Russian Federation's current account balance at $0.4 billion in January
The Central Bank of Russia estimates the current account balance of the Russian Federation at $0.4 billion in January 2026. This figure marks a significant decrease from the $2.8 billion recorded in December 2025.
Current account narrows significantly
The Central Bank of Russia's latest estimates show a significant narrowing of the current account balance for the Russian Federation in January 2026, reaching just $0.4 billion.
This marks a sharp decline from $2.8 billion in December 2025 and is substantially lower than the $41.6 billion estimated for the full year 2025.
The contraction was primarily driven by a reduced goods surplus, which stood at $6.6 billion in January 2026, down from $9.8 billion in the preceding month.
Goods exports decreased to $27.5 billion in January from $43.9 billion in December, while imports fell to $20.9 billion from $34.0 billion over the same period.
The services balance continued to register a deficit of -$3.4 billion in January 2026, with exports at $3.8 billion and imports at $7.2 billion.
The primary and secondary income balance also remained in deficit at -$2.8 billion for January.
These figures highlight a challenging start to the year for Russia's external trade and income flows.
Reserve assets decline further
The financial account, excluding reserve assets, recorded a near-zero balance of $0.1 billion in January 2026, a significant decrease from $6.0 billion in December 2025.
This shift reflects a net acquisition of financial assets (excluding reserve assets) of $3.8 billion, balanced by a net incurrence of liabilities also at $3.8 billion.
Reserve assets experienced a decline of $3.0 billion in January 2026, following a decrease of $0.2 billion in December 2025.
This monthly reduction contributes to the broader trend seen in 2025, where reserve assets decreased by an estimated $18.5 billion in total.
Net errors and omissions registered a negative balance of -$3.3 billion in January 2026.
These movements suggest ongoing adjustments in Russia's external financial flows.
A fragile external position
The sharp narrowing of the current account in January 2026 highlights the ongoing challenges for Russia's external sector.
While the goods surplus remains positive, the persistent deficits in services and income continue to weigh on the overall balance, indicating a more constrained foreign exchange environment.
This trend suggests potential implications for currency stability and the central bank's management of external financing, requiring close monitoring.