Balance of payments, international investment position and external debt of the Russian Federation in the 1st quarter of 2025
The Bank of Russia published the balance of payments, international investment position and the external debt of the Russian Federation in Q1 2025 and revised indicators for 2024 due to accounting of additional reporting data as of June 30, 2025.
Balance of payments of the Russian Federation
Balance of payments of the Russian Federation, in billions of US dollars
| Current account | 24,9 | 17,3 | 7,8 | 13,2 | 63,2 | 17,7 |
| Trade balance | 35,2 | 35,7 | 30,9 | 31,6 | 133,4 | 30,1 |
| Balance on services | -6,8 | -9,3 | -12,4 | -10,0 | -38,5 | -7,8 |
| Balance on primary and secondary income | -3,5 | -9,1 | -10,6 | -8,4 | -31,7 | -4,6 |
| Balance on financial account | 22,5 | 9,7 | 6,0 | 14,9 | 53,2 | 9,6 |
| Net acquisition of financial assets, excluding reserve assets | 25,1 | 13,7 | 10,8 | 17,5 | 67,2 | 18,8 |
| Net incurrence of liabilities | -4,3 | 2,7 | 1,6 | 10,2 | 10,2 | 3,3 |
| Reserve assets | -6,9 | -1,3 | -3,2 | 7,6 | -3,8 | -5,9 |
The current account surplus in Q1 2025 rose by more than a third against the previous quarter to $17.7 billion, primarily driven by a smaller negative contribution of the investment income balance.
Main components of the current account, in billions of US dollars
As compared to 2024 Q4, the trade balance decreased insignificantly to $30.1 billion following a proportional drop in both exports of goods by $19.7 billion and imports of goods — $18.2 billion.
Trade balance of the Russian Federation, in billions of US dollars
The deficit in the balance on services reduced by $2.2 billion due to a decline in consumption of other services provided by non-resident companies, including in the construction industry, as well as a seasonal drop in Russians’ spending during foreign trips recorded as imports of travel services.
Balance on services, in billions of US dollars
The total deficit in balance on primary and secondary income decreased by $3.8 billion compared to Q4 2024. A key role was played by the reduction of the deficit in the balance on investment income due to the reduction in reinvested earnings accrued in favor of non-residents. At the same time, the deficit in the balance on secondary income increased by $0.3 billion compared to the previous quarter, mainly as a result of an increase in the dollar equivalent of transfers payable amid the strengthening of the ruble.
The balance on the financial account decreased to $9.6 billion ($14.9 billion). Net lending to the rest of the world by functional categories was mostly formed by the rise in other investment, while direct and portfolio investment as well as reserve assets registered net capital withdrawal.
Net lending by functional categories, in billions of US dollars
Net lending to the rest of the world resulted from the leading growth of external assets compared to external liabilities. The rise in external assets by $12.9 billion is largely driven by the increase in other investment. Direct investment was positive in the amount of $1.7 billion because of the dynamics of both equity and debt instruments.
Net acquisition of financial assets by residents by functional categories, in billions of US dollars
External liabilities rose by $3.3 billion mainly as a result of a $5.9 billion expansion in direct investment.
Net incurrence of liabilities by residents by functional categories, in billions of US dollars
International investment position of the Russian Federation
The decline in net international investment position of the Russian Federation in Q1 2025 (from $946.8 billion at the end of last year to $937.5 billion as of March 31, 2025) was caused by a faster increase in external liabilities compared to external assets.
Foreign assets and liabilities of the Russian Federation, in billions of US dollars
| Total | 1545,7 | 1633,9 | 598,9 | 696,4 |
| Direct investment | 269,4 | 282,4 | 258,4 | 311,5 |
| Portfolio investment | 49,0 | 50,2 | 118,6 | 143,9 |
| Financial derivatives | 0,3 | 0,2 | 0,2 | 0,2 |
| Other investment | 618,1 | 653,7 | 221,6 | 240,8 |
| Reserve assets | 609,1 | 647,4 |
External assets of the Russian Federation increased by $88.2 billion to $1,633.9 billion. The main role was played by positive revaluation due to the increase in the US dollar equivalent of financial instruments denominated in foreign currencies resulting from the weakening of the US dollar in the international market. The positive contribution of transactions was largely offset by the negative value of other changes. Growth in external assets is mainly driven by reserve assets and other investment.
External liabilities oof the Russian Federation increased by $97.5 billion to $696.4 billion since the end of last year. As in the case of external assets, the main role was played by positive revaluation due to, among other things, the strengthening of the Russian ruble. Direct and portfolio investment grew most significantly.
International investment position of the Russian Federation, in billions of US dollars
External debt of the Russian Federation
External debt of the Russian Federation as of March 31, 2025 amounted to $317.5 billion (14.5% of GDP over the last 12 months), having increased by $26.7 billion since the end of last year.
External debt dynamics were largely determined by a rise in the US dollar equivalent of indebtedness amid Russian ruble appreciation. The liabilities of other sectors, as well as the liabilities of the central bank and banks increased most notably. Growth in outstanding amounts on sovereign securities caused a 14% rise in general government debt.