Russia's cash flows soared during Q1 despite economic sanctions, as it benefitted from soaring energy prices brought on by its attack on Ukraine.
Russia's cash flows soared during the first quarter, despiteWhy it matters:
The surplus for the first three months of 2022 rose to $58.2 billion, from $22.5 billion during the first quarter last year, according to figures published yesterday by the Russian central bank. A surplus of that size could essentially make up for the entirety of the Russian central bank reserves that Western powers froze through sanctions, says Elina Ribakova, deputy chief economist at IIF.While Russia remains effectively severed from much of the world economy by Western sanctions, its big account surplus means it can get the money it needs to finance its war, pay government employees, and stabilize its currency by intervening in foreign exchange markets.
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