Balance of Payments In Q3 2022

Based on the results of Q3 2022, the current account surplus fell by 32% as compared to Q2 2022 owing to a gradual reduction in exports in value terms and a pickup in imports amid sanctions and establishment of alternative sources of supplies. In Q3 2022, the deficit of the financial account which includes reserve assets decreased somewhat on Q1 2022 and Q2 2022. If in H1 2022 the financial account deficit was formed primarily on the back of a decrease in liabilities to non residents, in Q3 2022 the negative financial balance was driven by growth in the private sector’s foreign assets. In Q3 2022, the appreciation of the Russian ruble was facilitated by trade balance surplus and restrictions on capital movement