Russian current account balance drops to lowest level since Q1 2023
The Central Bank of Russia reports that the seasonally adjusted current account balance for the Russian Federation decreased to 8,108 million in Q4 2025. This marks the lowest quarterly balance since the first quarter of 2023.
Trade surplus narrows as external balance weakens
The Central Bank of Russia's latest data reveals a significant contraction in the seasonally adjusted current account balance, which fell to 8,108 million in Q4 2025.
This represents a substantial decrease from 14,118 million recorded in the previous quarter and marks the lowest quarterly balance since Q1 2023, when it stood at 7,639 million.
The primary driver of this decline was a narrowing of the trade surplus, which decreased from 32,243 million in Q3 2025 to 26,247 million in Q4 2025.
This trend reflects a broader weakening of Russia's external position, moving further away from the exceptionally high surpluses observed in 2022, such as the 82,640 million current account balance in Q2 2022.
The trade balance, a key component, has also seen a considerable reduction from its peak of 98,211 million in Q2 2022, indicating shifts in global commodity markets or trade flows.
Persistent deficits in services and income components
Beyond the trade balance, the services balance continued to exert a negative influence on the current account, recording a deficit of 13,791 million in Q4 2025, a slight deterioration from the 11,738 million deficit in Q3 2025.
The secondary income balance also remained in deficit at 2,324 million.
In contrast, the primary income balance showed an improvement, narrowing its deficit to 2,025 million in Q4 2025 from 4,380 million in the preceding quarter.
Despite this, the overall picture for Russia's external accounts in late 2025 points to a sustained weakening trend, primarily driven by the reduced trade surplus and persistent deficits in other key components.