Russia's Balance of Payments in Q2 2020

In Q2 2020, Russia’s positive trade balance plunged due to a decrease in quantum shipments and export prices on commodities exported by Russia. In April-June, net outflow of capital was observed on the back of priority growth of foreign financial assets of non-oil and gas sector, as well as contraction of banks’ foreign liabilities. Measures adopted by the monetary authorities in spring 2020 aimed at maintaining financial sustainability translated into keeping the ruble’s exchange rate close to equilibrium values. As a result, in Q2 2020 the exchange rate averaged Rb72 per USD