Balance of Payments in Q3 2022

Alexandra V. Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute for Economic Policy; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander Yu. Knobel – Head of Foreign Trade Department of the Gaidar Institute for Economic Policy; Director of Center for Foreign Trade Department of the Russian Presidential Academy of National Economy and Public Administration; Director of the Institute for International Economics and Finance, Russian Foreign Trade Academy, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel V. Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute for Economic Policy; Director of Center for Сentral Banks Studies of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Based on the results of Q3 2022, the current account surplus fell by 32% as compared to Q2 2022 owing to a gradual reduction in exports in value terms and a pickup in imports amid sanctions and establishment of alternative sources of supplies. In Q3 2022, the deficit of the financial account which includes reserve assets decreased somewhat on Q1 2022 and Q2 2022. If in H1 2022 the financial account deficit was formed primarily on the back of a decrease in liabilities to non-residents, in Q3 2022 the negative financial balance was driven by growth in the private sector’s foreign assets. In Q3 2022, the appreciation of the Russian ruble was facilitated by trade balance surplus and restrictions on capital movement.

Key words: balance of payment, exports, imports, current account, ruble exchange rate, outflow/inflow of capital, Bank of Russia.

JEL-codes: E58, E44, F32, F21, F31.