Economy

Sanctions have collapsed export revenues in Russia

sanctions

The Russian economy faced a dramatic drop in export revenues at the end of 2024. About this write The Moscow Times citing Central Bank data.

In December, exporters exported goods worth $31,3 billion, and their revenue fell by 19% year-on-year. Of this amount, $25,7 billion left the country to pay for imports. As a result, the net inflow from foreign trade (trade surplus) shrank to $5,6 billion — the lowest value since 2020.

It is reported that if we take into account exports and imports of services, the Russian economy earned only $2 billion in trade surplus in December - and this is also the minimum since the pandemic.

"The reason for the deterioration in foreign trade at the end of the year could be the effect of sanctions imposed at the end of November against the Russian banking sector, which affected payments and, apparently, slowed down export flows," — write analysts at Raiffeisenbank.

In general, Russian exporters may leave up to 30% of their foreign exchange earnings abroad due to the tightening of US sanctions against the Russian banking sector. The deficit of key world currencies is growing, according to the Central Bank of the Russian Federation, 95% of the national banking system is already under sanctions.

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