Balance of Payments in Q1 2023

At the end of Q1 2023, the current account surplus shrank almost 4 times compared to Q1 2022 as a result of a reduction in the value of exports and sanctions restrictions. The financial account deficit was shaped influenced by the reduction of foreign liabilities of all sectors of the economy accompanied by a simultaneous growth of foreign assets. The reduction in the trade balance and drop of net sales of foreign currency by the largest exporters contributed to the ruble weakening in Q1 2023