Russia’s current account stabilises despite higher oil prices

From think.ing.com

Russia's preliminary balance of payments estimate for the first 10 months of 2021 suggests little change in the current account surplus in October compared to the 3Q21 monthly average. That, however, did not prevent the ruble from showing a noticeable 2.2% appreciation against the US dollar and 3.8% against the euro. Based on the monthly central bank estimates (subject to subsequent revisions), the current account surplus totalled US$12.3b in October (US$94.4b year-to-date), which is close to the US$13.6b monthly average seen in 3Q21. We expected October numbers to stay in the US$10-15b range, so we take the actual ... (full story)