Russia Posts Record Current Account Surplus of $227 Billion in 2022

Russia’s current account – a measure of the difference between all money coming into a country through trade, investment and transfers, and what flows back out – came in at $227.4 billion, up 86% from 2021. Russian imports fell sharply last year amid an exodus of Western firms after the West imposed sweeping sanctions on Moscow for its invasion of Ukraine. But the Kremlin has sought to replace revenues lost from its oil and gas exports to Europe with a pivot to China, India and other Asian countries.