US economists point to an increasing capital flow to Russia, supported by the recovery in oil exports, despite the sanctions imposed due to the situation in Ukraine. This was reported by Bloomberg.
According to the data of the Central Bank of the Russian Federation, Russia’s current account surplus reached 53.8 billion dollars in the January-October period, and after the record in September, it exceeded 11 billion dollars for the second consecutive month in October. Pointing out that there is a recovery in exports due to increasing oil prices and supply diversification, the Central Bank increased its current account surplus forecast for 2023 from 45 billion dollars to 60 billion dollars.
In October, Russia increased oil shipments through its ports to the highest level in almost the last 4 months. Revenues from oil and gas sales increased to April 2022 levels.
“Russia continues to benefit from high revenues from raw material exports. We expect another surplus of 20 billion dollars in the remaining two months of 2023. As a result, the total external balance could reach about $75 billion,” said Bloomberg economist Alexey Isakov.
Despite Western sanctions, energy exports continue to be an important source of foreign currency for Russia. The publication noted that the increase in fund inflows helped the ruble regain some of the losses it has suffered since the beginning of the year.
Before that the ruble exchange rate reinforced Since the end of July, it has fallen to its minimum, falling below 91 rubles per dollar.
Previously expert accepted Further strengthening of the ruble.