and recreational services, government services.
The total deficit in balance on primary and secondary income amounted to $8.4 billion, having increased by $3.7 billion compared to Q1 2025. A key role was played by the expansion of the deficit in the balance on investment income due to the rise in reinvested earnings and seasonal increase of dividends announced by Russian companies. The negative balance on compensation of employees rose to $2.0 billion from $1.5 billion as a result of both the seasonal growth in the number of migrant workers as well as the increase in the dollar equivalent of their wages amid the strengthening of the ruble. The deficit in the balance on secondary income increased insignificantly – by $0.1 billion.
Financial account surplus amounted to $1.0 billion ($9.9 billion in Q1 2025). The main cause was the slowdown in external assets acquisitions to $4.9 billion from $19.0 billion in the previous quarter. Net lending to the rest of the world by functional categories was formed by the rise in other investment while for direct investment external liabilities exceeded assets.
Net lending by functional categories, in billions of US dollars
Net direct investment decreased by $7.5 billion ($4.0 billion in Q1 2025) which was caused both by the foreign capital inflow in equity instruments issued by Russian companies (acquisition of stocks and shares) and foreign direct investors lending to related companies in the Russian Federation.
Portfolio investment reduced by $0.8 billion repeating dynamics in January-March 2025. The change in the indicator was driven by the continued reduction of residents’ investments in foreign debt instruments including the exchange of assets with foreign counterparties. The foreign investors withdrawal from resident-issues portfolio instruments was less and is represented mainly by net sales of equity instruments.
Financial derivatives remained virtually unchanged due to both reduced assets and liabilities (grew by $0.8 billion in Q1 2025 because of greater decrease in liabilities). Repayment of debt on liabilities slowed down most significantly owing, inter alia, to the reduction of fixed-term contracts with non-residents. Most of the transactions were carried out on forward contracts.
Other investment grew by $12.6 billion ($19.7 billion in January-March 2025). The accumulation of financial assets abroad dropped to $7.2 billion from $17.9 billion in Q1 2025. It was carried out primary in the form of loans, currency and deposits as well as other non-residents’ indebtedness. Resident liabilities to foreign counterparties decreased by $5.4 billion ($1.7 billion in Q1 2025) due to both partial withdrawal of funds by non-residents and repayment of accounts payable to foreign parties including, among other things, outstanding settlements.
Reserve assets decreased by $3.4 billion ($5.9 billion in Q1 2025).
International investment position of the Russian Federation
The increase in net international investment position of the Russian Federation in Q2 2025 (from $942.2 billion at the end of Q1 2025 to $988.3 billion as of June 30, 2025) was caused by a more significant growth in external assets compared to external liabilities primarily owing to the positive revaluation in the US dollar equivalent of financial instruments denominated in foreign currencies resulting from the weakening of the US dollar in the international market and rising gold prices (Tab. 2).
Foreign assets and liabilities of the Russian Federation, in billions of US dollars
| Total | 1629,3 | 1694,7 | 689,9 | 709,3 |
| Direct investment | 281,1 | 287,1 | 309,2 | 326,1 |
| Portfolio investment | 50,2 | 51,2 | 143,9 | 142,8 |
| Financial derivatives | 0,2 | 0,1 | 0,2 | 0,2 |
| Other investment | 650,4 | 667,6 | 236,5 | 240,3 |
| Reserve assets | 647,4 | 688,7 |
External assets of the Russian Federation increased by $65.5 billion and amounted to $1,697.6 billion. The positive contribution of transactions was offset by the negative value of other changes. Growth in external assets was mainly driven by reserve assets and other investment.
External liabilities of the Russian Federation rose by $19.5 billion to $709.3 billion since the end of Q1 2025. As in the case of external assets, the main role was played by positive revaluation due to, among other things, the strengthening of the Russian ruble. Direct investment grew most significantly.
International investment position of the Russian Federation, in billions of US dollars
External debt of the Russian Federation
External debt of the Russian Federation as of June 30, 2025 amounted to $320.8 billion (14.0% of GDP over the last 12 months), having increased by $8.1 billion since the end of Q1 2025.
External debt dynamics were largely determined by a rise in the US dollar equivalent of indebtedness amid Russian ruble appreciation. The liabilities of other sectors, as well as the liabilities of the central bank and banks increased most notably. Growth in outstanding amounts on sovereign securities caused a 7% rise in general government debt.