Russia has run out of currency: export revenues fell after tightening sanctions against banks.

The Russian economy faced a decline in export revenues

According to the Central Bank of the Russian Federation, by the end of 2024, the Russian economy experienced a sudden drop in export revenues. In December, exporters shipped goods worth $31.3 billion, but their earnings decreased by 19% compared to the previous year. The overall trade balance surplus narrowed to $5.6 billion, the lowest figure since 2020.

According to analysts at Raiffeisenbank, the deterioration of foreign trade may have resulted from sanctions imposed on the Russian banking sector. Gazprombank and over 50 other credit organizations were subjected to restrictions. This led to a general decline in the Russian banking system.

The Russian economy also faced a decline in foreign currency earnings. The foreign assets of Russian companies increased by $4.9 billion, indicating a partial hold-up of currency revenues abroad.

Analysts at Raiffeisenbank emphasize that the drop in exports in December is unusual, as under normal conditions, the economy's revenues increase during this period. They also point out that a trade surplus of $5-6 billion will not cover expenses for external debt, demand for foreign tourism, and the outflow of funds abroad.

According to analysts at MMI, the currency deficit affects the decline of the ruble and threatens further deterioration of the situation regarding the sale of Russian raw materials.