Russia's current account surplus narrows sharply in January
The Central Bank of Russia (CBR) estimates the country's current account surplus at $0.4 billion in January 2026, a significant decrease from $2.8 billion in December 2025. This narrowing was primarily driven by a decline in goods exports.
Trade balance shifts as exports fall
The current account surplus of the Russian Federation significantly narrowed to $0.4 billion in January 2026, a sharp drop from $2.8 billion recorded in December 2025.
This contraction was primarily influenced by a notable decrease in goods exports, which fell to $27.5 billion in January from $43.9 billion the previous month.
Goods imports also saw a reduction, decreasing from $34 billion in December to $20.9 billion in January.
The services balance remained in deficit at $3.4 billion in January, an improvement from the $5.9 billion deficit in December.
Meanwhile, the deficit in primary and secondary income widened to $2.8 billion in January from $1.2 billion in December, further contributing to the overall current account dynamics.
Financial flows and reserve assets
The financial account, excluding reserve assets, registered a modest surplus of $0.1 billion in January 2026, a substantial decrease from the $6 billion surplus observed in December 2025.
Net acquisition of financial assets amounted to $3.8 billion, mirroring the net incurrence of liabilities at $3.8 billion for the month.
Reserve assets decreased by $3 billion in January, following a minor reduction of $0.2 billion in December.
The net errors and omissions recorded a deficit of $3.3 billion in January, contrasting with a surplus of $3 billion in the preceding month.