Balance of payments, international investment position and external debt of the Russian Federation
3rd quarter of 2025
Last update: 30.12.2025
Data link:
The Bank of Russia published the balance of payments, international investment position and the external debt of the Russian Federation in Q3 2025 and revised indicators for 2024 and Q1-Q2 2025 due to accounting of additional reporting data as of December 30, 2025.
Balance of payments of the Russian Federation
Main components of the balance of payments of the Russian Federation, in billions of US dollars
| Current account | 24,5 | 16,7 | 7,6 | 13,8 | 62,6 | 18,2 | 4,6 | 9,5 |
| Trade balance | 34,8 | 35,2 | 30,5 | 31,6 | 132,1 | 30,3 | 25,8 | 32,4 |
| Balance on services | -6,8 | -9,3 | -12,4 | -9,9 | -38,4 | -7,6 | -12,6 | -14,9 |
| Balance on primary and secondary income | -3,6 | -9,2 | -10,5 | -7,9 | -31,1 | -4,5 | -8,6 | -8,1 |
| Financial account | 22,2 | 9,2 | 5,8 | 15,6 | 52,8 | 10,7 | 0,4 | 7,6 |
| Net acquisition of financial assets, excluding reserve assets | 24,8 | 13,4 | 11,3 | 16,3 | 65,8 | 19,6 | 5,7 | 7,9 |
| Net incurrence of liabilities | -4,3 | 2,8 | 2,3 | 8,4 | 9,2 | 3,0 | 1,9 | -5,3 |
| Reserve assets | -6,9 | -1,3 | -3,2 | 7,6 | -3,8 | -5,9 | -3,4 | -5,6 |
The current account surplus in Q3 2025 increased to $9.5 billion from $4.6 billion in the previous quarter (Fig. 1) due to the growth of trade balance surplus.
Main components of the current account, in billions of US dollars
The trade balance surplus rose to $32.4 billion following the outstripping growth in exports of goods by $7.8 billion compared to imports of goods by $1.2 billion (Fig.2). Exports grew due to the increasing supplies of both mineral and non-energy goods. The important factor was the upward dynamics of world prices for certain Russian export commodities, including precious and non-ferrous metals.
Trade balance of the Russian Federation, in billions of US dollars
The deficit in the balance on services amounted to $14.9 billion, having increased by $2.2 billion (Fig. 3). Its dynamics was caused by imports growth associated, among other things, with the seasonal rise in Russians’ spending during foreign trips, exports were stable.
Balance on services, in billions of US dollars
- Other services include: manufacturing, maintenance and repair services, construction, financial services, insurance, telecommunications, computer, and information services, charges for the use of intellectual property, other business services, personal, cultural and recreational services, government services.
The total deficit in balance on primary and secondary income amounted to $8.1 billion, having decreased by $0.4 billion compared to Q2 2025. A key role was played by the reduction of the deficit in the balance on investment income due to the rise of dividends accrued to residents. The deficit in the balance on secondary income increased because of the rise in the dollar equivalent of personal transfers payable as well as the decrease in transfers receivable. The negative balance on compensation of employees remained virtually unchanged compared to the previous quarter.
Financial account surplus amounted to $7.6 billion ($0.4 billion in Q2 2025) (Fig. 4). A key role was played by the transition of external liabilities to negative values in the amount of $5.3 billion (growth by $1.9 billion in the previous quarter). The amount of acquired foreign financial instruments remained unchanged and totalled $2.3 billion.
Net lending by functional categories, in billions of US dollars
Net direct investment grew by $1.8 billion compared to $7.8 billion drop in Q2 2025. It was caused by both the significantly lower inflow of foreign investment in Russian corporate equity (acquisition of shares, units, stakes) and the redemption of liabilities on debt instruments.
Portfolio investment rose by $1.6 billion ($0.8 billion decrease in the previous quarter). The change was driven by growth in residents’ foreign assets in the form of shares and a slower withdrawal of foreign issuers’ debt securities from Russian investor’s portfolios. At the same time there was greater demand from foreign investors for Russian sovereign debt instruments.
Financial derivatives remained virtually unchanged due to both reduced assets and liabilities (the same dynamics in Q2 2025).
Other investment grew by $9.7 billion ($12.4 billion in April-June 2025). Its dynamics was primarily driven by the slowdown in the accumulation of residents’ financial assets to $4.7 billion from $8.1 billion in Q2 2025. Resident liabilities to foreign counterparties reduced by $5.0 billion (by $4.3 billion in Q2 2025) owing to the repayment of liabilities on outstanding settlements by Russian foreign trade participants.
Reserve assets decreased by $5.6 billion ($3.4 billion in Q2 2025).
International investment position of the Russian Federation
The increase in net international investment position of the Russian Federation in Q3 2025 (from $995.5 billion at the end of Q2 2025 to $1058.9 billion as of September 30, 2025) was caused by the reduction in external liabilities with simultaneous growth in external assets (Fig. 5). External assets dynamics mainly related to the revaluation in the US dollar equivalent of financial instruments denominated in foreign currencies resulting from the weakening of the US dollar in the international market and the rise in gold prices.
Foreign assets and liabilities of the Russian Federation, in billions of US dollars
| Total | 1706,2 | 1720,9 | 710,7 | 661,9 |
| Direct investment | 293,0 | 279,2 | 327,6 | 300,5 |
| Portfolio investment | 52,1 | 56,1 | 141,3 | 130,8 |
| Financial derivatives | 0,1 | 0,1 | 0,2 | 0,1 |
| Other investment | 672,2 | 672,2 | 241,6 | 230,6 |
| Reserve assets | 688,7 | 713,3 |
External assets of the Russian Federation increased by $14.7 billion and amounted to $1,720.9 billion. The crucial role was played by positive revaluation associated, among other things, with the rise in gold prices in the international market. The positive contribution of revaluation was partially offset by the negative value of other changes. The contribution of balance of payments transactions to the change in assets was insignificant. Growth in external assets was mainly driven by reserve assets.
External liabilities of the Russian Federation decreased by $48.7 billion to $661.9 billion since the end of Q2 2025 mainly owing to the negative revaluation due to the weakening of the ruble. The key role was played by the reduction in direct investment liabilities.
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 September 30, 2025 amounted to $308.1 billion (13% of GDP over the last 12 months), having reduced by $14.3 billion since the end of Q2 2025 (Fig. 6).
External debt dynamics were largely determined by the decrease in other sectors liabilities due to the decline of residents’ indebtedness on outstanding settlements as well as the reduction of loans debt, including those within the framework of direct investment relationship.
External debt of the Russian Federation, in billions of US dollars
- Minor discrepancies between the total and the sum of components are due to the rounding of data.