Balance of Payments in Q1 2026

Gleb Barabanov, Alexander Knobel and Pavel Trunin
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Gleb Barabanov: Gaidar Institute for Economic Policy
Alexander Knobel: Gaidar Institute for Economic Policy
Pavel Trunin: Gaidar Institute for Economic Policy

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development (In Russian), 2026, issue 10, 3

Abstract: The current account balance of the Russian Federation’s balance of payments in Q1 2026 amounted to $12.2 bn, a 34% decrease from the corresponding figure for Q1 2025. The financial account deficit (excluding reserve assets) narrowed to $14.5 bn, compared with $16.8 bn a year earlier. The decline in net capital outflows was driven by a reduction in purchases of foreign assets. The ruble exchange rate weakened by 3.9% over the quarter (to Rb81.3 per dollar), but strengthened to Rb74.9 per dollar in April. The average ruble exchange rate is expected to be Rb75–85 per dollar in 2026.

Keywords: Russian economy; balance of payments; current account; financial account; capital outflows; Rb exchange rate; Bank of Russia (search for similar items in EconPapers)
JEL-codes: F21 F31 F32 F41 (search for similar items in EconPapers)
Date: 2026
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