All news

Russia’s current account balance to return to 2H 2022 level soon — presidential aide

"This will be facilitated by growth of prices for our main export goods, such as energy, metals and food," Maxim Oreshkin noted

MOSCOW, August 14. /TASS/. Russia’s current account balance will return to the level of the second half of 2022 in coming months, with the growth of oil prices to contribute to it, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS.

"Current account will recover to the levels of the second half of last year in coming months. This will be facilitated by growth of prices for our main export goods, such as energy, metals and food. The growth of oil prices from $54 per barrel (January-July average) to over $70 now alone will add to the current account around $11 bln worth of additional exports per quarter, which considering an inevitable reduction of imports with the current exchange ratios will lead to oversupply of foreign currency on the domestic foreign exchange market," he explained.

A reduction of the current account balance to $8.6 bln in Q2 2023 contributed to the ruble’s weakening, Oreshkin added.