Balance of Payments in Q2 2022

As of Q2-end 2022, the current account surplus went up 4.1-fold compared to the same period of the last year on the back of growth in the value of Russian exports amid high prices for commodities and reduction of imports under the sanctions. The deficit of the financial account of the balance of payments, including reserve assets, was formed resulting from the growth of foreign financial assets with a decrease of foreign liabilities. A significant role in the stabilization of the balance of payments and the foreign exchange market was played by strict capital flow restrictions put in place in Q1 2022, which were eased in Q2 2022 due to the rapid strengthening of the ruble to the level of H1 2015