Russian trade surplus up 162% Y/Y to $158.4Bln in 2022: Central Bank

Russia's foreign trade surplus increased 162% year on year to $158.4 billion in the first half of the year, up from $60.5 billion the previous year, according to the Bank of Russia on Monday.

According to the central bank's preliminary estimate, the Russian Federation's current account surplus increased 3.5 times year on year to $138.5 billion in January-June.

A few days ago, Western economic forecasters did not anticipate Russia's economy to show signs of improvement with the many sanctions imposed by the EU and US. Despite that, Russia has managed to prevent the collapse of its currency and continues to benefit from the surge in hydrocarbon prices.

Their intent was to “punish Russia. Assets were frozen, and companies were punished. But they failed,” said Russian President Vladimir Putin on Friday, June 17, during the Economic Forum of Saint Petersburg, once considered a symbol of openness to commercial relations with the West.

Since the beginning of the war on February 24, 2022, the US and the EU have multiplied punitive measures to isolate Russia by targeting its banking system and freezing the assets of its leaders and its industries.

Turkish-Russian trade

On another note, Turkey-Russia trade climbed by 100% in April despite rising energy prices, with the nations continuing to develop collaboration and connections in a variety of fields, Turkish Foreign Minister Mevlut Cavusoglu said.

"Trade increased by 100% in April, with rising energy costs playing a major role," Cavusoglu said at a meeting with Russian Foreign Minister Sergey Lavrov.

Cooperation continues in a variety of fields, including aviation, with Turkish Airlines continuing to operate in Russian cities "despite the pressure."

"We have just met in a 1+2 format. Turkey and Russia have recently made efforts to deepen the cooperation and relations, and we are observing positive results of this process," Cavusoglu added.

Wheat is the second most-produced grain in the world after corn; now the whole world might face a wheat supply shortage due to the #Ukrainian crisis and the sanctions imposed on #Russia.#Ukraine #RussiaUkraine pic.twitter.com/aNkRuR4cj7
— Al Mayadeen English (@MayadeenEnglish) March 2, 2022