Balance of payments in Q1 2026

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.