“At the end of 2024, the Russian economy faced a collapse in export revenues”, — write: epravda.com.ua
At the end of 2024, the Russian economy faced a sharp drop in export revenues. The Moscow Times writes about this with reference to data from the Central Bank. In December, exporters exported goods worth $31.3 billion, and their turnover fell by 19% in annual terms. Of this amount, $25.7 billion went out of the country to pay for imports. And as a result, the net inflow from foreign trade (trade balance surplus) shrank to $5.6 billion – the lowest value since 2020. It is reported that if we take into account the export and import of services, then in December the Russian economy earned only a $2 billion trade surplus in December – and this is also the minimum since the pandemic. Advertisement: “The reason for the deterioration of foreign trade at the end of the year could be the effect of the sanctions introduced at the end of November against the Russian banking sector, as a result of which payments suffered and, apparently, export flows slowed down,” they write Raiffeisenbank analysts. We will remind: Russian exporters may leave up to 30% of foreign exchange earnings abroad due to the strengthening of US sanctions against the banking sector of the Russian Federation. Advertisement: The Russian economy is experiencing a growing shortage of key world currencies due to the strengthening of Western financial sanctions, under which, according to the Central Bank of the Russian Federation, 95% have already fallen national banking system. The US has imposed sanctions on Gazprombank, one of the few major Russian lenders not yet blacklisted, to limit the Kremlin’s ability to finance its war effort.