BALANCE OF PAYMENTS, INTERNATIONAL  INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION

Moscow2019

2018

This publication has been prepared by the Statistics and Data Management Department of the Central Bank of the Russian Federation.

Address: 107016, Moscow, Neglinnaya str., 12 Tel./Fax: +7 (495) 771-44-60 E-mail: ds_ext_sector@cbr.ru

The Central Bank of the Russian Federation Internet address: www.cbr.ru

© The Central Bank of the Russian Federation, 2019

LEGAL BASIS FOR COMPILATION OF BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT STATISTICS The legislative and legal basis for compilation of balance of payments, international investment position, and external debt statistics is set out in:

- Federal Law of July 10, 2002 No. 86-FZ (as amended) «On the Central Bank of the Russian Federation (Bank of Russia)»;

- Federal Law of November 29, 2007 No. 282-ФFZ (as amended) «On Official

Statistical Accounting and the System of State Statistics in the Russian Federation»;

- Federal Law of December 2, 1990 No. 395-1 (as amended) «On Banks and

Banking Activity»;

- Federal Law of July 27, 2006 No. 149-FZ (as amended) «On Information, Information Technologies, and Protection of Information»;

- Resolution of the Government of the Russian Federation of September 26, 1997

No. 1226 «On Adherence of the Russian Federation to the IMF’s Special Data Dissemination Standard»;

- Order of the Government of the Russian Federation of May 26, 2008 No. 671-р (as amended on September 23, 2017) «On Approval of the Federal Plan of Statistical Works».

CONTENTS

Balance of payments, international investment position, and external debt of the Russian Federation in 2018. Statistical commentary.……………………………….. 5

1. BALANCE OF PAYMENTS

Table 1.1. Balance of payments of the Russian Federation in 2018. Standard components………… 13 Table 1.2. Balance of payments of the Russian Federation in 2012-2018. Main components …….. 22 Table 1.3. Balance of payments of the Russian Federation in 2018. Analytical presentation ..…….. 24 Table 1.4. Financial transactions of private sector in 2012-2018 (based on the balance of payments, flows data)…..................................................................................................................... 25 Table 1.5. Current account of the balance of payments of the Russian Federation in 2012-2018, seasonally adjusted ………….……………………………………………………………….……………… 26 Table 1.6. Main components of the current account of the balance of payments of the RussianFederation in 2012-2018, seasonally adjusted…………………………………………………………….. 27 2. EXTERNAL MERCHANDISE TRADE Table 2.1. External merchandise trade of the Russian Federation in 2017-2018 (under balance of payments methodology) …………………………………………………………………………………….. 28 Table 2.2. Exports of goods from the Russian Federation by country group and major trade partnercountry in 2018 ………………………....……….……………….…………………………………………… 29 Table 2.3. Imports of goods in the Russian Federation by country group and major trade partnercountry in 2018 ………………………....……….……………….…………………………………………… 30 Table 2.4. Commodity composition of merchandise trade balance of the Russian Federation in2018……………………………………………………………………………………………………………. 31

3. EXTERNAL TRADE IN SERVICES Table 3.1. External trade of the Russian Federation in services within the Extended Balance ofPayments Services Classification in 2018 …….................................................................................... 32 Table 3.2. External trade of the Russian Federation in services by country group in 2018 ………..… 36 Table 3.3. Exports of services of the Russian Federation under the Travel item in 2012-2018 by country group ……………………………………………………………………………………………….. 37 Table 3.4. Imports of services by the Russian Federation under the Travel item in 2012-2018 bycountry group ………………………………………………………………………………………………… 38 Supplement 3.1. Review of travel-related services’ exports and imports in 2018 ……………...…….. 39

4. CROSS-BORDER TRANSFERS OF INDIVIDUALS Table 4.1. Cross-border transfers of individuals (residents and nonresidents) in 2017-2018 ……… 44 Table 4.2. Cross-border remittances via payment systems in 2017-2018 ……………………………. 45 Table 4.3. Cross-border transfers of resident individuals by purposes in 2018….…………………….. 46 Table 4.4. Cross-border transfers of individuals (residents and nonresidents) by country in the fourth quarter of 2018...…………...................................................................................................... 47 Table 4.5. Cross-border remittances via payment systems by country in the fourth quarter of 2018.. 50 Table 4.6. Personal remittances in 2017-2018………….……………………...................................... 51 Table 4.7. Personal remittances from the Russian Federation to CIS countries in 2017-2018…….. 52 Table 4.8. Personal remittances to the Russian Federation from CIS countries in 2017-2018 …..…

52

5. INTERNATIONAL INVESTMENT POSITION Table 5.1. International investment position of the Russian Federation in 2012-2018. Maincomponents.…................................................................................................................................

53

Table 5.2. International investment position of the Russian Federation in 2018. Standard components .........................................................................................................................................

54

Table 5.3. Currency composition of foreign assets and liabilities of the banking sector of the Russian Federation in 2017-2018..…………………..……….………………………………………….…. 58 Table 5.4. International investment position in international reserves of the Russian Federation in 2018.................................................................................................................................................. 59

6. EXTERNAL DEBT Table 6.1. External debt of the Russian Federation in 2018 …………………………………………… 60 Table 6.2. External debt of the Russian Federation in 2018 (by maturity and financial instrument)… 61 Table 6.3. External debt of the Russian Federation in 2018 (in national and foreign currency by maturity) ………………………………………………………………………………………………………. 62 Table 6.4. Payment schedule of the external debt of the Russian Federation as of December 31, 2018: principal debt ………………………………………………………….………................................ 63 Table 6.5. Payment schedule of the external debt of the Russian Federation as of December 31, 2018: interest …………………………………………………………………………..……………………. 64 Table 6.6. International investment position for external debt of the Russian Federation in 2018…………………………………………………………………………………………………………..... 65

Table 6.7.General government external debt of the Russian Federation. Actual payments in 2018.. 66

Table 6.8. External debt sustainability ratios of the Russian Federation in 2012-2018………………. 67

7. SUPPLEMENTARY MATERIALS TO EXTERNAL SECTOR STATISTICS Supplement 7.1. List of principal changes introduced in the balance of payments data of the Russian Federation for preceding periods ………………….…………………….……..………………… 68 Supplement 7.2. List of principal changes introduced in the external debt of the Russian Federation data for preceding periods …………………………………..…………………………….………………… 71

Minor discrepancies between the total and the sum of components in some tables are due to the rounding of data.

Symbols

- the phenomenon is absent

… data not available

BALANCE OF PAYMENTS, INTERNATIONAL

INVESTMENT POSITION, AND EXTERNAL DEBT OF THE

RUSSIAN FEDERATION

IN 2018

In 2018, strengthening of the current account of the balance of payments continued against

the background of improving prices for Russia’s major export commodities. The increase of the sur-

plus in the current account created conditions for reducing external liabilities of the economy and for

the buildup of foreign assets, including in the form of accumulation of international reserves.

BALANCE OF PAYMENTS OF THE RUSSIAN FEDERATION

The surplus in the current account totaled

$113.8 billion in 2018 (against $33.2 billion in

2017). Widening positive balance on current

account transactions resulted from the

strengthening of the trade balance and the cu-

mulative narrowing of deficits under other cur-

rent account components.

External trade turnover reached $691.7 bil-

lion, growing by 16.9% on the 2017 outcome.

Exports and imports contributions stood at

64.1% and 35.9%, respectively.

71,3

33,4

57,567,8

24,533,2

113,8

-100

-50

0

50

100

150

200

2012 2013 2014 2015 2016 2017 2018

MAIN COMPONENTS OF THE CURRENT ACCOUNTIN 2012-2018 billions of US dollars

Balance on merchandise trade Balance on trade in services

Balance on primary and secondary income Balance on current account

The surplus on external merchandise trade

increased to $194.5 billion (from $115.4 billion

in 2017), which was driven by the high growth

rates of exports’ values while import volumes

remained at the level slightly exceeding the pre-

ceding year’s outcome.

Merchandise exports reached $443.1 billion

growing by one quarter on the 2017 total. The

increase of the export supplies’ value was pri-

marily due to the influence of the price factor:

exports’ deflator index went up to 1.19 with the

527,4 521,8

496,8

341,4

281,7

353,5

443,1

2012 2013 2014 2015 2016 2017 2018

MERCHANDISE EXPORTS IN 2012-2018 (billions of US dollars, per balance of payments methodology)

Crude oil Petroleum products Natural gas Other Exports

5

outpacing price growth rates for major fuel and

energy commodities (by 30.9%). Merchandise

exports in natural terms increased by 4.9%,

mostly, due to the exports of non-energy prod-

ucts.

Rising export values were registered virtu-

ally for all broad commodity groups. Most sub-

stantially – by 35.2% to $286.7 billion – grew

exports of fuel and energy products, as a result,

their share reached 63.8% (against 59.3% in

the preceding year). Supplies of ferrous and

non-ferrous metals, including the products

thereof, gained 18.3% rising to $43.9 billion,

while their share declined to 9.8% (from 10.4%

in 2017). Exports of food products and raw ma-

terials for their production increased by 20.2%

to $24.9 billion, with the share of the commodity

group remaining virtually unchanged at 5.5%

(from 5.8% in 2017). Supplies of chemicals

gained 14.2% totaling $27.4 billion, with the

contribution of the commodity group contracting

to 6.1% (from 6.7% in 2017). Exports of ma-

chinery and equipment rose by 2.7% reaching

$29.1 billion, while the group’s share fell to

6.5% (from 7.9%).

Within the geographical composition of ex-

ports, the share of the EU countries repre-

sented 45.6% (against 44.6% in 2017),

6040200204060

CHINA

GERMANY

NETHERLANDS

BELARUS

ITALY

TURKEY

USA

KOREA, REPUBLIC OF

POLAND

JAPAN

RUSSIA’S MAJOR TRADING PARTNER - COUNTRIESbillions of US dollars

2018

Merchandise ImportsMerchandise Exports

2017

that of APEC stood at 25.9% (against 24.1%),

and the EAEU contributed 8.4% (against 9.4%).

The bulk of Russia’s goods exports – 12.5% of

the total (10.9% a year earlier) – went to China,

9.7% (10.0%) of the total went to the Nether-

lands, 7.6% (7.2%) to Germany, 4.9% (5.2%) to

Belarus, and 4.8% (5.2%) to Turkey.

Merchandise imports in 2018 amounted to

$248.6 billion, which exceeded by 4.4% the

2017 outcome. The imports growth was stipu-

lated, mainly, by the price factor.

The growth rates of imports of machines,

equipment and means of transport slowed

down to 2.0%, with their values amounting to

$112.6 billion and the share of the commodity

group in total imports falling to 47.3% (from

48.6% in 2017). Imports of chemicals and prod-

ucts of the related industries gained 8.1%,

reaching $43.6 billion, with the contribution of

the group rising to 18.3% of the total (from

17.7%). Imports of metals expanded by 8.5%,

while their aggregate value totaled $17.1 billion

and their share represented 7.2% of the total,

growing insignificantly on the 2017 level (6.9%).

Imports of food products and raw materials for

their production gained 2.4%, reaching $29.6

billion, with the weight of the commodity group

in the total remaining almost unchanged at

12.5% (from 12.7%).

335,8 341,3

307,9

193,0191,5

238,1248,6

2012 2013 2014 2015 2016 2017 2018

MERCHANDISE IMPORTS IN 2012-2018(billions of US dollars, per balance of payments methodology)

6

The geographical composition of merchan-

dise imports was dominated by APEC countries

representing 40.7% of the total (against 40.3%

a year earlier). At the same time, the contribu-

tion of the EU countries declined to 37.5% (from

38.2%); the share of the EAEU states remained

stable at 7.7%. Among top Russia’s counter-

parties, China contributed 21.9% of total im-

ports (21.1% a year earlier), Germany ac-

counted for 10.7% thereof (10.6%), the United

States of America represented 5.3% (5.5%),

the share of Belarus was 5.1% (5.3%), and that

of Italy constituted 4.4% (4.4%).

Deficit in the balance on external trade in

services narrowed by 4.1% to $29.9 billion as

a result of more substantial increase of the vol-

ume of services’ exports.

Exports of services totaled $64.8 billion

(against $57.6 billion in 2017). Value of

transport services expanded to $22.1 billion

from $19.9 billion in the preceding year. The

$2.5 billion increase to $11.5 billion of the value

of travel services provided to nonresidents was

caused, inter alia, by the effect of hosting the

world football championship. Expansion of

other services’ exports to $31.1 billion (from

$28.8 billion in 2017) was driven, mainly, by

computer services and construction.

34%

18%

19%

29%

Services Exports

COMPOSITION OF SERVICES EXPORTS AND IMPORTS IN 2018

(% of the total)

Other business services

Other services

Transport services

Travel

16%

36%22%

26%

Services Imports

Services’ imports increased by 6.6% reach-

ing $94.7 billion. The aggregate’s dynamics

was stipulated, primarily, by the rising values of

imported travel services growing by 10.3% to

$34.3 billion. The volume of services rendered

by foreign carriers rose to $15.3 billion (from

$14.5 billion in 2017), the bulk of them repre-

senting freight. Imports of other services wid-

ened to $45.1 billion against $43.3 billion in

2017, resulting from, inter alia, charges for the

use of intellectual property, as well as construc-

tion services.

The negative balance on compensation of

employees expanded to $3.0 billion (against

$2.3 billion in 2017). The compensation of em-

ployees payable to nonresidents increased

from $6.4 billion to $7.1 billion. The value of

compensation of employees receivable by Rus-

sia’s citizens working abroad did not change

materially amounting to $4.0 billion.

Deficit in the balance on investment in-

come shrank from $39.8 billion to $38.4 billion.

As a result of the outpacing growth of income

receivable of other sectors, the negative bal-

ance on their investment income declined to

$38.2 billion from $40.3 billion in the preceding

year. Balance on investment income of the

banking sector turned negative, mainly, due to

the reduction of receipts from nonresidents to

$8.9 billion (from $10.1 billion in 2017). Com-

bined investment income of General govern-

ment and central bank, unlike in the preceding

year, showed a surplus of $0.9 billion because

of the growing income receivable of the Bank of

Russia (in 2017, the negative balance totaled

$0.4 billion).

7

Deficit in the balance on secondary in-

come amounted to $9.3 billion against $9.0 bil-

lion in the preceding year.

Deficit on the capital account widened to

$1.1 billion (from $0.2 billion a year earlier). The

decisive factor was debt forgiveness on state

loans extended previously to nonresidents by

the Russian Federation.

Net lending to the rest of the world (the

combined balances on the current and capital

accounts) in 2018 grew to $112.7 billion (from

$33.0 billion in 2017). Net lending–to–GDP ra-

tio rose from 2.1% in 2017 to 6.7% in 2018.

Net lending to the rest of the world reflected

in the financial account (excluding reserve as-

sets) in 2018 amounted to $77.1 billion (against

$12.9 billion a year earlier). Unlike in the pre-

ceding year, it was driven, inter alia, by the con-

traction of external liabilities of the economy.

External liabilities decreased by $36.4 bil-

lion (in 2017, they increased by $2.9 billion).

Foreign liabilities of General government re-

duced by $5.6 billion (in 2017, they grew by

$15.1 billion), mainly, as a result of nonresi-

dents’ selling Russian ruble–denominated sov-

ereign bonds on the secondary market.

Reduction of central bank’s external

-100

-50

0

50

100

150

2012 2013 2014 2015 2016 2017 2018

NET INCURRENCE OF LIABILITIES BY RESIDENTS

BY INVESTMENT CATEGORY

IN 2012-2018

(billions of US dollars)

Direct investment Financial derivatives

Portfolio investment Other investment

Minus sign «-» denotes net reduction of residents’ foreign liabilities

liabilities by $2.0 billion was caused by repo

transactions with nonresident banks (in 2017,

there was an increase of indebtedness by $1.3

billion).

In 2018, net reduction of liabilities of the pri-

vate sector vis-à-vis nonresidents totaled $28.9

billion (against $13.5 billion a year earlier), re-

sulting from the decrease of external liabilities

both of banks and other sectors.

Foreign liabilities of the banking sector

shrank by $25.0 billion (in 2017, they fell by

$27.7 billion).

External liabilities of other sectors dropped

by $3.9 billion (in 2017, they gained $14.1 bil-

lion): inflows of direct investment totaled $5.9

billion (against $27.1 billion in the preceding

year), including those resulting from sporadic

intra-group transactions; net repayment by

other sectors of indebtedness under external

loans grew to $10.4 billion (from $8.5 billion in

2017); nonresidents’ portfolio investment fell by

$0.7 billion (against a $4.6 billion decline in

2017).

Financial assets, excluding reserve as-

sets, in 2018 gained $40.6 billion (against

$15.8 billion in 2017).

Combined foreign claims of General

-50

0

50

100

150

200

2012 2013 2014 2015 2016 2017 2018

Direct investment Financial derivatives

Portfolio investment Other investment

Minus sign «-» denotes net reduction of residents’ foreign assets.

NET ACQUISITION OF FINANCIAL ASSETS BY RESIDENTS

EXCLUSIVE OF RESERVE ASSETS, BY INVESTMENT CATEGORY

IN 2012-2018(billions of US dollars)

8

government and central bank grew by $1.4 bil-

lion (against an increase of $3.1 billion in 2017),

mostly, in the form of granted state loans.

In 2018, financial assets of the private sec-

tor1 gained $37.0 billion (against the growth by

$14.1 billion in 2017).

Foreign assets of banks increased by $7.6

billion as compared with the decline thereof by

$4.4 billion in 2017.

Net acquisition of financial assets by other

sectors1 totaled $29.4 billion (against $18.5 bil-

lion in 2017). Direct investment rose by $30.2

billion, within its composition the volume of

loans received in support from affiliated entities

of Russian companies increased. Investment

abroad in the form of other assets amounted to

$10.3 billion. The volume of cash foreign cur-

rency resulting from transactions of residents

with nonresidents declined by $7.1 billion

(against a decrease of $6.0 billion in 2017). The

magnitude of fictitious transactions was negligi-

ble.

The balance on financial transactions of the

private sector in the reporting year totaled

$63.3 billion (against $25.1 billion in 2017); it

was shaped approximately in equal proportions

by net extinguishment of liabilities and buildup

of foreign assets.

INTERNATIONAL RESERVES OF THE RUSSIAN FEDERATION

International reserves resulting from trans-

actions recorded in the balance of payments

gained in the course of 2018 $38.2 billion

(against $22.6 billion a year earlier). The

strengthening of the US dollar in the interna-

tional FOREX markets and the diminishing dol-

lar equivalent of reserve assets denominated in

other currencies and gold stipulated negative

exchange rate and market revaluations

amounting to $15.9 billion.

Value of monetary gold amounted to $86.9

billion as of December 31, 2018. The rising

value of monetary gold by $10.3 billion or by

13.4% resulted from replenishment of Bank of

Russia’s holdings in physical form (an addition

of $11.1 billion) with an insignificant offsetting

contribution of a negative revaluation (minus

$0.8 billion). Gold’s share in international re-

serves rose from 17.7% at the beginning of

2018 to 18.5% as of December 31, 2018.

As of December 31, 2018, the volume of in-

ternational reserves, like in the year earlier, was

sufficient for financing imports of goods and

services during 16 months.

1 Excluding indebtedness on supplies under intergovern-mental agreements.

9

INTERNATIONAL INVESTMENT POSITION OF THE RUSSIAN

FEDERATION

Total volume of foreign assets of the Rus-

sian Federation as of December 31, 2018 stood

at $1340.2 billion, remaining virtually un-

changed in the course of 2018: the positive

contributions from transactions and other

changes (of $78.8 billion and $1.4 billion, re-

spectively) were practically fully offset by the

negative exchange rate and market revalua-

tions in the amount of $79.1 billion caused to a

great extent by the strengthening of the US dol-

lar vis-à-vis other currencies.

Direct investment as of the year’s end

amounted to $433.3 billion, declining by $35.2

billion or by 7.5%, mainly, as a result of the neg-

ative revaluation. The volume of residents’ port-

folio investment abroad fell by $5.4 billion to

$68.6 billion due to both transactions to sell for-

eign securities and depreciation thereof. Other

investment grew by $4.5 billion reaching $363.4

billion because of the positive balance on trans-

actions with nonresidents exceeding the cumu-

lative negative value of revaluations and other

changes. The most significant in other invest-

ment category was the increase of assets in the

CHANGES IN INTERNATIONAL INVESTMENT POSITION

IN 2017-2018(billions of US dollars)

resulting from transactions resulting from other changes

resulting from revaluation

Changes:

Assets

-80

-60

-40

-20

0

20

40

60

80

100

120

2017 2018

Liabilities

-100

-80

-60

-40

-20

0

20

40

60

2017 2018

form of cash foreign currency and deposits (by

$14.6 billion). In the course of 2018 interna-

tional reserves made a substantial positive con-

tribution in the external assets’ buildup as their

growth totaled $35.8 billion with their volume

reaching $468.5 billion by the beginning of

2019.

Foreign liabilities of the Russian Federation

totaled $969.3 billion as of December 31, 2018.

In the course of 2018, they contracted by $97.1

billion or by 9.1% as a result of cumulative neg-

ative balance on transactions (minus $36.4 bil-

lion), depreciation (minus $52.2 billion) and

negative balance on other changes (minus $8.5

billion).

Foreign direct investment in the economy of

the Russian Federation dropped by $33.0 bil-

lion to $496.6 billion, mostly, because of the

negative revaluation. Nonresidents’ portfolio in-

vestment declined by $21.9 billion to $208.2 bil-

lion due to both nonresidents’ selling Russia’s

securities and depreciation thereof in dollar

terms in foreign investors’ portfolios. Liabilities

in the form of other investment contracted by

33%

5%

35%

12%

12%

3%

27%

Assets

51%

22%

8%

17%

2%

27%

Liabilities

Direct investment

Portfolio investment

COMPOSITION OF INTERNATIONAL INVESTMENT POSITION

AS OF 31.12.2018

Currency and deposits

Loans

Other categories

Reserve assets

Other investment

10

$42.6 billion reaching $259.5 billion.

Positive net international investment posi-

tion of the Russian Federation gained $98.3 bil-

lion in the course of 2018 increasing by 36.1%

to $370.9 billion as a result of substantial reduc-

tion of liabilities to nonresidents while the vol-

ume of foreign assets remained unchanged.

EXTERNAL DEBT OF THE RUSSIAN FEDERATION

External debt of the Russian Federation to-

taled $454.0 billion as of December 31, 2018,

decreasing by $64.1 billion or by 12.4% from the

beginning of the year. More than one-half of the

amount of reduction of indebtedness to nonresi-

dents was accounted for by other sectors.

The volume of liabilities fell by $31.5 billion as

a result of transactions with nonresidents, and by

$26.5 billion due to the negative exchange rate

and market revaluations.

Within the composition of debt liabilities, the

weight of private sector as of December 31, 2018

stood at 87.7%, the share of General govern-

ment’s external indebtedness represented 9.7%,

while that of central bank was equal to 2.6%.

Indebtedness of General government dimin-

ished by $11.7 billion or by 21.0%, reaching

$44.0 billion as a result of both transactions with

EXTERNAL DEBT OF THE RUSSIAN FEDERATION(billions of US dollars, end of period)

0

100

200

300

400

500

600

700

800

General government

Central bank

Banks

Other sectors

nonresidents and the negative revaluation. The

reduction of liabilities to nonresidents in the form

of sovereign debt securities denominated in

Russian rubles by $13.1 played the decisive role.

Liabilities of central bank to nonresidents de-

creased by $2.6 billion and totaled $11.9 billion.

The banking sector reduced its external debt

liabilities by $18.8 billion to $84.6 billion, mainly,

as a consequence of a negative balance on

transactions reflected in the balance of pay-

ments (minus $14.4), which was stipulated pri-

marily by the outflow of nonresidents’ funds from

current accounts and deposits.

External debt of other sectors changed from

$344.6 billion as of the beginning of 2018 to

$313.6 billion as of December 31, 2018. Trans-

actions with nonresidents lead to the reduction

of foreign liabilities by $9.6 billion, while negative

BANKS’ AND OTHER SECTORS’ EXTERNAL DEBT COMPOSITION(as of December 31, 2018)

Debt liabilities to direct investors and direct investment enterprises

Current accounts and deposits

Credits, including trade credits

Debt securities

Indebtedness on financial leases

Other investment

43,3%

51,7%

2,3%1,2%1,5%

Other sectors

5,2%

86,4%

5,3%2,1%1,0%

Banks

11

exchange rate and valuation changes totaled

$15.7 billion. Indebtedness to direct investors

and direct investment enterprises in the course

of 2018 dropped by $8.5 billion reaching $135.9

billion under the influence of exchange rate re-

valuation.

Contraction of external debt in the reporting

period took place, mostly, at the expense of long-

term liabilities which declined by $62.0 billion to

$400.2 billion with their share representing

88.1% of the indebtedness as of December 31,

2018. Reduction of indebtedness to nonresi-

dents in the form of loans of other sectors, as

well as in the form of nonresidents’ deposits with

Russian banks played the key role.

Short-term component of external debt fell

by $2.0 billion totaling $53.9 billion.

The volume of external indebtedness denom-

inated in foreign currency as of December 31,

2018 stood at $341.8 billion (representing 75.3%

of total liabilities to nonresidents). The reduction

in 2018 by $38.2 billion was registered, mainly,

with respect to banks and other sectors. External

debt denominated in Russian rubles declined by

$25.8 billion reaching $112.2 billion, mostly, in

the segment of General government’s liabilities.

55,3 43,7

8,1 7,9

72,3 54,3

326,4294,3

0,3 0,3

6,4 4,0

31,030,3

18,2

19,3

0

250

500

General government Banking sector Other sectorsCentral bank

EXTERNAL DEBT OF THE RUSSIAN FEDERATION

IN BREAKDOWN BY ECONOMIC SECTOR AND MATURITY(billions of US dollars)

Long-term liabilities as of 31.12.17

Short-term liabilities as of 31.12.17

Long-term liabilities as of 31.12.18

Short-term liabilities as of 31.12.18

As of December 31, 2018, according to the

international criteria, debt burden on the Russian

economy remained moderate. External debt–to–

GDP ratio went down to 27.2% from 32.8% as of

December 31, 2017, while General govern-

ment’s external debt liabilities–to–GDP ratio fell

to 2.6% (from 3.5% as of the beginning of 2018).

26,329,0

31,8 31,8 32,630,4

28,9 29,6

32,536,0

37,939,2 41,4 41,1 39,5

37,5 36,0 34,832,8 32,1

29,928,2 27,2

8,6 9,3 10,2 10,1 10,3 9,2 8,67,3

8,8 9,0 9,3 9,7 10,9 10,5 10,3 10,9 10,5 10,28,6 8,5 8,2 7,3 6,5

0,0

2,0

4,0

6,0

0,0

20,0

40,0

60,0

31

.12

.20

11

31

.12

.20

12

31

.12

.20

13

31

.03

.20

14

30

.06

.20

14

30

.09

.20

14

31

.12

.20

14

31

.03

.20

15

30

.06

.20

15

30

.09

.20

15

31

.12

.20

15

31

.03

.20

16

30

.06

.20

16

30

.09

.20

16

31

.12

.20

16

31

.03

.20

17

30

.06

.20

17

30

.09

.20

17

31

.12

.20

17

31

.03

.20

18

30

.06

.20

18

30

.09

.20

18

31

.12

.20

18

in p

erc

en

t

tho

usa

nd

s o

f US

do

llars

EXTERNAL DEBT OF THE RUSSIAN FEDERATION SUSTAINABILITY

INDICATORS’ DYNAMICS (as of the end of the period)

External debt payments/GDP (left scale)

External debt/GDP (left scale)

External debt per capita (right scale)

12

Table 1.1

Balance of Payments of the Russian Federation in 2018

Standard Components

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Current account 30 024 17 905 27 482 38 400 113 811Credit 131 556 139 937 146 192 154 777 572 462Debit 101 532 122 032 118 710 116 378 458 652

Goods and services 37 692 37 713 38 987 50 115 164 507Credit 115 672 125 454 127 866 138 837 507 829Debit 77 979 87 741 88 880 88 722 343 322

Goods 44 220 45 351 47 770 57 110 194 450 Credit 101 658 108 725 110 467 122 220 443 070 Debit 57 438 63 374 62 698 65 110 248 620

General merchandise on a balance of payments basis 43 873 44 831 47 674 56 508 192 886 Credit 101 311 108 205 110 372 121 618 441 505 Debit 57 438 63 374 62 698 65 110 248 620

Net exports of goods under merchanting 347 520 96 602 1 565Goods acquired under merchanting -1 013 -1 120 -1 431 -1 169 -4 732Goods sold under merchanting 1 360 1 640 1 526 1 772 6 297

Services -6 528 -7 638 -8 783 -6 995 -29 944 Credit 14 014 16 730 17 399 16 616 64 759 Debit 20 541 24 367 26 182 23 612 94 702

Manufacturing services on physical inputs owned by others 389 214 478 409 1 490 Credit 423 249 514 451 1 637 Debit 34 35 36 41 146

Goods for processing in reporting economy – Goods returned (credit), Goods received (debit) 601 787 331 803 2 522 Credit 970 1 191 818 1 353 4 332 Debit 370 403 487 551 1 810Goods for processing abroad - Goods sent (credit), Goods returned (debit) -12 -25 -48 12 -73 Credit 76 66 58 87 286 Debit 88 91 105 74 359

Maintenance and repair services -92 -44 -161 -112 -409 Credit 395 463 358 383 1 599 Debit 487 507 519 495 2 008Transport 1 345 1 795 1 925 1 781 6 846 Credit 4 757 5 762 5 847 5 778 22 144 Debit 3 412 3 967 3 922 3 997 15 298

Passenger 462 796 748 658 2 664 Credit 1 530 1 984 1 976 1 695 7 184 Debit 1 068 1 188 1 228 1 036 4 520Freight 0 -5 191 175 360 Credit 1 610 1 925 1 997 2 198 7 729 Debit 1 610 1 930 1 806 2 023 7 369Other 883 1 004 986 948 3 821 Credit 1 618 1 853 1 874 1 886 7 231 Debit 734 849 888 938 3 409Sea transport 282 311 302 194 1 089 Credit 1 184 1 359 1 267 1 298 5 108 Debit 902 1 048 964 1 104 4 018

Passenger 0 -1 -1 0 -1 Credit 0 0 0 0 0 Debit 0 1 1 0 2

The presentation of Russia's balance of payments data is prepared by the Bank of Russia in accordance with the standard components recommended in the6th edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6) and is used to report country's data to the IMF.

A few of the standard components remain in Russia's circumstances either insignificant or are not captured in the data collection for the time being.

The standard BPM6 presentation employs a commonly accepted use of the mathematical signs "+" and "-" to denote respectively net increase and netdecrease of financial assets and liabilities. The negative sign is not used in the current and capital accounts for representing imports of goods and services,as well as primary and secondary income payable and capital transfers payable.

The sum of the balances on the current and capital accounts represents the net lending "+" or net borrowing "-" by the economy with the rest of the world.This is conceptually equal to the net balance on the financial account. The residual difference between the sum of net lending/net borrowing derived from thefinancial account, on one hand, and the same item derived from the current and capital accounts, on the other, is stated in the balance of payments as neterrors and omissions item.Reserve assets are presented as standard components of the financial account.

13

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Freight -444 -547 -473 -569 -2 033 Credit 209 238 251 244 941 Debit 653 785 724 812 2 974Other 726 859 776 763 3 124 Credit 975 1 122 1 015 1 054 4 166 Debit 249 263 240 291 1 042

Air transport 421 866 928 872 3 086 Credit 2 428 3 140 3 275 3 123 11 966 Debit 2 008 2 274 2 347 2 252 8 880

Passenger 467 812 761 673 2 713 Credit 1 495 1 939 1 928 1 661 7 023 Debit 1 028 1 127 1 167 988 4 310Freight -184 -83 -20 34 -253 Credit 445 629 660 809 2 542 Debit 628 712 680 775 2 795Other 137 137 187 165 625 Credit 489 572 686 653 2 400 Debit 352 435 500 489 1 775

Other modes of transport 602 516 557 576 2 251 Credit 1 093 1 147 1 156 1 208 4 603 Debit 491 630 599 632 2 352

Passenger -5 -15 -13 -15 -48 Credit 34 45 47 33 160 Debit 40 60 60 48 208Freight 587 524 546 570 2 226 Credit 904 942 936 996 3 779 Debit 317 419 390 426 1 552Other 21 8 24 21 73 Credit 154 159 173 178 665 Debit 134 151 149 158 592

Postal and courier services 41 102 138 139 420 Credit 52 116 150 149 467 Debit 12 15 12 10 48

Travel -4 809 -6 177 -7 219 -4 580 -22 784 Credit 2 008 3 230 4 163 2 085 11 486 Debit 6 817 9 407 11 382 6 665 34 271

Business 786 734 823 706 3 050 Credit 1 149 1 131 1 216 1 114 4 610 Debit 363 397 393 407 1 561Personal -5 595 -6 911 -8 042 -5 286 -25 834 Credit 858 2 099 2 947 972 6 876 Debit 6 454 9 010 10 989 6 257 32 710

Construction 140 247 12 402 801 Credit 1 119 1 366 1 241 1 888 5 614 Debit 979 1 119 1 229 1 486 4 813

Construction abroad 119 221 182 527 1 049 Credit 338 415 389 882 2 024 Debit 219 195 207 354 975Construction in the reporting economy 21 26 -169 -126 -248 Credit 781 950 852 1 006 3 590 Debit 760 924 1 022 1 132 3 837

Insurance and pension services -76 -183 -128 -139 -527 Credit 133 120 106 115 474 Debit 209 303 234 255 1 001

Direct insurance 0 20 -1 10 30 Credit 47 73 46 62 228 Debit 47 52 47 52 198Reinsurance -73 -201 -136 -153 -563 Credit 80 40 42 38 200 Debit 153 240 178 192 763Auxiliary insurance services -4 -3 9 4 6 Credit 6 8 18 15 47 Debit 10 11 9 11 41

Financial services -166 -13 -76 -98 -353 Credit 337 404 317 422 1 480 Debit 502 417 393 520 1 833

Explicitly charged and other financial services -39 89 10 -28 31 Credit 321 391 302 409 1 423 Debit 361 302 292 438 1 392

Financial intermediation services indirectly measured (FISIM) -126 -102 -87 -69 -384

14

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Credit 16 13 15 13 56 Debit 142 115 102 82 441

Charges for the use of intellectual property -1 218 -1 228 -1 537 -1 428 -5 412 Credit 215 207 171 282 876 Debit 1 434 1 435 1 709 1 710 6 288

Telecommunications, computer, and information services -68 11 -28 -142 -228 Credit 1 210 1 344 1 278 1 429 5 260 Debit 1 278 1 333 1 306 1 571 5 488

Telecommunications services -71 -87 -195 -60 -414 Credit 249 314 236 273 1 072 Debit 320 401 431 333 1 486Computer services 62 198 260 19 540 Credit 930 994 1 012 1 124 4 061 Debit 868 796 752 1 105 3 521Information services -59 -100 -93 -101 -353 Credit 31 36 29 32 128 Debit 90 136 122 132 481

Other business services -1 594 -1 841 -1 724 -2 675 -7 834 Credit 3 034 3 149 2 995 3 402 12 581 Debit 4 628 4 990 4 719 6 077 20 415

Research and development services 84 84 83 -5 246 Credit 105 109 104 101 419 Debit 21 24 21 106 173

Professional and management consulting services 153 97 160 -137 273 Credit 1 489 1 442 1 453 1 641 6 025 Debit 1 336 1 345 1 293 1 778 5 752

Technical, trade-related, and other business services -1 830 -2 022 -1 967 -2 533 -8 353 Credit 1 440 1 599 1 438 1 660 6 137 Debit 3 271 3 621 3 405 4 193 14 490

Personal, cultural, and recreational services -312 -348 -207 -374 -1 241 Credit 117 149 168 151 585 Debit 429 497 375 525 1 826Audiovisual and related services -154 -162 -119 -158 -593

Credit 43 61 48 59 211 Debit 197 222 167 217 804

Other personal, cultural, and recreational services -158 -186 -88 -216 -648 Credit 74 89 120 92 374 Debit 232 275 207 307 1 022

Government goods and services n.i.e. -66 -70 -118 -40 -294 Credit 265 287 240 230 1 023 Debit 331 357 358 270 1 316

Primary income -5 071 -18 240 -9 131 -8 954 -41 397 Credit 13 843 10 802 15 288 13 059 52 992 Debit 18 914 29 042 24 419 22 013 94 388

Compensation of employees -697 -518 -814 -998 -3 027 Credit 971 1 075 975 1 007 4 028 Debit 1 668 1 594 1 789 2 005 7 055

Investment income -4 395 -17 738 -8 338 -7 977 -38 449 Credit 12 846 9 695 14 279 12 021 48 840 Debit 17 241 27 433 22 617 19 998 87 289

Direct investment -3 842 -10 373 -5 286 -6 329 -25 830 Credit 9 436 6 491 10 979 8 380 35 285 Debit 13 278 16 863 16 265 14 709 61 115

Income on equity and investment fund shares -2 768 -10 450 -6 315 -5 438 -24 970 Credit 8 896 4 812 8 642 7 498 29 847 Debit 11 663 15 262 14 957 12 935 54 817

Dividends and distributed profits -1 391 -12 793 -3 147 -5 034 -22 365 Credit 2 680 3 046 6 783 3 177 15 686 Debit 4 071 15 839 9 930 8 211 38 051

Direct investor in direct investment enterprises -1 391 -12 793 -3 147 -5 034 -22 365 Credit 2 680 3 046 6 783 3 177 15 686 Debit 4 071 15 839 9 930 8 211 38 051

Reinvested earnings -1 377 2 343 -3 167 -404 -2 605 Credit 6 216 1 766 1 859 4 320 14 161 Debit 7 592 -577 5 026 4 724 16 766

Interest -1 074 77 1 029 -892 -860 Credit 540 1 678 2 337 882 5 438 Debit 1 615 1 601 1 308 1 774 6 298

15

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Direct investor in direct investment enterprises -165 1 045 949 -19 1 810 Credit 231 1 430 1 167 440 3 269 Debit 397 385 219 459 1 459

Direct investment enterprises in direct investor (reverse investment) -711 -702 271 -711 -1 853 Credit 109 109 902 162 1 282 Debit 819 811 631 873 3 135

Between fellow enterprises -199 -266 -190 -162 -817 Credit 200 139 268 280 887 Debit 398 405 458 442 1 704

Portfolio investment -774 -7 310 -3 390 -2 047 -13 521 Credit 662 724 780 738 2 904 Debit 1 436 8 033 4 170 2 785 16 424

Investment income on equity and investment fund shares -308 -6 857 -3 237 -1 907 -12 309 Credit 51 57 55 53 216 Debit 360 6 914 3 292 1 959 12 525

Dividends on equity excluding investment fund shares -303 -6 855 -3 237 -1 904 -12 300 Credit 51 57 55 53 216 Debit 355 6 912 3 292 1 957 12 516

Investment income attributable to investment fund shareholders -5 -2 0 -2 -10 Credit 0 0 0 0 0 Debit 5 2 0 2 10

Dividends -5 -2 0 -2 -10 Credit 0 0 0 0 0 Debit 5 2 0 2 10

Interest -466 -452 -153 -140 -1 211 Credit 611 667 725 685 2 687 Debit 1 077 1 119 878 826 3 899

Short-term -7 -7 -3 -4 -21 Credit 1 1 0 1 3 Debit 8 7 4 5 24Long-term -459 -446 -150 -136 -1 190 Credit 610 666 724 684 2 684 Debit 1 069 1 112 874 820 3 875

Other investment -622 -895 -523 -552 -2 592 Credit 1 905 1 642 1 659 1 952 7 158 Debit 2 527 2 537 2 182 2 504 9 750

Interest -622 -895 -523 -552 -2 592 Credit 1 905 1 642 1 659 1 952 7 158 Debit 2 527 2 537 2 182 2 504 9 750

Reserve assets (Credit) 843 839 862 951 3 494Interest (credit) 843 839 862 951 3 494

Other primary income 22 16 21 21 79 Credit 27 31 34 31 123 Debit 5 15 13 10 44

Rent 22 16 21 21 79 Credit 27 31 34 31 123 Debit 5 15 13 10 44

Secondary income -2 598 -1 568 -2 373 -2 761 -9 300 Credit 2 041 3 681 3 038 2 882 11 642 Debit 4 639 5 249 5 411 5 643 20 941

General government -487 1 308 439 -384 876 Credit 593 2 085 1 502 1 231 5 412 Debit 1 080 777 1 063 1 615 4 535

Current taxes on income, wealth, etc. (credit) 169 1 598 1 038 787 3 591Of which: payable by border, seasonal, and other short-term workers (credit) 63 70 64 64 261

Social contributions (credit) 106 119 109 108 441Of which: payable by border, seasonal, and other short-term workers (credit) 106 119 109 108 441

Social benefits (debit) 85 82 76 84 327Current international cooperation -631 -300 -580 -1 125 -2 635

Credit 0 0 0 0 0 Debit 631 300 580 1 125 2 635

Miscellaneous current transfers of general government -46 -27 -52 -69 -194 Credit 319 368 356 337 1 379 Debit 364 395 407 406 1 573

Financial corporations, nonfinancial corporations, households, and NPISHs -2 111 -2 876 -2 812 -2 377 -10 176 Credit 1 447 1 596 1 536 1 650 6 230 Debit 3 559 4 472 4 348 4 028 16 406

Personal transfers (Current transfers between resident and nonresident households) -2 062 -2 784 -2 852 -2 498 -10 195 Credit 1 084 1 160 1 142 1 196 4 582 Debit 3 146 3 945 3 993 3 694 14 777

16

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Of which: Workers' remittances -1 714 -2 315 -2 417 -2 151 -8 597 Credit 371 408 309 317 1 405 Debit 2 085 2 723 2 727 2 468 10 002

Other current transfers -49 -92 40 121 19 Credit 363 436 394 454 1 648 Debit 413 528 354 334 1 628Current taxes on income, wealth, etc.(debit) 63 60 62 61 245Net nonlife insurance premiums -41 -93 -69 -73 -276 Credit 55 48 38 44 183 Debit 96 141 107 117 460Nonlife insurance claims -21 31 109 140 260 Credit 69 109 181 144 502 Debit 89 77 71 4 242Current international cooperation -11 -3 -8 -6 -28 Credit 3 5 0 3 11 Debit 14 8 8 9 39Miscellaneous current transfers 87 32 69 121 309 Credit 238 274 176 263 951 Debit 151 242 107 142 642

Of which: Current transfers to NPISHs 154 115 68 138 477 Credit 163 150 100 187 600 Debit 8 35 32 49 124

Capital account -237 -201 -12 -665 -1 114 Credit 54 48 89 106 297 Debit 291 249 101 771 1 411

Gross acquisitions (debit) / disposals (credit) of nonproduced nonfinancial assets -3 -3 -3 -57 -66 Credit 19 5 48 12 84 Debit 21 8 51 69 150

Capital transfers -234 -197 -9 -608 -1 048 Credit 35 43 41 94 214 Debit 269 241 50 702 1 262

General government -245 -215 -15 -610 -1 085 Credit 0 2 0 0 2 Debit 246 217 15 610 1 087

Debt forgiveness -245 -208 -4 -589 -1 046 Credit 0 0 0 0 0 Debit 245 208 4 589 1 046

Other capital transfers 0 -7 -10 -22 -39 Credit 0 2 0 0 2 Debit 0 9 10 22 41

Financial corporations, nonfinancial corporations, households, and NPISHs 11 18 6 2 37 Credit 35 41 41 94 211 Debit 24 24 35 92 175

Debt forgiveness 2 21 11 41 74 Credit 4 21 11 41 77 Debit 3 0 0 0 3

Other capital transfers 9 -4 -5 -38 -37 Credit 30 20 30 54 135 Debit 21 24 35 92 172

Net lending (+) / net borrowing (-) (balance from current and capital accounts) 29 786 17 704 27 471 37 735 112 697Financial account

Net lending (+) / net borrowing (-) (balance from financial account) 31 703 20 605 29 196 33 757 115 261Direct investment 5 592 2 516 4 198 10 807 23 112

Net acquisition of financial assets 13 401 4 890 1 414 12 224 31 929Equity and investment fund shares 7 471 5 527 4 141 8 111 25 251

Equity other than reinvestment of earnings 1 256 3 762 2 282 3 791 11 090Direct investor in direct investment enterprises 1 254 3 753 2 101 3 726 10 834Direct investment enterprises in direct investor (reverse investment) 1 6 10 13 32Between fellow enterprises 0 2 171 51 224

if ultimate controlling parent is resident 0 0 0 0 0if ultimate controlling parent is nonresident 0 0 0 0 0if ultimate controlling parent is unknown 0 2 171 51 224

Reinvestment of earnings 6 216 1 766 1 859 4 320 14 161Debt instruments 5 930 -637 -2 727 4 113 6 678

Direct investor in direct investment enterprises 3 853 -640 1 662 1 851 6 726Direct investment enterprises in direct investor (reverse investment) 543 302 -4 896 1 427 -2 624Between fellow enterprises 1 533 -299 507 835 2 576

17

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

if ultimate controlling parent is resident 0 -1 -8 -24 -34if ultimate controlling parent is nonresident 193 -6 69 -105 152if ultimate controlling parent is unknown 1 340 -292 446 964 2 458

Of which: Debt securities 1 409 205 652 -31 2 235Direct investor in direct investment enterprises -8 0 544 179 715Direct investment enterprises in direct investor (reverse investment) -205 326 0 3 123Between fellow enterprises 1 622 -121 108 -213 1 397

if ultimate controlling parent is resident 0 0 0 0 0if ultimate controlling parent is nonresident 201 -9 70 -108 155if ultimate controlling parent is unknown 1 421 -112 38 -105 1 242

Net incurrence of liabilities 7 809 2 375 -2 784 1 417 8 816Equity and investment fund shares 9 402 -725 889 651 10 217

Equity other than reinvestment of earnings 1 810 -147 -4 137 -4 073 -6 548Direct investor in direct investment enterprises 1 810 27 -4 160 -4 073 -6 396Direct investment enterprises in direct investor (reverse investment) 0 -12 0 0 -13Between fellow enterprises 0 -162 22 0 -139

if ultimate controlling parent is resident 0 -162 -36 0 -197if ultimate controlling parent is nonresident 0 0 58 0 58if ultimate controlling parent is unknown 0 0 0 0 0

Reinvestment of earnings 7 592 -577 5 026 4 724 16 766 Of which: Investment fund shares or units 27 -273 45 -182 -384

Debt instruments -1 593 3 100 -3 673 765 -1 401Direct investor in direct investment enterprises -1 305 7 119 -2 683 -2 733 399Direct investment enterprises in direct investor (reverse investment) -966 -4 476 -2 153 5 415 -2 180Between fellow enterprises 677 457 1 163 -1 917 380

if ultimate controlling parent is resident 51 141 219 -97 314if ultimate controlling parent is nonresident 419 -267 82 -508 -273if ultimate controlling parent is unknown 207 583 862 -1 312 339

Of which: Debt securities 113 30 36 6 184Direct investor in direct investment enterprises 113 30 15 6 163Direct investment enterprises in direct investor (reverse investment) 0 0 0 0 0Between fellow enterprises 0 0 21 0 21

if ultimate controlling parent is resident 0 0 0 0 0if ultimate controlling parent is nonresident 0 0 21 0 21if ultimate controlling parent is unknown 0 0 0 0 0

Portfolio investment -5 809 8 771 3 619 1 012 7 593Net acquisition of financial assets -2 082 336 791 -872 -1 827

Equity and investment fund shares 149 374 262 531 1 316Central bank 0 0 0 0 0Deposit-taking corporations, except central bank -16 179 4 122 290General government 0 0 0 0 0Other sectors 165 194 258 409 1 027

Other financial corporations 28 239 159 264 691Nonfinancial corporations, households, and NPISHs 137 -45 99 145 336

Equity securities other than investment fund shares 129 377 231 472 1 210 Investment fund shares or units 20 -4 31 59 107Debt securities -2 232 -37 528 -1 403 -3 144

Central bank 7 2 -2 0 7Short-term 0 0 0 0 0Long-term 7 2 -2 0 7

Deposit-taking corporations, except central bank -2 433 834 210 -1 941 -3 329Short-term -3 -55 9 459 410Long-term -2 430 890 201 -2 400 -3 740

General government 0 0 -106 -86 -192Short-term 0 0 0 0 0Long-term 0 0 -106 -86 -192

Other sectors 195 -874 426 623 371Short-term 12 -16 -2 1 -5Long-term 183 -857 428 622 376

Other financial corporations 183 -418 33 464 263Short-term 0 -3 -3 0 -6Long-term 183 -415 36 465 269

Nonfinancial corporations, households, and NPISHs 12 -456 393 159 108Short-term 12 -14 0 1 0Long-term 0 -442 392 158 107

Net incurrence of liabilities 3 727 -8 435 -2 828 -1 884 -9 421Equity and investment fund shares -770 -1 650 -653 -1 091 -4 164

Deposit-taking corporations, except central bank -1 534 -862 -312 -301 -3 008General government 0 0 0 0 0

18

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Other sectors 764 -788 -341 -790 -1 155Other financial corporations -26 -153 -11 -34 -224Nonfinancial corporations, households, and NPISHs 790 -635 -330 -756 -931

Equity securities other than investment fund shares -755 -1 638 -652 -1 094 -4 140 Investment fund shares or units -15 -12 -1 3 -24Debt securities 4 497 -6 785 -2 176 -793 -5 257

Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 185 -429 154 -299 -389

Short-term 130 -172 162 -105 15Long-term 54 -257 -8 -194 -404

General government 4 062 -6 652 -2 032 -720 -5 342Short-term 0 0 0 0 0Long-term 4 062 -6 652 -2 032 -720 -5 342

Other sectors 250 296 -297 225 474Short-term 0 0 0 0 0Long-term 250 296 -297 225 474

Other financial corporations 158 140 -314 -65 -81Short-term 0 0 0 0 0Long-term 158 140 -314 -65 -81

Nonfinancial corporations, households, and NPISHs 91 156 17 290 555Short-term 0 0 0 0 0Long-term 91 156 17 290 555

Financial derivatives (other than reserves) and employee stock options 240 -722 -840 588 -734Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 279 -747 -810 461 -816Other sectors -39 25 -30 127 83

Other financial corporations -7 34 -3 138 162Nonfinancial corporations, households, NPISHs -33 -8 -27 -11 -79

Financial derivatives (other than reserves) 240 -722 -840 588 -734 Options 48 4 30 36 119 Forward-type contracts 191 -725 -870 552 -852

Net acquisition of financial assets -2 888 -3 397 -2 887 -2 536 -11 708Central bank 0 0 0 0 0Deposit-taking corporations, except central bank -2 721 -3 239 -2 771 -2 471 -11 202Other sectors -167 -158 -116 -65 -506

Other financial corporations -34 -10 -31 13 -62Nonfinancial corporations, households, NPISHs -133 -148 -85 -78 -444

Financial derivatives (other than reserves) -2 888 -3 397 -2 887 -2 536 -11 708 Options 30 19 93 232 374 Forward-type contracts -2 918 -3 416 -2 980 -2 769 -12 082

Net incurrence of liabilities -3 128 -2 675 -2 048 -3 124 -10 975Central bank 0 0 0 0 0Deposit-taking corporations, except central bank -3 000 -2 492 -1 962 -2 933 -10 386Other sectors -128 -183 -86 -191 -589

Other financial corporations -28 -43 -28 -125 -224Nonfinancial corporations, households, NPISHs -100 -140 -58 -66 -364

Financial derivatives -3 128 -2 675 -2 048 -3 124 -10 975 Options -18 15 62 196 255 Forward-type contracts -3 110 -2 690 -2 110 -3 320 -11 230

Other investment 12 347 -1 261 17 266 18 736 47 088Net acquisition of financial assets 8 575 -7 933 9 278 12 328 22 249Net incurrence of liabilities -3 772 -6 671 -7 988 -6 408 -24 839

Other equity -2 7 219 264 487Net acquisition of financial assets -1 8 215 262 483Net incurrence of liabilities 1 1 -4 -2 -4

Currency and deposits 9 037 1 204 4 736 15 935 30 911Net acquisition of financial assets 9 399 -6 506 4 470 9 698 17 060

Central bank 5 -5 3 3 7Short-term 5 -5 3 3 7Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 6 557 -3 306 4 602 8 992 16 844Of which: Interbank positions 786 -6 753 -644 5 066 -1 546

Short-term 6 586 -1 163 6 661 8 962 21 046Long-term -29 -2 143 -2 059 30 -4 202

General government 0 0 0 0 0Other sectors 2 837 -3 196 -135 703 209

Short-term 2 837 -3 196 -135 703 209Long-term 0 0 0 0 0

Other financial corporations 2 952 -2 863 -123 1 748 1 713Short-term 2 952 -2 863 -123 1 748 1 713Long-term 0 0 0 0 0

19

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Nonfinancial corporations, households, NPISHs -115 -332 -12 -1045 -1504Short-term -115 -332 -12 -1 045 -1 504Long-term 0 0 0 0 0

Net incurrence of liabilities 362 -7 710 -266 -6 237 -13 851Central bank 16 444 -84 42 417

Short-term 16 444 -84 42 417Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 301 -8 129 -170 -6 280 -14 278Of which: Interbank positions 1 039 1 433 207 -1 802 877

Short-term 2 992 -2 188 3 194 -2 293 1 705Long-term -2 691 -5 941 -3 364 -3 987 -15 983

General government 0 0 0 0 0Other sectors 45 -25 -12 1 10

Short-term 45 -25 -12 1 10Long-term 0 0 0 0 0

Other financial corporations 45 -25 -12 1 10Short-term 45 -25 -12 1 10Long-term 0 0 0 0 0

Loans 2 355 4 328 10 334 1 291 18 308Net acquisition of financial assets -720 -1 471 6 818 1 267 5 893

Central bank 0 0 0 0 0Deposit-taking corporations, except central bank -928 -3 384 6 062 -309 1 441

Short-term -804 -2 025 -1 152 -801 -4 782Long-term -124 -1 359 7 215 492 6 223

General government -71 300 -459 1 291 1 060Credit and loans with the IMF (other than reserves) 0 0 0 0 0Other short-term 0 0 0 0 0Other long-term -71 300 -459 1 291 1 060

Other sectors 279 1 614 1 215 285 3 392Short-term 293 1 234 72 34 1 633Long-term -14 379 1 142 251 1 759

Other financial corporations -237 526 -444 215 60Short-term -128 531 -25 -36 342Long-term -109 -5 -419 251 -283

Nonfinancial corporations, households, and NPISHs 516 1 088 1 659 70 3 332Short-term 421 703 97 70 1 291Long-term 95 385 1 561 0 2 041

Net incurrence of liabilities -3 076 -5 799 -3 516 -24 -12 415Central bank 2 035 -3 545 -1 478 615 -2 373

Credit and loans with the IMF 0 0 0 0 0Other short-term 2 035 -3 545 -1 478 615 -2 373Other long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 271 -129 -52 529 619Short-term 271 -129 -52 529 619Long-term 0 0 0 0 0

General government -24 -100 -18 -102 -243Credit and loans with the IMF 0 0 0 0 0Other short-term 0 0 0 0 0Long-term -24 -100 -18 -102 -243

Other sectors -5 357 -2 026 -1 968 -1 066 -10 417Short-term -86 410 141 146 611Long-term -5 272 -2 435 -2 109 -1 212 -11 028

Other financial corporations -131 -298 260 -66 -234Short-term -17 169 -82 16 86Long-term -114 -466 342 -82 -319

Nonfinancial corporations, households, and NPISHs -5 227 -1 728 -2 228 -1 001 -10 184Short-term -69 241 223 130 525Long-term -5 158 -1 969 -2 451 -1 131 -10 709

Insurance, pension, and standardized guarantee schemes 43 -83 -226 195 -71Net acquisition of financial assets 145 -44 -198 29 -69

Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 0 0 0 0 0General government 0 0 0 0 0Other sectors 145 -44 -198 29 -69

Other financial corporations 145 -44 -198 29 -69Nonfinancial corporations, households, NPISHs 0 0 0 0 0

Nonlife insurance technical reserves 141 -56 -208 23 -99Life insurance and annuity entitlements 4 11 9 6 30

Net incurrence of liabilities 102 39 28 -166 3Central bank 0 0 0 0 0Other sectors 102 39 28 -166 3

Other financial corporations 102 39 28 -166 3Nonfinancial corporations, households, NPISHs 0 0 0 0 0

20

Table 1.1

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

Nonlife insurance technical reserves 80 29 27 -162 -26Life insurance and annuity entitlements 22 11 1 -4 29

Trade credit and advances 851 -4 033 -2 050 1 854 -3 378Net acquisition of financial assets 940 -3 864 -2 024 1 566 -3 382

General government 0 0 0 0 0Short-term 0 0 0 0 0Long-term 0 0 0 0 0

Other sectors 940 -3 864 -2 024 1 566 -3 382Short-term 940 -3 864 -2 024 1 566 -3 382Long-term 0 0 0 0 0

Nonfinancial corporations, households, and NPISHs 940 -3 864 -2 024 1 566 -3 382Short-term 940 -3 864 -2 024 1 566 -3 382Long-term 0 0 0 0 0

Net incurrence of liabilities 89 170 26 -288 -3General government 0 0 0 0 0Other sectors 89 170 26 -288 -3

Short-term 89 170 26 -288 -3Long-term 0 0 0 0 0

Nonfinancial corporations, households, and NPISHs 89 170 26 -288 -3Short-term 89 170 26 -288 -3Long-term 0 0 0 0 0

Other accounts receivable/payable 64 -2 681 4 254 -802 835Net acquisition of financial assets -1 187 3 945 -3 -493 2 262

Central bank 1 -1 1 -1 0Short-term 1 -1 1 -1 0Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank -917 2 911 151 -301 1 844Short-term 144 1 586 953 847 3 529Long-term -1 061 1 325 -803 -1 148 -1 686

General government -382 935 -413 -155 -16Short-term -382 935 -413 -155 -16Long-term 0 0 0 0 0

Other sectors 110 101 259 -36 434Short-term 110 101 259 -36 434Long-term 0 0 0 0 0

Other financial corporations 81 40 53 -100 74Short-term 81 40 53 -100 74Long-term 0 0 0 0 0

Nonfinancial corporations, households, NPISHs 29 61 207 65 361Short-term 29 61 207 65 361Long-term 0 0 0 0 0

Net incurrence of liabilities -1 251 6 626 -4 257 309 1 427Central bank 0 0 0 0 0Deposit-taking corporations, except central bank -116 2 136 -2 537 120 -397

Short-term 298 2 906 -1 755 545 1 994Long-term -414 -770 -782 -426 -2 391

General government 5 5 5 -3 12Short-term 5 5 5 -3 12Long-term 0 0 0 0 0

Other sectors -1 139 4 485 -1 726 192 1 812Short-term -1 139 4 485 -1 726 192 1 812Long-term 0 0 0 0 0

Other financial corporations 127 255 -149 47 280Short-term 127 255 -149 47 280Long-term 0 0 0 0 0

Nonfinancial corporations, households, NPISHs -1 267 4 230 -1 577 145 1 532Short-term -1 267 4 230 -1 577 145 1 532Long-term 0 0 0 0 0

Special drawing rights (Net incurrence of liabilities) 1 2 0 1 5Reserve assets 19 333 11 301 4 953 2 614 38 202

Monetary gold 0 0 0 0 0Special drawing rights 3 4 3 5 15Reserve position in the IMF -22 460 -25 72 485Other reserve assets 19 353 10 837 4 974 2 538 37 701

Currency and deposits 13 151 41 167 -611 18 418 72 125Claims on monetary authorities 5 388 13 550 1 260 22 168 42 366Claims on other entities 7 763 27 618 -1 872 -3 750 29 759

Securities 6 269 -29 514 5 154 -16 124 -34 215Debt securities 6 269 -29 514 5 154 -16 124 -34 215

Short-term 883 10 272 4 907 -16 653 -592Long-term 5 386 -39 786 247 529 -33 624

Other claims -67 -816 431 243 -209Net errors and omissions 1 917 2 900 1 726 -3 978 2 565

21

Tab

le 1

.2

Mai

n C

om

po

nen

ts

mill

ions

of U

S d

olla

rs

2012

2013

2014

2015

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2018

Cu

rren

t ac

cou

nt

71 2

8233

428

57 5

1367

777

24 4

6921

138

1 71

6-3

174

13 4

7633

156

30 0

2417

905

27 4

8238

400

113

811

Go

od

s an

d s

ervi

ces

145

076

122

307

133

653

111

246

66 2

5629

201

17 5

5910

862

26 5

6884

189

37 6

9237

713

38 9

8750

11

516

4 50

7E

xpor

ts58

9 77

459

1 95

856

2 55

139

3 03

533

2 35

394

828

98 6

1399

827

117

910

411

179

115

672

125

454

127

866

138

837

507

829

Impo

rts

444

698

469

651

428

898

281

789

266

097

65 6

2781

054

88 9

6691

343

326

990

77 9

7987

741

88 8

8088

722

343

322

Goo

ds19

1 66

318

0 56

618

8 93

114

8 39

890

215

34 4

6125

213

20 7

3835

010

115

422

44 2

2045

351

47 7

7057

110

194

450

Exp

orts

527

434

521

835

496

806

341

419

281

709

82 5

5083

882

84 5

5910

2 55

635

3 54

710

1 65

810

8 72

511

0 46

712

2 22

044

3 07

0Im

port

s33

5 77

134

1 26

930

7 87

519

3 02

119

1 49

448

089

58 6

7063

821

67 5

4623

8 12

557

438

63 3

7462

698

65 1

1024

8 62

0S

ervi

ces

-46

587

-58

259

-55

278

-37

152

-23

959

-5 2

60-7

654

-9 8

76-8

443

-31

233

-6 5

28-7

638

-8 7

83-6

995

-29

944

Exp

orts

62 3

4070

123

65 7

4451

616

50 6

4412

278

14 7

3115

268

15 3

5557

631

14 0

1416

730

17 3

9916

616

64 7

59Im

port

s10

8 92

712

8 38

212

1 02

288

768

74 6

0217

538

22 3

8425

144

23 7

9788

864

20 5

4124

367

26 1

8223

612

94 7

02P

rim

ary

inco

me

-67

661

-79

604

-67

962

-37

749

-35

496

-6 0

18-1

4 07

1-1

1 31

7-1

0 64

7-4

2 05

3-5

071

-18

240

-9 1

31-8

95

4-4

1 39

7R

ecei

vabl

e47

758

42 1

7747

173

37 2

6740

513

10 6

7110

312

11 8

7013

725

46 5

7813

843

10 8

0215

288

13 0

5952

992

Pay

able

115

419

121

781

115

135

75 0

1676

009

16 6

8924

383

23 1

8824

372

88 6

3118

914

29 0

4224

419

22 0

1394

388

Com

pens

atio

n of

em

ploy

ees

-11

831

-13

170

-10

074

-5 1

04-1

813

-588

-578

-455

-657

-2 2

78-6

97-5

18-8

14-9

98-3

027

Rec

eiva

ble

3 88

44

256

4 13

93

502

3 65

992

399

31

112

1 06

04

089

971

1 07

597

51

007

4 02

8P

ayab

le15

715

17 4

2614

213

8 60

65

472

1 51

11

572

1 56

71

717

6 36

71

668

1 59

41

789

2 00

57

055

Inve

stm

ent i

ncom

e-5

6 83

8-6

6 51

6-5

8 01

8-3

2 66

2-3

3 74

4-5

449

-13

509

-10

879

-10

008

-39

845

-4 3

95-1

7 73

8-8

338

-7 9

77-3

8 44

9R

ecei

vabl

e42

801

37 7

3842

837

33 6

5236

749

9 72

39

292

10 7

3012

637

42 3

8112

846

9 69

514

279

12 0

2148

840

Pay

able

99 6

3910

4 25

410

0 85

666

314

70 4

9315

172

22 8

0121

609

22 6

4482

225

17 2

4127

433

22 6

1719

998

87 2

89R

ent

1 00

881

130

1760

1917

1717

7022

1621

2179

Rec

eiva

ble

1 07

318

219

611

210

525

2728

2810

927

3134

3112

3P

ayab

le66

102

6696

456

1112

1139

515

1310

44S

eco

nd

ary

inco

me

-6 1

33-9

274

-8 1

78-5

720

-6 2

91-2

045

-1 7

72-2

719

-2 4

44

-8 9

80-2

598

-1 5

68-2

373

-2 7

61-9

300

Rec

eiva

ble

16 4

5917

332

17 6

4310

023

8 64

21

772

3 02

82

902

2 86

210

564

2 04

13

681

3 03

82

882

11 6

42P

ayab

le22

592

26 6

0725

821

15 7

4314

933

3 81

64

799

5 62

15

307

19 5

434

639

5 24

95

411

5 64

320

941

Cap

ital

acc

ou

nt

-5 2

18-3

95-4

2 00

5-3

09-7

6443

-178

-58

1-1

92-2

37-2

01-1

2-6

65-1

114

Gro

ss a

cqu

isit

ion

s / d

isp

osa

ls o

f n

on

pro

du

ced

n

on

fin

anci

al a

sset

s -4

02-1

46-2

84-4

6-1

424

-3-4

9-1

1-3

9-3

-3-3

-57

-66

Cap

ital

tra

nsf

ers

-4 8

16-2

49-4

1 72

1-2

63-7

5019

-176

-912

-154

-234

-197

-9-6

08-1

048

Rec

eiva

ble

361

386

426

299

1 02

010

141

5329

749

135

4341

9421

4P

ayab

le5

177

635

42 1

4756

21

770

8221

762

285

645

269

241

5070

21

262

Net

len

din

g (

+)

/ net

bo

rro

win

g (

-) (

Bal

ance

fro

m

curr

ent

and

cap

ital

acc

ou

nts

)66

065

33 0

3315

508

67 4

6823

705

21 1

821

538

-3 2

3213

477

32 9

6429

786

17 7

0427

471

37 7

3511

2 69

7

Bal

ance

of

Pay

men

ts o

f th

e R

uss

ian

Fed

erat

ion

in 2

012

- 20

18

22

Tab

le 1

.2

mill

ions

of U

S d

olla

rs

2012

2013

2014

2015

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2018

Net

len

din

g (

+)

/ net

bo

rro

win

g (

-) (

Bal

ance

fro

m

fin

anci

al a

cco

un

t)55

693

24 1

3623

446

70 3

2818

305

22 1

065

602

-3 9

3111

768

35 5

4631

703

20 6

0529

196

33 7

5711

5 26

1

Dir

ect

inve

stm

ent

-1 7

6517

288

35 0

5115

232

-10

225

2 56

2-5

390

1 53

19

497

8 20

05

592

2 51

64

198

10 8

0723

112

Net

acq

uisi

tion

of fi

nanc

ial a

sset

s48

822

86 5

0757

082

22 0

8522

314

7 84

27

624

9 61

511

676

36 7

5713

401

4 89

01

414

12 2

2431

929

Net

incu

rren

ce o

f lia

bilit

ies

50 5

8869

219

22 0

316

853

32 5

395

280

13 0

148

084

2 17

828

557

7 80

92

375

-2 7

841

417

8 81

6

Po

rtfo

lio in

vest

men

t-1

7 03

111

012

39 9

4326

423

-2 3

612

176

1 52

3-1

0 25

0-1

432

-7 9

83-5

809

8 77

13

619

1 01

27

593

Net

acq

uisi

tion

of fi

nanc

ial a

sset

s2

281

11 7

5916

740

13 5

5165

813

12

383

-357

-899

1 25

8-2

082

336

791

-872

-1 8

27N

et in

curr

ence

of l

iabi

litie

s19

312

748

-23

203

-12

872

3 02

0-2

045

860

9 89

353

39

241

3 72

7-8

435

-2 8

28-1

884

-9 4

21

Fin

anci

al d

eriv

ativ

e s1

356

346

5 25

67

122

-18

447

157

202

-445

362

240

-722

-840

588

-734

Net

acq

uisi

tion

of fi

nanc

ial a

sset

s-1

6 69

6-8

488

-16

524

-20

765

-12

843

-2 7

41-4

748

-2 6

82-3

614

-13

785

-2 8

88-3

397

-2 8

87-2

536

-11

708

Net

incu

rren

ce o

f lia

bilit

ies

-18

052

-8 8

34-2

1 78

0-2

7 88

7-1

2 82

5-3

188

-4 9

06-2

884

-3 1

69-1

4 14

7-3

128

-2 6

75-2

048

-3 1

24-1

0 97

5

Oth

er in

vest

men

t43

117

17 5

6750

743

19 8

4722

66

55

619

1 76

2-1

927

6 87

712

331

12 3

47-1

261

17 2

66

18 7

3647

088

Net

acq

uisi

tion

of fi

nanc

ial a

sset

s83

704

80 8

2424

009

-18

408

-5 4

474

035

-1 1

36-1

0 70

0-6

63-8

464

8 57

5-7

933

9 27

812

328

22 2

49O

ther

equ

ity19

970

621

498

294

710

226

93

302

676

-18

215

262

483

For

eign

cur

renc

y2

207

-565

41 8

14-1

9 34

06

487

2 23

82

035

6 35

36

444

17 0

704

445

1 43

52

850

2 54

111

272

Cur

rent

acc

ount

s an

d de

posi

ts

15 6

8617

095

-18

797

-3 0

40-1

8 67

716

066

-3 2

24-1

6 07

2-5

906

-9 1

354

954

-7 9

421

620

7 15

75

788

Loan

s 14

019

21 2

31-2

0 18

0-1

163

6 00

1-1

3 39

93

117

1 01

5-1

59-9

426

-720

-1 4

716

818

1 26

75

893

Insu

ranc

e, p

ensi

on, a

nd s

tand

ardi

zed

guar

ante

e sc

hem

es

321

595

1 47

7-3

1329

7-1

74-3

6825

133

-259

145

-44

-198

29-6

9T

rade

cre

dit a

nd a

dvan

ces

7 66

67

644

6 36

62

590

-4 6

99-1

734

-3 7

08-1

4934

3-5

248

77-3

975

-2 6

851

000

-5 5

83In

debt

edne

ss o

n su

pplie

s ac

cord

ing

to

inte

rgov

ernm

enta

l agr

eem

ents

1 92

81

070

-1 3

1546

198

944

3-1

2916

7-1

907

-1 4

2586

311

266

156

62

201

Fic

titio

us tr

ansa

ctio

ns1

38 8

1626

504

8 60

71

531

541

6274

4325

204

1930

6142

152

Oth

er a

ccou

nts

rece

ivab

le2

862

6 54

45

823

-115

2 66

743

179

9-2

311

162

-920

-1 2

063

915

-64

-535

2 11

0N

et in

curr

ence

of l

iabi

litie

s40

587

63 2

57-2

6 73

3-3

8 25

4-2

8 11

2-1

584

-2 8

98-8

773

-7 5

39-2

0 79

5-3

772

-6 6

71-7

988

-6 4

08-2

4 83

9O

ther

equ

ity15

-3-2

2530

819

-21

28

11

-4-2

-4D

omes

tic c

urre

ncy

928

1 82

9-1

021

-182

-191

-64

178

-237

-15

-138

1044

5-8

541

411

Cur

rent

acc

ount

s an

d de

posi

ts

28 7

3816

178

-20

121

-32

554

-16

367

-860

-7 6

63-3

790

-1 2

50-1

3 56

335

2-8

155

-181

-6 2

78-1

4 26

2Lo

ans

8 78

743

594

-8 8

83-4

816

-13

856

-418

4-1

373

-5 9

66-7

753

-3 0

76-5

799

-3 5

16-2

4-1

2 41

5In

sura

nce,

pen

sion

, and

sta

ndar

dize

d gu

aran

tee

sche

mes

35

164

707

-42

-130

-53

161

63-1

97-2

510

239

28-1

663

Tra

de c

redi

t and

adv

ance

s 51

418

335

4-5

9911

1-5

815

825

2-1

0025

389

170

26-2

88-3

Oth

er a

ccou

nts

paya

ble

1 57

21

311

2 23

3-8

72

290

-141

4 24

2-3

668

-17

416

-1 2

516

626

-4 2

5730

91

427

Spe

cial

dra

win

g rig

hts

-21

-1-0

21

3-0

27

12

01

5

Res

erve

ass

ets

30 0

17-2

2 07

7-1

07 5

47

1 70

48

244

11 3

027

550

6 51

4-2

730

22 6

3619

333

11 3

014

953

2 61

438

202

Net

err

ors

an

d o

mis

sio

ns

-10

371

-8 8

987

938

2 85

9-5

400

924

4 06

5-6

98-1

709

2 58

21

917

2 90

01

726

-3 9

782

565

1 In

clud

es fi

ctiti

ous

tran

sact

ions

rel

ated

to fo

reig

n tr

ade

in g

oods

and

ser

vice

s, s

ecur

ities

trad

ing,

lend

ing

to n

onre

side

nts

and

fict

itiou

s tr

ansa

ctio

ns w

ith m

oney

tran

sfer

s to

res

iden

ts' a

ccou

nts

abro

ad th

e pu

rpos

e of

whi

ch

is c

ross

-bor

der

mon

ey tr

ansf

errin

g.

23

Table 1.3

Balance of Payments of the Russian Federation in 2018

Analytical Presentation

millions of US dollars

Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Memorandum: 2017

Current account 30 024 17 905 27 482 38 400 113 811 33 156Goods 44 220 45 351 47 770 57 110 194 450 115 422

Exports 101 658 108 725 110 467 122 220 443 070 353 547oil 28 281 32 142 33 809 34 818 129 049 93 377oil products 19 259 19 050 20 469 19 331 78 109 58 247natural gas 12 710 10 992 11 654 13 792 49 148 38 693liquefied natural gas 1 301 1 337 1 521 1 126 5 286 3 174other 40 107 45 204 43 014 53 153 181 479 160 055

Imports 57 438 63 374 62 698 65 110 248 620 238 125Services -6 528 -7 638 -8 783 -6 995 -29 944 -31 233

Exports 14 014 16 730 17 399 16 616 64 759 57 631transport 4 757 5 762 5 847 5 778 22 144 19 859travel 2 008 3 230 4 163 2 085 11 486 8 945other services 7 249 7 738 7 389 8 753 31 128 28 828

Imports 20 541 24 367 26 182 23 612 94 702 88 864transport 3 412 3 967 3 922 3 997 15 298 14 492travel 6 817 9 407 11 382 6 665 34 271 31 058other services 10 312 10 993 10 878 12 950 45 133 43 314

Compensation of employees -697 -518 -814 -998 -3 027 -2 278Investment income -4 395 -17 738 -8 338 -7 977 -38 449 -39 845

Receivable 12 846 9 695 14 279 12 021 48 840 42 381Payable 17 241 27 433 22 617 19 998 87 289 82 225

General government -679 -786 -560 -506 -2 531 -2 318Receivable 289 101 225 237 852 930Payable 968 887 785 743 3 383 3 249

Local government (payable) 6 5 5 4 20 23Central bank 828 819 843 930 3 421 1 901

Receivable 865 844 862 953 3 524 2 001Payable 37 24 20 23 104 100

Banks 299 -2 058 78 589 -1 093 883Receivable 2 398 2 043 2 078 2 350 8 869 10 138Payable 2 099 4 101 2 000 1 762 9 962 9 255

Other sectors -4 838 -15 708 -8 694 -8 986 -38 225 -40 287Receivable 9 293 6 707 11 114 8 480 35 594 29 311Payable 14 131 22 415 19 807 17 466 73 820 69 599

Rent 22 16 21 21 79 70Secondary income -2 598 -1 568 -2 373 -2 761 -9 300 -8 980

Capital account -237 -201 -12 -665 -1 114 -192

Net lending (+) / net borrowing (-) (Balance from current and capital accounts) 29 786 17 704 27 471 37 735 112 697 32 964

Net lending (+) / net borrowing (-) (Balance from financial account, excluding reserve assets) 12 370 9 303 24 244 31 143 77 060 12 910

Net incurrence of liabilities ('+' - increase, '-' - decrease) 4 636 -15 406 -15 648 -9 999 -36 418 2 857Federal government 4 044 -6 740 -2 039 -807 -5 542 15 127

Portfolio investment 4 063 -6 645 -2 026 -702 -5 311 15 526Issue 954 0 0 858 1 812 2 610Redemption -1 839 -931 -1 176 -748 -4 695 -3 921Interest reinvestment 965 878 782 732 3 358 3 224Secondary market 3 983 -6 592 -1 633 -1 544 -5 786 13 613

Loans -24 -100 -18 -102 -243 -341Other liabilities 5 5 5 -3 12 -58

Local government -1 -7 -6 -18 -31 -3Central bank 2 052 -3 099 -1 562 658 -1 951 1 265Banks -2 451 -9 582 -3 756 -9 164 -24 953 -27 661

Direct investment 1 443 322 1 114 -1 2 878 1 470Loans and deposits 572 -8 258 -222 -5 751 -13 659 -13 841Other liabilities -4 466 -1 646 -4 648 -3 413 -14 173 -15 290

Other sectors 992 4 022 -8 286 -668 -3 941 14 128Direct investment 6 366 2 053 -3 898 1 417 5 938 27 088Portfolio investment 1 014 -492 -638 -564 -681 -4 564Loans -5 357 -2 026 -1 968 -1 066 -10 417 -8 542Other liabilities -1 030 4 487 -1 782 -455 1 220 146

Net acquisition of financial assets, excluding reserve assets ('+'- increase, '-'- decrease) 17 005 -6 103 8 595 21 144 40 641 15 766

General government -453 1 240 -678 1 311 1 420 3 074Loans -71 300 -459 1 291 1 060 2 252Other assets -382 940 -219 20 359 822

Central bank 13 -4 2 3 14 14Banks 307 -5 709 8 550 4 474 7 622 -4 356

Direct investment 768 295 293 381 1 737 873Loans and deposits -143 -10 126 5 410 4 758 -101 -10 196

Other assets1 -318 4 122 2 847 -665 5 986 4 968Other sectors 17 138 -1 630 721 15 357 31 586 17 035

Direct investment 12 633 4 595 1 121 11 842 30 191 35 884Portfolio investment 360 -679 684 1 032 1 397 5 100

Cash foreign currency1 -1 327 -2 000 -2 403 -1 384 -7 114 -6 038Trade credit and advances 77 -3 975 -2 685 1 000 -5 583 -5 248Indebtedness on supplies according to intergovernmental agreements 863 112 661 566 2 201 -1 425

Fictitious transactions2 19 30 61 42 152 204Other assets 4 513 288 3 281 2 258 10 341 -11 443

Net errors and omissions 1 917 2 900 1 726 -3 978 2 565 2 582Change in reserve assets ('+' - increase, '-' - decrease) 19 333 11 301 4 953 2 614 38 202 22 636

1 In order to harmonize the presentation of the Balance of Payments (BOP) and the International Investment Position (IIP) the data on foreign currency in the BOP does not include transactions between residents recorded under Other changes in the IIP.2 Includes fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents and fictitious transactions with money transfers to residents' accounts abroad the purpose of which is cross-border money transferring.

24

Tab

le 1

.4

Fin

anci

al T

ran

sact

ion

s o

f P

riva

te S

ecto

r

billi

ons o

f US

dolla

rs

Fin

anci

al

tran

sact

ions

(n

et le

ndin

g (+

) /

net b

orro

win

g (-

))

(3-4

)

Net

acq

uisi

tion

of

finan

cial

ass

ets

Net

incu

rren

ce o

f lia

bilit

ies

Fin

anci

al

tran

sact

ions

(n

et le

ndin

g (+

) /

net b

orro

win

g (-

))

(6-7

-8)

Net

acq

uisi

tion

of

finan

cial

ass

ets1

Net

incu

rren

ce

of li

abili

ties

"Net

err

ors

and

omis

sion

s" o

f ba

lanc

e of

paym

ents

2

12

34

56

78

2012

53,9

-7,9

25,3

33,3

61,8

91,2

39,8

-10,

4

2013

60,3

17,3

37,7

20,4

43,0

128,

394

,2-8

,9

2014

152,

186

,048

,5-3

7,5

66,1

74,0

-0,1

7,9

2015

57,1

34,2

-25,

8-6

0,0

22,9

19,3

-6,5

2,9

2016

18,5

-1,1

-28,

3-2

7,1

19,6

31,1

16,9

-5,4

2017

25,1

23,3

-4,4

-27,

71,

718

,514

,12,

6

2018

63,3

32,6

7,6

-25,

030

,829

,4-3

,92,

6

Q1

2014

47,5

32,6

33,5

0,9

14,9

18,7

6,8

-3,0

Q2

2014

21,5

21,4

13,8

-7,6

0,2

18,0

12,7

5,1

Q3

2014

7,2

-13,

3-2

4,8

-11,

520

,516

,8-7

,74,

0

Q4

2014

75,8

45,4

26,1

-19,

330

,520

,5-1

1,8

1,8

Q1

2015

32,9

14,2

-10,

3-2

4,5

18,7

8,5

-7,1

-3,0

Q2

2015

18,6

12,6

1,7

-10,

96,

04,

9-1

,80,

8

Q3

2015

-3,5

10,9

-4,3

-15,

2-1

4,4

-1,4

8,9

4,1

Q4

2015

9,2

-3,5

-12,

9-9

,412

,67,

1-6

,51,

0

Q1

2016

8,4

-2,3

-9,9

-7,6

10,7

7,4

-0,3

-3,0

Q2

2016

-0,4

0,2

-4,4

-4,6

-0,6

6,1

5,0

1,6

Q3

2016

1,1

-0,6

-8,3

-7,7

1,8

0,5

-2,3

1,0

Q4

2016

9,4

1,6

-5,6

-7,3

7,8

17,2

14,4

-5,0

Q1

2017

15,3

17,6

13,6

-3,9

-2,3

-5,0

-3,6

0,9

Q2

2017

-2,0

9,2

-2,5

-11,

7-1

1,2

5,8

13,0

4,1

Q3

2017

0,4

-8,5

-16,

3-7

,88,

811

,13,

0-0

,7

Q4

2017

11,4

5,0

0,8

-4,2

6,4

6,5

1,8

-1,7

Q1

2018

16,1

2,8

0,3

-2,5

13,4

16,3

1,0

1,9

Q2

2018

-4,8

3,9

-5,7

-9,6

-8,7

-1,7

4,0

2,9

Q3

2018

18,9

12,3

8,6

-3,8

6,6

0,1

-8,3

1,7

Q4

2018

33,1

13,6

4,5

-9,2

19,4

14,8

-0,7

-4,0

1 Th

e in

debt

edne

ss o

n su

pplie

s of g

oods

acc

ordi

ng to

inte

rgov

ernm

enta

l agr

eem

ents

is e

xclu

ded.

2 Th

e ite

m "

Net

err

ors a

nd o

mis

sion

s" e

ntire

ly re

late

s to

the

othe

r sec

tors

. It c

ould

be

expl

aine

d by

the

fact

tha

t mos

t not

icea

ble

diff

icul

ties a

rise

upon

the

reco

rdin

g of

fina

ncia

l tra

nsac

tions

un

derta

ken

by th

ese

sect

ors i

n th

e ba

lanc

e of

pay

men

ts.

(Bas

ed o

n t

he

Bal

ance

of

Pay

men

ts, F

low

s D

ata)

Fin

anci

al

tran

sact

ions

of

priv

ate

sect

or (

net l

endi

ng (

+)

/ ne

t bor

row

ing

(-))

(2+

5)

Ban

ksO

ther

sec

tors

25

Table 1.5

Current Account of the Balance of Payments of the Russian Federation in 2012 - 2018

Seasonally Adjusted

millions of US dollars

Current account Trade balance Services balancePrimary income

balanceSecondary income

balance

Q1 2012 25 120 54 669 -11 063 -17 294 -1 192

Q2 2012 18 504 48 029 -10 856 -17 144 -1 525

Q3 2012 14 725 43 225 -11 803 -14 982 -1 715

Q4 2012 12 862 46 121 -12 781 -18 852 -1 626

Q1 2013 9 068 43 318 -13 841 -18 544 -1 865

Q2 2013 4 151 40 639 -14 262 -19 779 -2 447

Q3 2013 10 640 49 300 -15 420 -21 078 -2 162

Q4 2013 9 275 46 637 -14 596 -20 039 -2 727

Q1 2014 9 622 45 998 -14 540 -19 670 -2 165

Q2 2014 15 222 49 520 -14 709 -17 678 -1 910

Q3 2014 16 792 51 200 -14 608 -17 339 -2 462

Q4 2014 14 218 41 582 -11 512 -13 986 -1 866

Q1 2015 19 914 43 337 -10 990 -11 375 -1 058

Q2 2015 19 429 42 789 -9 657 -11 883 -1 821

Q3 2015 14 296 32 937 -9 675 -7 626 -1 341

Q4 2015 13 862 29 713 -7 194 -7 168 -1 489

Q1 2016 3 491 19 254 -6 605 -7 938 -1 219

Q2 2016 4 938 21 588 -6 037 -9 012 -1 601

Q3 2016 6 662 22 900 -5 372 -8 987 -1 880

Q4 2016 9 808 26 708 -6 063 -9 295 -1 543

Q1 2017 9 954 30 290 -7 236 -10 858 -2 241

Q2 2017 5 388 24 645 -7 636 -9 353 -2 266

Q3 2017 5 169 26 551 -7 748 -11 533 -2 100

Q4 2017 12 865 34 152 -8 486 -10 440 -2 362

Q1 2018 16 761 38 944 -8 894 -10 425 -2 864

Q2 2018 22 358 45 062 -7 613 -12 957 -2 135

Q3 2018 36 558 54 401 -6 723 -9 297 -1 823

Q4 2018 36 130 54 657 -7 004 -8 842 -2 680

26

Table 1.6

Main Components of the Current Account

of the Balance of Payments of the Russian Federation in 2012 - 2018

Seasonally Adjusted

millions of US dollars

Exports Imports Exports Imports Receivable Payable Receivable Payable

Q1 2012 138 906 84 236 15 113 26 176 12 465 29 759 4 164 5 356

Q2 2012 130 788 82 759 15 287 26 143 10 576 27 720 4 055 5 580

Q3 2012 126 468 83 243 15 390 27 193 13 093 28 075 3 934 5 649

Q4 2012 131 777 85 656 16 470 29 251 11 262 30 114 4 302 5 927

Q1 2013 132 247 88 929 17 497 31 338 10 458 29 002 4 630 6 495

Q2 2013 126 155 85 516 17 446 31 708 10 158 29 937 4 202 6 649

Q3 2013 132 416 83 116 17 313 32 733 9 931 31 009 4 486 6 649

Q4 2013 131 118 84 481 17 837 32 433 11 472 31 511 4 061 6 788

Q1 2014 130 070 84 072 17 344 31 884 12 497 32 167 4 658 6 824

Q2 2014 131 337 81 817 16 981 31 690 12 580 30 258 4 748 6 658

Q3 2014 127 451 76 251 16 715 31 323 11 835 29 174 4 133 6 595

Q4 2014 109 306 67 724 14 866 26 378 9 968 23 955 3 990 5 857

Q1 2015 95 228 51 891 13 444 24 435 9 107 20 483 2 815 3 873

Q2 2015 91 168 48 378 12 794 22 450 8 751 20 634 2 534 4 355

Q3 2015 79 956 47 018 12 307 21 982 9 673 17 299 2 462 3 803

Q4 2015 76 241 46 528 13 218 20 412 9 472 16 640 2 265 3 754

Q1 2016 63 494 44 240 11 880 18 485 9 218 17 156 2 105 3 324

Q2 2016 67 672 46 084 12 357 18 394 9 563 18 575 2 198 3 799

Q3 2016 72 468 49 568 12 991 18 363 9 642 18 629 2 049 3 929

Q4 2016 77 505 50 797 13 352 19 415 11 892 21 187 2 252 3 795

Q1 2017 86 136 55 847 13 927 21 163 10 496 21 354 2 462 4 703

Q2 2017 83 832 59 187 14 346 21 982 11 373 20 727 2 469 4 735

Q3 2017 86 809 60 258 14 354 22 102 11 471 23 004 2 841 4 941

Q4 2017 96 306 62 153 14 991 23 477 13 114 23 555 2 779 5 141

Q1 2018 105 561 66 617 15 823 24 717 13 688 24 113 2 823 5 687

Q2 2018 108 860 63 797 16 266 23 878 11 908 24 864 3 015 5 150

Q3 2018 113 653 59 252 16 380 23 103 14 767 24 064 2 950 4 773

Q4 2018 114 687 60 030 16 262 23 266 12 494 21 336 2 814 5 494

Goods Services Primary income Secondary income

27

Tab

le 2

.1

Ext

ern

al M

erch

and

ise

Tra

de

of

the

Ru

ssia

n F

eder

atio

n in

201

7 -

2018

(un

der

Bal

ance

of

Pay

men

ts M

eth

od

olo

gy)

mill

ions

of U

S d

olla

rs

Exp

orts

of g

oods

(F

OB

)Im

port

s of

goo

ds (

FO

B)

Tra

de b

alan

ce

of w

hich

:of

whi

ch:

of w

hich

:

with

non

-CIS

co

untr

ies

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

with

CIS

co

untr

ies

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

with

non

-CIS

co

untr

ies

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

with

CIS

co

untr

ies

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

with

non

-CIS

co

untr

ies

with

CIS

co

untr

ies

2017

353

547

125,

530

3 39

312

5,5

50 1

5412

5,3

238

125

124,

421

2 77

512

4,6

25 3

5112

2,7

115

422

90 6

1824

804

Q1,

201

782

550

136,

572

002

138,

010

548

127,

348

089

126,

442

601

124,

55

488

143,

434

461

29 4

015

060

Q2,

201

783

882

123,

771

557

123,

512

325

124,

558

670

128,

952

282

130,

36

388

117,

925

213

19 2

755

937

Q3,

201

784

559

119,

272

323

118,

812

236

121,

863

821

121,

457

299

121,

66

522

119,

820

738

15 0

245

713

Q4,

201

710

2 55

612

4,3

87 5

1012

3,8

15 0

4512

7,4

67 5

4612

2,0

60 5

9312

2,7

6 95

211

6,3

35 0

1026

917

8 09

3

Janu

ary

25 4

2714

8,3

22 3

0214

9,8

3 12

513

8,3

13 6

1813

8,3

11 9

9713

5,7

1 62

116

1,5

11 8

0910

305

1 50

4

Feb

ruar

y25

806

128,

222

407

128,

83

399

124,

415

476

120,

313

705

118,

21

771

139,

810

330

8 70

21

628

Mar

ch31

317

135,

127

294

137,

24

023

122,

318

995

123,

716

899

122,

52

096

134,

512

322

10 3

951

927

Apr

il26

083

119,

922

249

119,

93

834

120,

218

258

120,

816

292

122,

81

966

106,

27

825

5 95

71

868

May

28 2

5912

8,2

24 2

1112

8,8

4 04

812

5,0

19 6

2813

6,0

17 4

3413

6,8

2 19

412

9,9

8 63

16

777

1 85

4

June

29 5

4012

2,9

25 0

9712

2,0

4 44

312

8,0

20 7

8313

0,0

18 5

5513

1,5

2 22

811

8,7

8 75

76

542

2 21

5

July

24 6

8111

0,0

20 9

3310

8,1

3 74

812

1,9

20 8

4712

9,1

18 6

7212

9,5

2 17

512

6,1

3 83

42

261

1 57

3

Aug

ust

29 0

7912

5,9

24 9

9812

7,1

4 08

111

8,7

22 4

1512

1,5

20 2

5112

2,2

2 16

411

5,7

6 66

44

747

1 91

7

Sep

tem

ber

30 8

0012

1,4

26 3

9312

0,9

4 40

712

4,8

20 5

5911

4,5

18 3

7611

4,1

2 18

311

8,2

10 2

418

017

2 22

4

Oct

ober

31 5

8012

7,6

26 8

2912

8,1

4 75

112

4,8

21 5

0411

8,3

19 2

4711

8,6

2 25

711

5,5

10 0

767

582

2 49

4

Nov

embe

r33

443

126,

028

599

125,

84

844

127,

421

897

124,

319

569

124,

92

328

119,

811

546

9 03

02

516

Dec

embe

r37

533

120,

332

083

118,

85

450

129,

824

146

123,

521

778

124,

62

368

113,

813

387

10 3

053

082

2018

443

070

125,

338

6 69

712

7,5

56 3

7311

2,4

248

620

104,

422

2 23

110

4,4

26 3

8910

4,1

194

450

164

466

29 9

84

Q1,

201

810

1 65

812

3,1

88 4

9412

2,9

13 1

6512

4,8

57 4

3811

9,4

51 1

7012

0,1

6 26

811

4,2

44 2

2037

324

6 89

6

Q2,

201

810

8 72

512

9,6

94 6

5713

2,3

14 0

6711

4,1

63 3

7410

8,0

56 4

2710

7,9

6 94

710

8,8

45 3

5138

230

7 12

1

Q3,

201

811

0 46

713

0,6

96 4

8413

3,4

13 9

8411

4,3

62 6

9898

,256

340

98,3

6 35

797

,547

770

40 1

437

626

Q4,

201

812

2 22

011

9,2

107

063

122,

315

158

100,

865

110

96,4

58 2

9496

,26

817

98,1

57 1

1048

769

8 34

1

Janu

ary

33 6

4713

2,3

29 7

2313

3,3

3 92

412

5,6

16 6

7412

2,4

14 7

6412

3,1

1 91

011

7,8

16 9

7314

959

2 01

4

Feb

ruar

y31

336

121,

426

915

120,

14

421

130,

119

116

123,

517

098

124,

82

018

113,

912

220

9 81

72

403

Mar

ch36

675

117,

131

855

116,

74

820

119,

821

649

114,

019

308

114,

32

341

111,

715

026

12 5

472

479

Apr

il35

966

137,

931

222

140,

34

744

123,

720

972

114,

918

709

114,

82

263

115,

114

994

12 5

132

481

May

36 4

9112

9,1

31 8

4913

1,5

4 64

211

4,7

21 3

1910

8,6

18 9

6610

8,8

2 35

310

7,2

15 1

7212

883

2 28

9

June

36 2

6812

2,8

31 5

8712

5,9

4 68

110

5,4

21 0

8310

1,4

18 7

5310

1,1

2 33

010

4,6

15 1

8512

834

2 35

1

July

34 3

5513

9,2

29 8

0814

2,4

4 54

712

1,3

21 2

3310

1,9

19 0

4510

2,0

2 18

810

0,6

13 1

2210

763

2 35

9

Aug

ust

37 4

7012

8,9

32 7

0513

0,8

4 76

511

6,8

21 6

5596

,619

478

96,2

2 17

710

0,6

15 8

1513

227

2 58

8

Sep

tem

ber

38 6

4212

5,5

33 9

7012

8,7

4 67

210

6,0

19 8

1096

,417

818

97,0

1 99

291

,318

832

16 1

522

680

Oct

ober

41 3

6613

1,0

35 9

0013

3,8

5 46

611

5,0

21 5

1210

0,0

19 2

3599

,92

277

100,

919

854

16 6

653

189

Nov

embe

r40

287

120,

535

498

124,

14

789

98,9

21 2

5297

,119

008

97,1

2 24

496

,419

035

16 4

902

545

Dec

embe

r40

567

108,

135

664

111,

24

903

90,0

22 3

4792

,520

051

92,1

2 29

697

,018

220

15 6

132

607

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

% o

f cor

res-

pond

ing

perio

d of

pr

evio

us y

ear

Tot

alT

otal

Tot

al

28

Tab

le 2

.2

Exp

ort

s o

f G

oo

ds

fro

m t

he

Ru

ssia

n F

eder

atio

n

by

Co

un

try

Gro

up

an

d M

ajo

r T

rad

e P

artn

er C

ou

ntr

y in

201

8

Com

posi

tion,

%G

row

th r

ates

, % o

f the

pre

cedi

ng y

ear

outc

ome

Mem

oran

dum

:M

emor

andu

m:

2017

2017

To

tal

100,

010

0,0

126

125

incl

udin

g:C

IS12

,213

,511

312

7in

clud

ing:

EA

EU

8,4

9,4

112

130

Oth

er c

ount

ries

3,8

4,1

117

120

No

n-C

IS c

ou

ntr

ies

87,8

86,5

127

125

incl

udin

g:E

U

45,6

44,6

128

122

AP

EC

25

,924

,113

512

9O

ther

cou

ntrie

s16

,317

,811

512

8M

emor

andu

m it

em:

OE

CD

59,0

58,4

127

125

BR

ICS

14

,813

,314

013

5M

ajo

r tr

ade

par

tner

co

un

trie

s:C

HIN

A12

,510

,914

413

9N

ET

HE

RLA

ND

S9,

710

,012

212

2G

ER

MA

NY

7,6

7,2

132

121

BE

LAR

US

4,9

5,2

117

130

TU

RK

EY

4,8

5,2

114

138

KO

RE

A, R

EP

UB

LIC

OF

4,0

3,4

145

123

PO

LAN

D3,

73,

314

212

7IT

ALY

3,7

3,9

119

116

KA

ZA

KH

ST

AN

2,9

3,5

104

130

UN

ITE

D S

TA

TE

S O

F A

ME

RIC

A2,

83,

011

811

5JA

PA

N2,

82,

912

011

1F

INLA

ND

2,5

2,4

131

132

UN

ITE

D K

ING

DO

M2,

22,

411

212

5U

KR

AIN

E2,

12,

212

012

3F

RA

NC

E1,

71,

613

112

2S

WIT

ZE

RLA

ND

1,1

1,1

124

132

Mem

oran

dum

: Tot

al e

xpor

ts, b

illio

ns o

f US

dol

lars

(F

eder

al C

usto

ms

Ser

vice

dat

a)

449,

335

7,8

2018

2018

29

Tab

le 2

.2

Imp

ort

s o

f G

oo

ds

fro

m t

he

Ru

ssia

n F

eder

atio

n

by

Co

un

try

Gro

up

an

d M

ajo

r T

rad

e P

artn

er C

ou

ntr

y in

201

8 Com

posi

tion,

%G

row

th r

ates

, % o

f the

pre

cedi

ng y

ear

outc

ome

Mem

oran

dum

:M

emor

andu

m:

2017

2017

To

tal

100,

010

0,0

105

125

incl

udin

g:C

IS11

,010

,910

512

6in

clud

ing:

EA

EU

7,7

7,8

103

127

Oth

er c

ount

ries

3,3

3,1

111

121

No

n-C

IS c

ou

ntr

ies

89,0

89,1

105

125

incl

udin

g:E

U

37,5

38,2

103

124

AP

EC

40

,740

,310

612

6O

ther

cou

ntrie

s10

,810

,610

712

0M

emor

andu

m it

em:

OE

CD

53,0

53,3

104

124

BR

ICS

24

,624

,110

712

6M

ajo

r tr

ade

par

tner

co

un

trie

s:C

HIN

A21

,921

,110

912

6G

ER

MA

NY

10,7

10,6

105

125

UN

ITE

D S

TA

TE

S O

F A

ME

RIC

A5,

35,

599

118

BE

LAR

US

5,1

5,3

101

123

ITA

LY4,

44,

410

512

9F

RA

NC

E4,

04,

299

113

JAP

AN

3,7

3,4

114

116

KO

RE

A, R

EP

UB

LIC

OF

2,9

3,0

101

136

UK

RA

INE

2,3

2,2

111

124

KA

ZA

KH

ST

AN

2,2

2,2

106

138

PO

LAN

D2,

22,

210

512

4T

UR

KE

Y1,

81,

512

415

6U

NIT

ED

KIN

GD

OM

1,7

1,8

100

118

NE

TH

ER

LAN

DS

1,6

1,7

9512

9F

INLA

ND

1,4

1,6

9114

9S

WIT

ZE

RLA

ND

1,1

1,0

119

113

Mem

oran

dum

: Tot

al im

port

s, b

illio

ns o

f US

dol

lars

(F

eder

al C

usto

ms

Ser

vice

dat

a)

238,

222

7,5

2018

2018

30

Table 2.4

Commodity Composition of Merchandise Trade Balance of the Russian Federation in 2018(Federal Customs Service data)

Exports Imports

Commodity groupsbillions of US

dollars% of total exports

billions of US dollars

% of total imports

Foodstaffs and agricultural raw materials (excluding textile)

24,9 5,5 29,6 12,5 -4,7 -8,2

Mineral products 291,5 64,9 5,0 2,1 286,6 211,7

of which: fuel and energy products 286,7 63,8 2,3 1,0 284,5 210,0

Chemical products, rubber 27,4 6,1 43,6 18,3 -16,2 -16,3

Leather raw materials, fur and articles thereof

0,3 0,1 1,3 0,5 -1,0 -0,8

Wood, pulp-and-paper products 13,9 3,1 3,9 1,6 10,0 8,2

Textiles, textile articles and footwear 1,2 0,3 14,8 6,2 -13,6 -12,5

Construction materials and goods 1,6 0,3 2,9 1,2 -1,3 -1,2

Precious stones, precious metals and articles thereof

10,1 2,2 0,8 0,3 9,3 10,4

Ferrous metals and articles thereof 27,4 6,1 11,1 4,7 16,3 12,1

Non-ferrous metals and articles thereof 16,4 3,7 6,0 2,5 10,5 9,3

Machinery, equipment and transport means 29,1 6,5 112,6 47,3 -83,6 -82,2

Other 5,5 1,2 6,6 2,8 -1,1 -0,2

Total: 449,3 100,0 238,2 100,0 211,2 130,3

Balance on trade for commodity group (exports minus imports), billions of US

dollars

Memorandum: Balance on trade for commodity group in 2017 (exports minus imports), billions of

US dollars

31

Tabl

e 3.

1

Ext

ern

al T

rad

e o

f th

e R

uss

ian

Fed

erat

ion

in S

ervi

ces

wit

hin

th

e E

xten

ded

Bal

ance

of

Pay

men

ts S

ervi

ces

Cla

ssif

icat

ion

in 2

018

(un

der

Bal

ance

of

Pay

men

ts M

eth

od

olo

gy)

mill

ions

of U

S d

olla

rs

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esS

ervi

ces

-6 5

28-7

198

671

-7 6

38-8

106

468

-8 7

83-9

535

752

-6 9

95-7

763

767

-29

944

-32

602

2 65

8E

xpo

rts

14 0

1412

019

1 99

416

730

14 6

382

092

17 3

9914

993

2 40

616

616

14 3

692

247

64 7

5956

019

8 73

9Im

po

rts

20 5

4119

217

1 32

424

367

22 7

441

624

26 1

8224

529

1 65

323

612

22 1

321

480

94 7

0288

621

6 08

1M

anu

fact

uri

ng

ser

vice

s o

n p

hys

ical

inp

uts

ow

ned

by

oth

ers

389

372

1721

420

014

478

462

1640

941

1-1

1 49

01

445

46E

xpo

rts

423

375

4824

920

346

514

470

4445

142

031

1 63

71

468

169

Imp

ort

s 34

331

353

3236

828

419

3214

623

124

Mai

nte

nan

ce a

nd

rep

air

serv

ices

-92

-30

-62

-44

-22

-22

-161

-138

-22

-112

-129

17-4

09-3

19-9

0E

xpo

rts

395

356

3946

341

350

358

308

5038

332

756

1 59

91

404

195

Imp

ort

s 48

738

510

250

743

572

519

447

7249

545

639

2 00

81

723

285

Tra

nsp

ort

1

345

1 26

678

1 79

51

791

41

925

1 91

015

1 78

11

729

536

846

6 69

615

0E

xpo

rts

4 75

74

314

443

5 76

25

289

473

5 84

75

349

498

5 77

85

282

496

22 1

4420

234

1 91

0Im

po

rts

3 41

23

047

365

3 96

73

498

469

3 92

23

439

482

3 99

73

553

443

15 2

9813

539

1 75

9P

asse

nger

ser

vice

s46

245

47

796

819

-22

748

772

-24

658

679

-20

2 66

42

724

-60

Exp

orts

1 53

01

434

951

984

1 89

193

1 97

61

865

110

1 69

51

609

867

184

6 80

038

4Im

ports

1 06

898

088

1 18

81

073

115

1 22

81

093

135

1 03

693

010

64

520

4 07

644

4Fr

eigh

t ser

vice

s0

-91

91-5

-57

5119

113

359

175

6910

636

054

306

Exp

orts

1 61

01

353

257

1 92

51

648

278

1 99

71

721

276

2 19

81

894

303

7 72

96

615

1 11

4Im

ports

1 61

01

443

167

1 93

01

704

226

1 80

61

588

217

2 02

31

826

197

7 36

96

561

808

Oth

er tr

ansp

ort s

ervi

ces

883

903

-19

1 00

41

029

-25

986

1 00

5-1

994

898

1-3

33

821

3 91

7-9

6E

xpor

ts1

618

1 52

791

1 85

31

750

103

1 87

41

763

111

1 88

61

779

107

7 23

16

819

412

Impo

rts73

462

411

084

972

212

888

875

813

093

879

814

03

409

2 90

250

8S

ea tr

ansp

ort

282

263

1831

129

021

302

282

2019

417

420

1 08

91

009

80E

xpor

ts1

184

1 16

024

1 35

91

332

271

267

1 24

027

1 29

81

273

255

108

5 00

510

3Im

ports

902

897

51

048

1 04

26

964

958

61

104

1 09

95

4 01

83

996

22P

asse

nger

ser

vice

s0

00

-1-1

0-1

-10

00

0-1

-10

Exp

orts

00

00

00

00

00

00

00

0Im

ports

00

01

10

11

00

00

22

0Fr

eigh

t ser

vice

s-4

44-4

462

-547

-549

2-4

73-4

741

-569

-570

1-2

033

-2 0

385

Exp

orts

209

204

523

823

26

251

246

524

423

95

941

921

20Im

ports

653

650

378

578

14

724

720

481

280

93

2 97

42

959

15O

ther

tran

spor

t ser

vice

s72

670

917

859

839

2077

675

620

763

744

193

124

3 04

875

Exp

orts

975

956

181

122

1 10

022

1 01

599

422

1 05

41

033

214

166

4 08

382

Impo

rts24

924

72

263

261

224

023

82

291

289

21

042

1 03

57

Air

trans

port

421

337

8386

680

660

928

860

6887

278

883

3 08

62

791

295

Exp

orts

2 42

82

198

230

3 14

02

903

237

3 27

53

012

263

3 12

32

850

274

11 9

6610

963

1 00

3Im

ports

2 00

81

861

147

2 27

42

098

177

2 34

72

152

195

2 25

22

061

190

8 88

08

172

708

Pas

seng

er s

ervi

ces

467

448

1981

281

3-1

761

765

-467

367

4-1

2 71

32

701

13E

xpor

ts1

495

1 41

778

1 93

91

869

701

928

1 84

385

1 66

11

591

707

023

6 72

130

2Im

ports

1 02

896

958

1 12

71

056

711

167

1 07

889

988

917

714

310

4 02

128

9Fr

eigh

t ser

vice

s-1

84-2

7288

-83

-174

90-2

0-1

1393

34-9

012

4-2

53-6

4739

5E

xpor

ts44

533

511

062

951

111

866

054

211

880

965

515

42

542

2 04

250

0Im

ports

628

606

2271

268

428

680

655

2577

574

430

2 79

52

690

105

Oth

er tr

ansp

ort s

ervi

ces

137

161

-24

137

166

-29

187

207

-21

165

204

-39

625

738

-113

Exp

orts

489

446

4257

252

349

686

626

6065

360

450

2 40

02

199

201

Impo

rts35

228

566

435

357

7850

041

981

489

400

891

775

1 46

231

4O

ther

tran

spor

t60

262

4-2

251

659

5-7

955

762

8-7

157

662

7-5

12

251

2 47

4-2

23E

xpor

ts1

093

905

187

1 14

794

120

51

156

951

206

1 20

81

015

194

4 60

33

812

792

Impo

rts49

128

120

963

034

728

459

932

227

763

238

824

42

352

1 33

81

014

Pas

seng

er s

ervi

ces

-57

-12

-15

6-2

1-1

38

-20

-15

5-1

9-4

825

-73

Exp

orts

3417

1845

2223

4722

2533

1716

160

7882

Impo

rts40

1029

6016

4460

1446

4813

3520

853

155

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2 01

8

32

Tabl

e 3.

1

mill

ions

of U

S d

olla

rs

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esFr

eigh

t ser

vice

s58

758

42

524

565

-42

546

579

-33

570

589

-19

2 22

62

317

-91

Exp

orts

904

764

140

942

792

150

936

786

150

996

855

141

3 77

93

197

581

Impo

rts31

718

013

841

922

719

239

020

718

442

626

716

01

552

880

673

Oth

er tr

ansp

ort s

ervi

ces

2133

-12

823

-16

2442

-18

2134

-13

7313

1-5

9E

xpor

ts15

412

530

159

127

3217

314

330

178

142

3766

553

612

8Im

ports

134

9242

151

104

4814

910

148

158

108

5059

240

518

7S

pace

tran

spor

t8

80

3131

036

360

5454

012

812

80

Exp

orts

88

031

310

3636

054

540

129

129

0Im

port

s0

00

00

00

00

00

00

00

Rai

l tra

nspo

rt-6

45-5

1-4

527

-72

251

-49

-334

-37

-51

158

-209

Exp

orts

230

166

6423

316

667

250

178

7223

516

570

949

674

275

Impo

rts

236

121

116

278

138

140

248

127

121

238

130

107

1 00

051

648

4P

asse

nger

ser

vice

s-1

1-2

-9-2

1-3

-18

-18

-2-1

6-1

8-2

-16

-69

-10

-59

Exp

orts

215

1629

821

318

2320

614

101

2775

Impo

rts

327

2551

1239

4910

3938

830

170

3613

4F

reig

ht s

ervi

ces

-231

-33

-26

14-4

08

29-2

16

20-1

4-1

494

-108

Exp

orts

139

108

3113

410

331

145

111

3413

910

435

557

426

131

Impo

rts

141

7764

161

8971

136

8255

132

8448

570

332

238

Oth

er tr

ansp

ort s

ervi

ces

816

-93

17-1

412

24-1

29

17-8

3173

-42

Exp

orts

7153

1769

5415

7459

1576

5521

291

222

69Im

port

s63

3726

6638

2962

3527

6839

2926

014

811

1R

oad

tran

spor

t91

829

5157

-663

74-1

126

224

231

234

-4E

xpor

ts26

719

770

291

209

8129

621

483

306

219

871

160

840

321

Impo

rts

177

115

6223

915

387

234

140

9428

019

882

929

605

324

Pas

seng

er s

ervi

ces

69

-37

10-3

59

-43

7-4

2135

-14

Exp

orts

1312

116

142

1614

214

122

5952

7Im

port

s8

34

94

511

46

105

538

1721

Fre

ight

ser

vice

s87

7413

5352

161

67-6

2718

1022

821

117

Exp

orts

230

171

5925

318

469

257

188

6926

719

473

1 00

773

727

0Im

port

s14

397

4620

113

269

196

121

7524

017

664

779

526

254

Oth

er tr

ansp

ort s

ervi

ces

-20

-1-8

-5-3

-4-3

-1-4

-3-2

-18

-11

-7E

xpor

ts25

1510

2211

1023

1211

2513

1294

5143

Impo

rts

2615

1129

1613

2715

1330

1613

112

6250

Pip

elin

e tr

ansp

ort

494

471

2346

746

9-2

441

447

-748

349

7-1

51

884

1 88

40

Exp

orts

528

478

5152

447

450

499

451

4853

650

433

2 08

71

906

180

Impo

rts

346

2757

552

584

5454

647

202

2218

1

Oth

er s

uppo

rtin

g an

d au

xilia

ry tr

ansp

ort s

ervi

ces

1517

-313

111

1621

-516

20-4

6069

-10

Exp

orts

5957

268

617

7572

377

734

280

264

16Im

port

s44

395

5650

659

528

6153

722

019

426

Pos

tal a

nd c

ourie

r ser

vice

s 41

42-1

102

101

113

814

0-2

139

139

042

042

2-2

Exp

orts

5250

211

611

34

150

147

314

914

54

467

455

12Im

ports

128

415

123

127

510

64

4833

15T

rave

l -4

809

-5 4

6865

9-6

177

-6 7

4056

3-7

219

-7 9

7675

8-4

580

-5 2

3565

6-2

2 78

4-2

5 42

02

635

Exp

ort

s2

008

1 11

189

73

230

2 30

292

84

163

2 99

51

168

2 08

51

154

931

11 4

867

561

3 92

5Im

po

rts

6 81

76

579

238

9 40

79

042

366

11 3

8210

971

411

6 66

56

389

275

34 2

7132

981

1 29

0B

usin

ess

trave

l78

619

758

973

420

852

682

320

561

970

692

614

3 05

070

12

348

Exp

orts

1 14

952

462

61

131

553

578

1 21

654

367

31

114

453

661

4 61

02

073

2 53

7Im

ports

363

327

3639

734

553

393

339

5440

736

146

1 56

11

372

189

Per

sona

l tra

vel

-5 5

95-5

665

70-6

911

-6 9

4837

-8 0

42-8

181

139

-5 2

86-5

327

41-2

5 83

4-2

6 12

128

7E

xpor

ts85

858

727

22

099

1 74

935

02

947

2 45

249

697

270

127

06

876

5 48

81

388

Impo

rts6

454

6 25

220

29

010

8 69

731

310

989

10 6

3335

76

257

6 02

822

932

710

31 6

091

101

Co

nst

ruct

ion

14

015

3-1

324

723

710

12-7

385

402

309

9380

162

617

5E

xpo

rts

1 11

997

214

81

366

1 19

317

31

241

984

257

1 88

81

636

252

5 61

44

784

830

Imp

ort

s97

981

816

11

119

956

162

1 22

91

056

172

1 48

61

327

159

4 81

34

158

655

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2 01

8

33

Tabl

e 3.

1

mill

ions

of U

S d

olla

rs

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esC

onst

ruct

ion

abro

ad11

954

6522

113

189

182

1416

852

736

216

51

049

562

487

Exp

orts

338

205

133

415

256

159

389

157

232

882

648

234

2 02

41

266

758

Impo

rts

219

151

6919

512

570

207

144

6435

428

569

975

704

271

Con

stru

ctio

n in

terr

itior

y of

the

Rus

sian

Fed

erat

ion

2199

-78

2610

5-7

9-1

69-8

7-8

3-1

26-5

3-7

2-2

4864

-312

Exp

orts

781

767

1495

093

713

852

826

261

006

988

183

590

3 51

872

Impo

rts

760

668

9292

483

292

1 02

291

310

91

132

1 04

191

3 83

73

454

384

Insu

ran

ce a

nd

pen

sio

n s

ervi

ces

-76

-90

13-1

83-1

907

-128

-138

10-1

39-1

466

-527

-564

37E

xpo

rts

133

115

1812

010

812

106

9016

115

9916

474

412

62Im

po

rts

209

205

430

329

85

234

229

625

524

510

1 00

197

625

Dire

ct in

sura

nce

0-5

620

200

-1-6

510

91

3018

12E

xpor

ts47

398

7370

346

388

6255

722

820

226

Impo

rts

4744

252

503

4744

352

466

198

184

14Li

fe in

sura

nce

-4-6

1-2

-42

-7-8

1-5

-50

-18

-23

5E

xpor

ts5

41

64

24

32

33

119

136

Impo

rts

1010

08

80

1111

08

80

3736

1F

reig

ht in

sura

nce

11

01

10

11

00

00

34

-1E

xpor

ts2

20

22

02

20

22

08

80

Impo

rts

11

01

10

11

01

10

54

1O

ther

dire

ct in

sura

nce

4-1

421

23-2

51

415

141

4537

8E

xpor

ts39

337

6464

139

336

5851

620

018

020

Impo

rts

3634

243

412

3532

242

375

156

144

12R

eins

uran

ce-7

3-8

07

-201

-205

5-1

36-1

404

-153

-157

3-5

63-5

8219

Exp

orts

8071

940

327

4236

638

317

200

170

30Im

port

s15

315

12

240

238

217

817

63

192

188

476

375

211

Aux

iliar

y se

rvic

es-4

-41

-3-5

29

81

42

26

16

Exp

orts

66

18

62

1817

215

132

4741

6Im

port

s10

100

1110

09

90

1111

041

401

Fin

anci

al s

ervi

ces

-166

-194

29-1

3-3

825

-76

-100

23-9

8-1

3436

-353

-466

113

Exp

ort

s33

729

640

404

366

3831

727

939

422

370

521

480

1 31

016

9Im

po

rts

502

491

1241

740

413

393

378

1552

050

416

1 83

31

777

56E

xplic

itly

char

ged

and

othe

r fin

anci

al s

ervi

ces

-39

-53

1389

7712

102

8-2

8-5

223

31-2

657

Exp

orts

321

296

2539

136

625

302

279

2440

937

039

1 42

31

310

113

Impo

rts

361

349

1230

228

913

292

276

1543

842

116

1 39

21

336

56F

inan

cial

inte

rmed

iatio

n se

rvic

es in

dire

ctly

mea

sure

d (F

ISIM

)-1

26-1

4216

-102

-115

13-8

7-1

0215

-69

-82

13-3

84-4

4156

Exp

orts

160

1613

013

150

1513

013

560

56Im

port

s14

214

20

115

115

010

210

20

8282

044

144

10

Ch

arg

es f

or

the

use

of

inte

llect

ual

pro

per

ty-1

218

-1 2

3920

-1 2

28-1

244

16-1

537

-1 5

5518

-1 4

28-1

446

18-5

412

-5 4

8472

Exp

ort

s21

518

827

207

182

2517

114

526

282

253

2987

676

810

8Im

po

rts

1 43

41

427

71

435

1 42

69

1 70

91

700

81

710

1 69

911

6 28

86

252

36T

elec

om

mu

nic

atio

ns,

co

mp

ute

r, a

nd

info

rmat

ion

ser

vice

s-6

8-5

8-1

011

84-7

3-2

876

-104

-142

-114

-28

-228

-13

-215

Exp

ort

s1

210

1 10

011

01

344

1 25

490

1 27

81

192

861

429

1 31

111

85

260

4 85

640

4Im

po

rts

1 27

81

158

120

1 33

31

170

163

1 30

61

116

189

1 57

11

425

146

5 48

84

869

619

Tel

ecom

mun

icat

ions

ser

vice

s-7

1-3

5-3

6-8

7-1

-86

-195

-76

-119

-60

-6-5

4-4

14-1

18-2

96E

xpor

ts24

920

246

314

275

3923

620

630

273

230

431

072

913

159

Impo

rts

320

237

8340

127

712

543

128

215

033

323

697

1 48

61

031

455

Com

pute

r se

rvic

es62

3725

198

187

1126

024

614

19-6

2554

046

575

Exp

orts

930

870

6099

494

747

1 01

296

151

1 12

41

054

704

061

3 83

322

8Im

port

s86

883

335

796

760

3675

271

537

1 10

51

060

453

521

3 36

815

3In

form

atio

n se

rvic

es-5

9-6

11

-100

-102

2-9

3-9

41

-101

-102

1-3

53-3

596

Exp

orts

3127

436

314

2925

432

274

128

111

17Im

port

s90

883

136

133

312

212

03

132

129

348

147

011

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2 01

8

34

Tabl

e 3.

1

mill

ions

of U

S d

olla

rs

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esTo

tal

with

non

-CIS

co

untri

esw

ith C

IS

coun

tries

Tota

lw

ith n

on-C

IS

coun

tries

with

CIS

co

untri

esO

ther

bu

sin

ess

serv

ices

-1 5

94-1

597

3-1

841

-1 8

5110

-1 7

24-1

724

0-2

675

-2 6

63-1

2-7

834

-7 8

351

Exp

ort

s3

034

2 83

120

33

149

2 92

522

42

995

2 80

119

43

402

3 16

523

712

581

11 7

2285

9Im

po

rts

4 62

84

428

200

4 99

04

776

214

4 71

94

525

195

6 07

75

828

249

20 4

1519

557

858

Res

earc

h an

d de

velo

pmen

t ser

vice

s84

84-1

8485

-183

84-1

-5-2

-324

625

2-6

Exp

orts

105

103

210

910

72

104

102

210

199

241

941

18

Impo

rts21

192

2421

321

183

106

101

517

315

914

Pro

fess

iona

l and

man

agem

ent c

onsu

lting

ser

vice

s15

316

1-9

9711

5-1

816

017

0-1

0-1

37-1

17-2

027

333

0-5

7E

xpor

ts1

489

1 43

950

1 44

21

394

481

453

1 40

449

1 64

11

581

616

025

5 81

820

7Im

ports

1 33

61

277

591

345

1 28

065

1 29

31

234

591

778

1 69

781

5 75

25

488

264

Lega

l ser

vice

s-4

-40

-2-1

0-1

5-1

50

-95

-94

0-1

15-1

150

Exp

orts

117

113

413

513

14

138

134

416

716

25

557

540

17Im

ports

121

117

413

713

24

153

149

426

125

65

672

655

17A

ccou

ntin

g, a

uditi

ng, b

ookk

eepi

ng, a

nd ta

x co

nsul

ting

serv

ices

3334

-130

273

3532

38

26

106

9510

Exp

orts

8380

380

746

8175

785

7411

329

302

27Im

ports

5046

450

473

4642

477

725

223

207

16B

usin

ess

and

man

agem

ent c

onsu

lting

and

pub

lic

rela

tions

ser

vice

s-1

38-1

5315

-129

-143

14-1

57-1

7114

-344

-356

12-7

68-8

2254

Exp

orts

405

380

2436

133

823

309

285

2435

933

425

1 43

41

337

96Im

ports

543

533

1049

048

010

466

456

1070

369

113

2 20

22

160

42A

dver

tisin

g, m

arke

t res

earc

h, a

nd p

ublic

opi

nion

po

lling

262

285

-23

198

232

-34

297

323

-26

294

332

-38

1 05

11

172

-121

Exp

orts

884

866

1886

685

214

924

910

141

031

1 01

020

3 70

53

638

67Im

ports

622

581

4266

862

048

628

587

4173

767

858

2 65

52

466

188

Tech

nica

l, tra

de-r

elat

ed, a

nd o

ther

bus

ines

s se

rvic

es-1

830

-1 8

4312

-2 0

22-2

051

29-1

967

-1 9

7811

-2 5

33-2

544

11-8

353

-8 4

1663

Exp

orts

1 44

01

289

151

1 59

91

424

175

1 43

81

295

143

1 66

01

486

174

6 13

75

493

643

Impo

rts3

271

3 13

213

93

621

3 47

514

63

405

3 27

313

24

193

4 03

016

314

490

13 9

1058

0O

pera

ting

leas

ing

serv

ices

-798

-798

0-9

62-9

58-4

-949

-951

2-1

014

-1 0

152

-3 7

22-3

722

0E

xpor

ts20

217

725

227

197

3021

719

127

212

183

2985

874

711

1Im

ports

1 00

097

525

1 18

91

155

331

166

1 14

225

1 22

51

198

274

580

4 47

011

0A

rchi

tect

ural

, eng

inee

ring,

and

oth

er te

chni

cal

serv

ices

-615

-626

11-7

29-7

5122

-668

-686

17-1

051

-1 0

6413

-3 0

63-3

127

63E

xpor

ts59

053

753

700

638

6359

053

556

794

727

672

675

2 43

623

8Im

ports

1 20

51

163

431

429

1 38

940

1 25

81

220

381

846

1 79

154

5 73

85

563

175

Was

te tr

eatm

ent a

nd d

epol

lutio

n, a

gric

ultu

ral a

nd

min

ing

serv

ices

-455

-493

38-3

96-4

4246

-399

-424

25-4

76-5

1640

-1 7

26-1

875

149

Exp

orts

188

141

4719

213

854

166

131

3519

113

853

737

548

189

Impo

rts64

263

49

588

580

956

555

510

668

655

132

463

2 42

341

Oth

er b

usin

ess

serv

ices

3774

-37

6499

-36

4983

-34

851

-43

158

308

-149

Exp

orts

461

435

2647

945

128

464

439

2546

343

725

1 86

71

762

105

Impo

rts42

336

163

415

351

6441

535

659

455

386

691

708

1 45

425

4P

erso

nal

, cu

ltu

ral,

and

rec

reat

ion

al s

ervi

ces

-312

-320

8-3

48-3

6013

-207

-216

9-3

74-3

839

-1 2

41-1

279

39E

xpo

rts

117

104

1414

912

821

168

151

1715

113

219

585

514

71Im

po

rts

429

424

649

748

89

375

367

852

551

510

1 82

61

793

32A

udio

visu

al a

nd re

late

d se

rvic

es-1

54-1

595

-162

-168

7-1

19-1

267

-158

-164

6-5

93-6

1825

Exp

orts

4333

961

4713

4836

1359

4613

211

162

48Im

ports

197

192

422

221

66

167

162

521

721

07

804

780

24O

ther

per

sona

l, cu

ltura

l, an

d re

crea

tiona

l ser

vice

s-1

58-1

613

-186

-192

6-8

8-9

02

-216

-219

3-6

48-6

6214

Exp

orts

7470

489

808

120

116

492

866

374

352

23Im

ports

232

231

127

527

22

207

205

230

730

43

1 02

21

013

8G

ove

rnm

ent

go

od

s an

d s

ervi

ces,

no

t in

clu

ded

els

ewh

ere

-66

6-7

2-7

028

-98

-118

-62

-56

-40

39-7

9-2

9411

-305

Exp

ort

s26

525

87

287

276

1124

023

011

230

222

81

023

985

37Im

po

rts

331

252

7935

724

811

035

829

266

270

182

871

316

974

342

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2 01

8

35

Tab

le 3

.2

Ext

ern

al T

rad

e o

f th

e R

uss

ian

Fed

erat

ion

in S

ervi

ces

by

Co

un

try

Gro

up

in 2

018

mill

ions

of U

S d

olla

rs

Tur

nove

r E

xpor

ts

of

serv

ices

Impo

rts

of

serv

ices

Bal

ance

Tur

nove

r E

xpor

ts

of

serv

ices

Impo

rts

of

serv

ices

Bal

ance

Tur

nove

r E

xpor

ts

of

serv

ices

Impo

rts

of

serv

ices

Bal

ance

Tur

nove

r E

xpor

ts

of

serv

ices

Impo

rts

of

serv

ices

Bal

ance

Tur

nove

r E

xpor

ts

of

serv

ices

Impo

rts

of

serv

ices

Bal

ance

To

tal

34 5

5514

014

20 5

41-6

528

41 0

9716

730

24 3

67-7

638

43 5

8117

399

26 1

82-8

783

40 2

2816

616

23 6

12-6

995

159

461

64 7

5994

702

-29

944

incl

udin

g:

CIS

co

un

trie

s3

318

1 99

41

324

671

3 71

62

092

1 62

446

84

059

2 40

61

653

752

3 72

72

247

1 48

076

714

820

8 73

96

081

2 65

8

incl

udin

g:

EA

EU

1 94

91

055

894

161

2 18

41

145

1 03

910

72

303

1 24

91

055

194

2 14

71

204

943

261

8 58

34

653

3 93

172

2

Oth

er c

ount

ries

1 05

276

828

448

41

152

763

389

374

1 42

997

845

152

71

251

875

377

498

4 88

43

384

1 50

11

883

Ser

vice

s no

t allo

cate

d by

cou

ntry

318

172

146

2638

018

419

7-1

332

717

914

831

329

169

160

91

353

703

650

53

No

n-C

IS c

ou

ntr

ies

31 2

3712

019

19 2

17-7

198

37 3

8114

638

22 7

44-8

106

39 5

2214

993

24 5

29-9

535

36 5

0114

369

22 1

32-7

763

144

641

56 0

198

8 62

1-3

2 60

2

в том

числе

:

EU

14 1

575

229

8 92

7-3

698

17 3

066

132

11 1

73-5

041

18 6

866

300

12 3

85-6

085

16 7

785

994

10 7

84-4

790

66 9

2623

656

43 2

70-1

9 61

3

AP

EC

5 57

52

188

3 38

6-1

198

5 81

53

025

2 79

023

55

975

3 25

72

718

539

6 42

72

796

3 63

1-8

3423

791

11 2

6612

525

-1 2

59

Oth

er c

ount

ries

6 19

42

762

3 43

2-6

698

570

3 24

35

326

-2 0

839

179

3 35

95

820

-2 4

617

769

3 63

24

137

-505

31 7

1112

996

18 7

15-5

718

Ser

vice

s no

t allo

cate

d b y

cou

ntry

5 31

11

839

3 47

2-1

633

5 69

12

237

3 45

4-1

217

5 68

32

077

3 60

5-1

528

5 52

71

947

3 58

0-1

633

22 2

128

100

14 1

12-6

012

Mem

oran

dum

:

OE

CD

17 9

307

122

10 8

08-3

685

22 9

568

429

14 5

27-6

098

24 6

409

027

15 6

13-6

587

21 7

128

063

13 6

49-5

587

87 2

3832

641

54 5

97-2

1 95

6

BR

ICS

1 45

367

977

4-9

51

628

885

743

143

1 88

01

183

697

485

1 98

399

498

86

6 94

33

741

3 20

253

9

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2018

36

Tab

le 3

.3

Exp

ort

s o

f S

ervi

ces

of

the

Ru

ssia

n F

eder

atio

n u

nd

er t

he

Trav

el It

em b

y C

ou

ntr

y G

rou

p

in 2

012

- 20

18

mill

ions

of U

S d

olla

rs

2012

2013

2014

2015

2016

2017

2018

To

tal e

xpo

rts

of

serv

ices

10 7

5911

988

11 7

598

420

7 78

78

945

11 4

86

incl

udin

g to

:

CIS

co

un

trie

s4

096

4 28

14

365

3 83

02

901

3 61

43

925

% o

f the

tota

l38

%36

%37

%45

%37

%40

%34

%

incl

udin

g:

EA

EU

*1

275

1 44

51

538

1 65

81

338

1 56

41

704

% o

f the

tota

l12

%12

%13

%20

%17

%17

%15

%

No

n-C

IS c

ou

ntr

ies

6 66

37

707

7 39

44

590

4 88

65

331

7 56

1

% o

f the

tota

l62

%64

%63

%55

%63

%60

%66

%

incl

udin

g:

EU

4 04

14

757

4 58

22

676

2 65

12

745

3 55

8

% o

f the

tota

l37

%39

%39

%32

%34

%31

%31

%

AP

EC

1 45

91

661

1 58

499

41

118

1 41

02

160

% o

f the

tota

l14

%14

%14

%12

%15

%16

%19

%

Oth

er c

ount

ries

1 16

21

289

1 22

891

91

117

1 17

61

843

% o

f the

tota

l11

%11

%10

%11

%14

%13

%16

%

* U

ntil

1 Ja

nuar

y 20

15 E

urA

sEC

.

37

Tab

le 3

.4

Imp

ort

s o

f S

ervi

ces

by

the

Ru

ssia

n F

eder

atio

n u

nd

er t

he

Trav

el It

em b

y C

ou

ntr

y G

rou

p

in 2

012

- 20

18

mill

ions

of U

S d

olla

rs

2012

2013

2014

2015

2016

2017

2018

To

tal i

mp

ort

s o

f se

rvic

es42

082

52 7

7349

300

34 0

9823

451

30 4

9633

336

incl

udin

g fr

om:

CIS

co

un

trie

s3

695

3 75

31

955

1 49

41

355

1 14

61

292

% o

f the

tota

l9%

7%4%

4%6%

4%4%

incl

udin

g:

EA

EU

*94

398

599

481

883

076

986

3

% o

f the

tota

l2%

2%2%

2%4%

3%3%

No

n-C

IS c

ou

ntr

ies

38 3

8749

020

47 3

4432

604

22 0

9629

350

32 0

45

% o

f the

tota

l91

%93

%96

%96

%94

%96

%96

%

incl

udin

g:

EU

18 5

5024

775

23 5

2615

893

12 4

7314

736

15 2

72

% o

f the

tota

l44

%47

%48

%47

%53

%48

%46

%

AP

EC

5 67

27

216

6 86

74

411

4 08

25

388

5 62

7

% o

f the

tota

l13

%14

%14

%13

%17

%18

%17

%

Oth

er c

ount

ries

14 1

6517

029

16 9

5112

300

5 54

19

226

11 1

46%

of t

he to

tal

34%

32%

34%

36%

24%

30%

33%

* U

ntil

1 Ja

nuar

y 20

15 E

urA

sEC

.

38

REVIEW OF EXPORTS AND IMPORTS OF TRAVEL SERVICES1 IN 2018

International transactions related to travel

are significant components of the balance of

payments under the “Services” part. Turnover

of travel services in 2018 totaled $45.8 billion

representing 28.7% of total trade in services

turnover. In 2017, a similar aggregate stood at

$40.0 billion or 27.3% of the total.

Exports of travel services in 2018 increased to

$11.5 billion or by 28.4% on the 2017 outcome.

Services provided to the CIS and non-CIS

countries’ residents grew by 8.6% and 41.8%,

respectively.

In 2018, distribution of exports of travel ser-

vices was traditionally dominated by the over-

whelming contribution of non-CIS countries.

Their weight in the total volume of rendered ser-

vices gained 6.2 percentage points reaching

65.8% as compared with the similar 2017 ag-

gregate, thus setting a new record high in the

time series of observations.

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

Non-CIS countries CIS Exports Exports (seasonally adjusted)

2013 2014 2015 2016 2017 20182012

EXPORTS OF TRAVEL SERVICES IN 2012 – 2018

(billions of US dollars)

1 Exports and imports of travel services represent expenses incurred by residents of one country during their stay in the

territory of another country. This component encompasses all goods and services acquired for personal needs or for trans-

fer to other persons without quid pro quo.

EXPORTS OF TRAVEL SERVICES BY COUNTRY GROUP

IN 2012 - 2018

(% of the total)

38% 36% 37%

45%

37% 40%34%

62% 64% 63%

55%

63% 60%66%

2012 2013 2014 2015 2016 2017 2018

Non-CIS countries CIS

Within exports’ distribution by country group,

the European Union states continued to prevail.

Their share in total travel services’ exports re-

mained at 31.0%, close to the 2017 level

(30.7% in the preceding year).

In the course of all 2018 quarters, growth of

foreign citizens’ both personal and business

visits to the territory of Russia was observed.

EXPORTS OF TRAVEL SERVICES

BY GEOGRAPHIC AND ECONOMIC ZONES

(% of the total)

15%

19%

31%

19%

16%

EAEU

Other CIS countries

EU

APEC

Other

2017 2018

17%

23%

31%

16%

13%

EAEU

Other CIS countries

EU

APEC

Other

39

119,3

108,9

103,9106,2

130,3

164,7

150,7

116,4

123,8

139,6

133,2

110,7

100,0

120,0

140,0

160,0

180,0

Q1 Q2 Q3 Q4

Business trips Personal trips Total trips

GROWTH DYNAMICS OF TRAVEL SERVICES EXPORTS IN 2018

(% of corresponding previous year period’s outcome)

71

62

54

67 67

56

48

6359

51

43

5350

47

37

51 54

43

33

5459

4537

56 57

3529

53

29

38

46

33 33

44

52

3741

49

57

4750

53

63

49 46

57

67

4641

5563

44 43

6571

47

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2

012

Q2 2

012

Q3 2

012

Q4 2

012

Q1 2

013

Q2 2

013

Q3 2

013

Q4 2

013

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

Q4 2

015

Q1 2

016

Q2 2

016

Q3 2

016

Q4 2

016

Q1 2

017

Q2 2

017

Q3 2

017

Q4 2

017

Q1 2

018

Q2 2

018

Q3 2

018

Q4 2

018

2012 2013 2014 2015 2016 2017 2018

Business Personal

EXPORTS OF TRAVEL SERVICES BY PURPOSE OF TRIPS

IN 2012 - 2018

(% of the total)

Top spenders in the territory of the Russian

Federation in the reporting period were citizens

of Germany. Leading positions in terms of high

spending were maintained by Ukraine, Kazakh-

stan, and China.

CountriesExports,

millions of US dollars

2018 as %of 2017

Country share in total exports

volume in 2018, %

Memorandum item:Share of visitors from the country in the total number of visitors, %

Germany 987 136 9 2

Ukraine 931 104 8 24

Kazakhstan 930 108 8 12

China 801 131 7 6

USA 577 206 5 1

MAJOR COUNTERPARTY - COUNTRIES

FOR EXPORTS OF TRAVEL SERVICES OF THE RUSSIAN FEDERATION

IN 2018

In 2018, personal trips accounted for 59.9%

of total travel services’ exports (against 52.8%

a year earlier) with business visits representing

40.1% (against 47.2%).

The share of trips to Russia with personal

purposes rose both with respect to services

rendered to the CIS countries’ residents (from

34.6% to 35.4%), and the residents of non-CIS

countries (from 65.2% to 72.6%) with the corre-

sponding reduction of the weight of business

visits. The aggregate’s dynamics was influ-

enced by the world football championship

hosted by the Russian Federation in June-July

2018. Annual growth rates of exports of travel

services provided to residents of non-CIS coun-

tries in Q2 (58%) and Q3 (49%) were the fast-

est for the whole observation period since

2000.

2018 2017

Total Business Personal Total Business Personal

Exports of services - total 11 486 4 610 6 876 8 945 4 220 4 725

including to countries of:

CIS 3 925 2 537 1 388 3 614 2 364 1 250

Non-CIS 7 561 2 073 5 488 5 331 1 856 3 474

EXPORTS OF TRAVEL SERVICES BY PURPOSE OF TRAVEL

IN 2017-2018(millions of US dollars)

45% 45% 45% 51% 49%56% 55%

55% 55% 55% 49% 51%44% 45%

27% 23% 29%41%

28% 26%20%

73% 77% 71%59%

72% 74%80%

2012 2013 2014 2015 2016 2017 2018

EXPORTS OF TRAVEL SERVICES BY COUNTRY GROUP

IN 2012 – 2018(% of the total)

Business

Personal

Non-CIS countries CIS

In 2018, imports of travel services totaled

$34.3 billion; or $33.3 billion excluding the

value of durable goods acquired for personal

needs in the host country by households own-

ing foreign real estate without importing them in

40

the territory of the Russian Federation2 (an in-

crease of 9.3% on the 2017 outcome).

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

Non-CIS countries CIS Imports Imports (seasonally adjusted)

2012 2013 2014 20182015 20172016

IMPORTS OF TRAVEL SERVICES BY REGION

IN 2012 - 2018

(billions of US dollars)

The total volume of imported travel services

has been constantly dominated by services

provided by non-CIS countries. Their weight re-

mained in 2018 at 96.1%, or at the preceding

year’s level (96.2%).

9% 7% 4% 4% 6% 4% 4%

91% 93% 96% 96% 94% 96% 96%

2012 2013 2014 2015 2016 2017 2018

Non-CIS countries CIS

IMPORTS OF TRAVEL SERVICES BY COUNTRY GROUP

IN 2012 - 2018

(% of the total)

In imports’ distribution by country, the bulk of

transactions continued to belong to the states

of the European Union (45.8% of total imports

against 48.3% in 2017).

2 In accordance with the methodology set out in the sixth edition of the IMF’s “Balance of Payments and Interna-tional Investment Position Manual” (BPM6), travel ser-vices include durable goods acquired abroad by house-holds owning foreign real estate for their own needs in the

3%1%

46%

17%

33%

ЕАЭС

СНГ другие страны

ЕС

АТЭС

Прочие

2017 2018

3%1%

48%

18%

30%

ЕАЭС

СНГ другие страны

ЕС

АТЭС

Прочие

IMPORTS OF TRAVEL SERVICES

BY GEOGRAPHIC AND ECONOMIC ZONES

(в % к итогу)

In the reporting period, citizens of the Rus-

sian Federation spent most in the territory of the

same countries as in the year earlier, i.e. Tur-

key, Germany, Spain, and Thailand.

MAJOR COUNTERPARTY - COUNTRIES

FOR IMPORTS OF TRAVEL SERVICES BY THE RUSSIAN FEDERATION

IN 2018

CountriesImports,

millions of US dollars

2018 as %of 2017

Country share in total imports

volume in 2018, %

Memorandum item:Share of the country in the total number of

visits abroad, %

Turkey 4 864 136 15 14

Germany 2 194 104 7 3

Spain 2 096 104 6 2

Thailand 2 064 116 6 3

Italy 1 622 120 5 3

In 2018, traditionally prevailed the share of

trips abroad by Russia’s citizens with personal

purposes representing 95.3% of total travel ser-

vices imports (against 95.2% in 2017). At the

same time, the weight of personal trips in im-

ports from non-CIS countries rose to 95.7% (a

growth by 0.3 percentage points on the out-

come of the preceding year), while, vice versa,

with respect to the CIS countries it fell to 85.4%

(by 2.5 percentage points).

Q1–Q3 2018 were characterized by positive

growth rates of visits abroad of the citizens of

host country without importing them in the territory of the Russian Federation. Further analysis of travel services’ imports excludes the value of the foregoing goods.

41

Russia both with personal and business pur-

poses. However, in Q4 2018, the drop in im-

ports of personal trips of Russia’s citizens to for-

eign states had a negative effect on the dynam-

ics of total travel services imports, as the com-

position of the total aggregate was dominated

by the weight of personal trips.

108,7

103,6

106,1 104,8

126,6

115,4

107,7

92,4

125,4

114,8

107,6

93,1

90,0

100,0

110,0

120,0

130,0

Q1 Q2 Q3 Q4

Business trips Personal trips Total trips

GROWTH DYNAMICS OF TRAVEL SERVICES IMPORTS IN 2018

(% of corresponding previous year period’s outcome)

7 5 3 5 5 4 3 4 4 3 2 4 4 4 3 6 7 6 4 6 6 5 4 6 6 4 4 6

93 95 97 95 95 96 97 96 96 97 98 96 96 96 97 94 93 94 96 94 94 95 96 94 94 96 96 94

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV

2012 2013 2014 2015 2016 2017 2018

Business Personal

IMPORTS OF TRAVEL SERVICES BY PURPOSE OF TRIPS

IN 2012 - 2018

(% of the total)

17% 17% 13% 10% 10% 9% 12%

83% 83% 87% 90% 90% 91% 88%

8% 7% 4% 4% 6% 3% 3%

92% 93% 96% 96% 94% 97% 97%

2012 2013 2014 2015 2016 2017 2018

Business

Personal

Non-CIS countries CIS

IMPORTS OF TRAVEL SERVICES BY PURPOSE OF TRIPS

IN 2012 - 2018(% of the total)

2018 2017

Total Business Personal Total Business Personal

Imports of services - total 33 336 1 561 31 776 30 496 1 476 29 020

including to countries of:

CIS 1 292 189 1 103 1 146 139 1 008

Non-CIS 32 045 1 372 30 673 29 350 1 338 28 012

IMPORTS OF TRAVEL SERVICES BY PURPOSE OF TRAVEL

IN 2017-2018

(millions of US dollars)

2017 2018Absolute

change

Including changes resulting from:

Changes in

the number

of trips

Changes in

average per

trip expenses

Structural

shifts

Exports 8 945 11 486 2 542 245 757 1 540

Imports 30 496 33 336 2 840 1 895 892 53

Turnover 39 441 44 823 5 382 2 139 1 649 1 594

Balance -21 552 -21 850 -299 -1 650 -136 1 487

EFFECTS OF INDIVIDUAL FACTORS ON CHANGES IN EXPORTS AND IMPORTS

OF TRAVEL SERVICES

IN 2018 AS COMPARED WITH 2017

(millions of US dollars)

0

5000

10000

15000

20000

25000

30000

35000

11 486

Imports

30 496

757

1 540

892 531 895

Exports

8 945

2017 2018 2017 2018

245

33 336

FACTORS AFFECTING CHANGES IN

EXPORTS/IMPORTS OF TRAVEL SERVICES

(millions of US dollars)

Increase/Decrease resulting from:

Exports/Imports of Travel Services in 2017

Exports/Imports of Travel Services in 2018

changes in the number of trips;

changes in average expenses per trip;

structural shifts.

The number of trips of foreigners that vis-

ited the Russian Federation in 2018 (excluding

those that arrived seeking long-term employ-

ment) totaled 34.9 million (2.7% more than in

2017), including 14.9 million visits from non-CIS

countries (an increase of 10.1%), and 20.0 mil-

lion visits from the CIS countries (a reduction of

2.1%).

The fastest growing numbers of visits were

registered with respect to incoming citizens of

Mexico, Croatia, Egypt, and Tunisia (a two-fold

increase of visits from each country), an in-

crease of visits from Sweden by 43.0%, Den-

mark – by 40.2%, Republic of Korea – by

38.6%, Australia – by 38.5%, Belgium – by

23.5%, Israel – by 22.9%, India – by 22.0%, the

42

United States of America – by 14.4%, Canada

– by 13.8%, Switzerland – by 12.2%, Germany

– by 11.1%, the United Kingdom – by 10.7%,

France – by 10,5%, and China – by 9.8%. At

the same time, number of visits fell from Finland

by 6.6%, Lithuania – by 5.1%, and Poland – by

4.9%. Despite a decrease of the total number

of visits of the CIS countries’ citizens, the grow-

ing number of arrivals was registered from

Turkmenia (an increase by 24.0%), Uzbekistan

(by 6.8%), and Tajikistan (by 5.9%).

The number of trips of Russia’s residents

abroad rose by 6.2% to 41.3 million, including

trips to non-CIS countries increasing by 8.0%

(to 32.1 million), and to the CIS countries gain-

ing 0.3% (totaling 9.2 million).

During the past period the most dynamic

growth was noted in the number of trips of the

Russian citizens to Hungary (by 50.8%), Portu-

gal (by 28.7%), Turkey (by 26.6%), United Arab

Emirates (by 23.2%), Mongolia (by 22.9%), It-

aly (by 22.2%), Georgia (by 19.9%), Japan (by

18.4%), Tunisia (by 17.6%), and Latvia (by

11.6%). In 2018, like in the preceding year,

among the leading destinations of travel abroad

to non-CIS countries were Turkey (with 5.9 mil-

lion trips), Finland (with 3.7 million trips), and

China (with 2.3 million trips).

Average expenses per one nonresident vis-

itor in the territory of the Russian Federation in-

creased from $263 to $329 (by 25.0%), taking

into account changes in travel prices and com-

position. Average per capita expenses of citi-

zens of non-CIS countries on trips to Russia

grew from $393 to $506 (by 28.9%), those of

the CIS residents rose from $177 to $196 (by

11.0%).

While staying abroad in 2018 году, a Rus-

sia’s resident spent $807 against $784 a year

earlier (2.9% more). At the same time, in non-

CIS countries expenses amounted to $999

against $988 (1.1% more), and in the CIS coun-

tries they averaged $140 against $125 (12.3%

more).

Structural changes among trips by purpose

of travel, length of stay and geographic distribu-

tion during the period under review had a posi-

tive effect on the dynamics of exports and im-

ports of services.

In both directions, reduction of the share of

less costly one-day visits with simultaneous

growth of the share of lengthy stays were ob-

served.

In the inbound flow, the share of citizens of

non-CIS countries visiting Russia with private

purposes expanded by 5.1 percentage points.

Also conducive to the exports’ growth was the

rise by 2.5 percentage points of the share of ar-

riving visitors from the CIS countries, whose

main purpose was seeking employment in the

territory of Russia.

In the outbound flow, the weight of Russia’s

citizens’ trips to non-CIS countries grew by 1.3

percentage points. The increase by 1.4 per-

centage points of the share of lengthy stays

with private purposes in those countries had

also a beneficial effect on the total travel ser-

vices imports’ value.

43

Tab

le 4

.1

Cro

ss-B

ord

er T

ran

sfer

s o

f In

div

idu

als

(Res

iden

ts a

nd

No

nre

sid

ents

)1in

201

7 -

2018

Mon

ey tr

ansf

ers

from

indi

vidu

als

in th

e R

ussi

an F

eder

atio

n8

504

11 7

4311

608

11 9

7943

834

10 1

7012

109

12 2

8913

270

47 8

38

to n

on-C

IS c

ount

ries

6 21

68

472

7 65

98

581

30 9

287

639

8 57

18

530

9 82

134

560

to C

IS c

ount

ries

2 28

83

270

3 94

93

398

12 9

062

531

3 53

83

759

3 45

013

277

Mon

ey tr

ansf

ers

in fa

vor

of in

divi

dual

s to

the

Rus

sian

Fed

erat

ion

4 26

25

487

5 04

75

991

20 7

865

301

5 76

14

956

6 43

322

451

from

non

-CIS

cou

ntrie

s3

544

4 64

44

205

5 05

817

451

4 49

24

883

4 07

35

402

18 8

50

from

CIS

cou

ntrie

s71

784

384

293

33

335

809

878

883

1 03

13

601

Bal

ance

2-4

243

-6 2

56-6

561

-5 9

88-2

3 04

8-4

869

-6 3

48-7

333

-6 8

37-2

5 38

7

with

non

-CIS

cou

ntrie

s-2

671

-3 8

29-3

454

-3 5

23-1

3 47

7-3

147

-3 6

88-4

457

-4 4

18-1

5 71

1

with

CIS

cou

ntrie

s-1

571

-2 4

27-3

107

-2 4

65-9

571

-1 7

22-2

660

-2 8

76-2

419

-9 6

77

Mon

ey tr

ansf

ers

from

indi

vidu

als

in th

e R

ussi

an F

eder

atio

n18

424

523

121

822

017

620

919

718

219

1

to n

on-C

IS c

ount

ries

185

256

232

218

222

172

199

176

164

177

to C

IS c

ount

ries

180

220

230

219

214

192

240

267

262

241

Mon

ey tr

ansf

ers

in fa

vor

of in

divi

dual

s to

the

Rus

sian

Fed

erat

ion

436

558

523

520

510

414

436

374

410

408

from

non

-CIS

cou

ntrie

s53

367

461

062

861

349

150

941

546

146

8

from

CIS

cou

ntrie

s23

028

730

427

027

122

124

325

626

124

5

2018

Ave

rag

e tr

ansf

er, U

S d

olla

rs

To

tal,

mill

ion

s o

f U

S d

olla

rs

Q1

2018

2017

Q4

2017

Q4

2018

Q2

2017

2 N

egat

ive

bala

nce

refle

cts

the

exce

ss o

f the

am

ount

of r

emitt

ance

s fr

om th

e R

ussi

an F

eder

atio

n ov

er th

e am

ount

of r

emitt

ance

s to

the

Rus

sian

Fed

erat

ion.

Q3

2017

Q1

2017

1 C

ross

-bor

der

tran

sfer

s of

indi

vidu

als

(res

iden

ts a

nd n

onre

side

nts)

- m

oney

tran

sfer

s to

Rus

sia

in fa

vor

of r

esid

ent a

nd n

onre

side

nt in

divi

dual

s an

d m

oney

tran

sfer

s fr

om R

ussi

a of

res

iden

t and

non

resi

dent

indi

vidu

als

mad

e vi

a cr

edit

inst

itutio

ns (

with

/with

out o

peni

ng a

n ac

coun

t) in

clud

ing

rem

ittan

ces

via

mon

ey tr

ansf

er o

pera

tors

. Dat

a on

pos

t offi

ce r

emitt

ance

s pr

ovid

ed b

y F

GU

P "

Poc

hta

Ros

sii"

.

Q3

2018

Q2

2018

44

Tab

le 4

.2

Cro

ss-B

ord

er R

emit

tan

ces

via

Pay

men

t S

yste

ms

in 2

017

- 20

18

Mon

ey tr

ansf

ers

from

indi

vidu

als

in th

e R

ussi

an F

eder

atio

n1

707

2 34

02

713

2 42

59

186

1 81

62

623

2 67

92

366

9 48

4to

non

-CIS

cou

ntrie

s43

852

160

961

52

183

462

542

484

533

2 02

1to

CIS

cou

ntrie

s1

270

1 81

92

105

1 81

07

004

1 35

42

081

2 19

51

833

7 46

3

Mon

ey tr

ansf

ers

in fa

vor

of in

divi

dual

s to

the

Rus

sian

Fed

erat

ion

596

649

649

714

2 60

961

369

266

768

12

653

from

non

-CIS

cou

ntrie

s20

623

523

024

691

722

825

924

425

298

3fr

om C

IS c

ount

ries

390

413

419

469

1 69

138

543

342

342

91

670

Bal

ance

1-1

111

-1 6

91-2

064

-1 7

11-6

578

-1 2

03-1

931

-2 0

12-1

684

-6 8

30

with

non

-CIS

cou

ntrie

s-2

32-2

86-3

78-3

69-1

265

-234

-283

-240

-280

-1 0

37w

ith C

IS c

ount

ries

-879

-1 4

06-1

686

-1 3

42-5

312

-969

-1 6

48-1

772

-1 4

04-5

793

Mon

ey tr

ansf

ers

from

indi

vidu

als

in th

e R

ussi

an F

eder

atio

n39

245

051

951

647

243

741

944

544

943

7to

non

-CIS

cou

ntrie

s98

01

024

1 21

61

161

1 09

91

014

979

945

950

970

to C

IS c

ount

ries

325

388

445

434

400

366

364

398

390

380

Mon

ey tr

ansf

ers

in fa

vor

of in

divi

dual

s to

the

Rus

sian

Fed

erat

ion

489

537

604

551

544

515

536

578

519

536

from

non

-CIS

cou

ntrie

s44

549

152

649

849

048

249

651

247

349

0fr

om C

IS c

ount

ries

516

567

657

584

578

537

563

624

550

568

1 N

egat

ive

bala

nce

refle

cts

the

exce

ss o

f the

am

ount

of r

emitt

ance

s fr

om th

e R

ussi

an F

eder

atio

n ov

er th

e am

ount

of r

emitt

ance

s to

the

Rus

sian

Fed

erat

ion.

Q1

2017

Q1

2018

Q4

2017

2017

Q2

2017

Q3

2017

2018

Ave

rag

e tr

ansf

er, U

S d

olla

rs

To

tal,

mill

ion

s o

f U

S d

olla

rs

Q3

2018

Q2

2018

Q4

2018

45

Tab

le 4

.3

Cro

ss-B

ord

er T

ran

sfer

s o

f R

esid

ent

Ind

ivid

ual

s b

y P

urp

ose

s in

201

8

Tra

nsfe

rs to

Rus

sia

Tra

nsfe

rs fr

om

Rus

sia

Tra

nsfe

rs to

Rus

sia

Tra

nsfe

rs fr

om

Rus

sia

Tra

nsfe

rs to

Rus

sia

Tra

nsfe

rs fr

om

Rus

sia

Tra

nsfe

rs to

Rus

sia

Tra

nsfe

rs fr

om

Rus

sia

Tra

nsfe

rs to

Rus

sia

Tra

nsfe

rs fr

om

Rus

sia

Tot

al4

697

7 98

75

124

9 14

84

235

9 32

35

683

10 6

0519

739

37 0

62

of w

hich

:

tran

sfer

s of

ow

n fu

nds

11

513

3 80

61

362

4 46

698

94

367

1 34

15

683

5 20

518

323

rem

ittan

ces

with

out q

uid

pro

quo

252

398

559

21

158

545

1 10

858

41

153

2 24

34

404

loan

s

dis

burs

emen

t of l

oans

241

356

182

434

154

698

295

521

872

2 00

9

rep

aym

ent o

f loa

ns23

661

178

133

170

100

174

9475

838

8

inte

rest

pay

men

t on

loan

s9

39

36

1125

1048

27

pay

men

ts fo

r go

ods

2043

021

436

2737

511

427

791

668

pay

men

ts fo

r se

rvic

es16

947

720

752

418

951

615

946

272

41

979

edu

catio

n se

rvic

es3

642

111

211

52

7110

361

hea

lth s

ervi

ces

439

437

435

336

1514

7

con

sulti

ng s

ervi

ces

5013

1912

1612

1913

104

49

trav

el5

867

101

579

583

2134

8

oth

er10

827

617

426

316

327

513

025

957

41

073

rea

l est

ate

purc

hase

/sal

e38

241

5030

457

367

7232

221

71

234

wag

es a

nd s

alar

ies3

484

-52

1-

515

-54

3-

2 06

4-

ele

ctro

nic

mon

ey44

976

044

775

844

175

449

981

21

836

3 08

4

For

ex64

8824

4914

3522

4112

421

3 tr

ust f

unds

229

121

411

43

1515

733

oth

er93

077

01

410

878

1 11

798

71

955

1 06

65

412

3 70

2

1 T

rans

fers

of o

wn

fund

s -

tran

sfer

s fr

om a

n ac

coun

t of a

res

iden

t ind

ivid

ual o

pene

d w

ith a

res

iden

t ban

k to

an

acco

unt o

f a r

esid

ent i

ndiv

idua

l or

resi

dent

, s cl

ose

rela

tive

open

ed w

ith a

non

resi

dent

ban

k as

wel

l as

tran

sfer

s fr

om a

n ac

coun

t of a

res

iden

t ind

ivid

ual o

r re

side

nt, s

clos

e re

lativ

e op

ened

with

a n

onre

side

nt b

ank

to a

n ac

coun

t of t

he s

ame

resi

dent

indi

vidu

al o

pene

d w

ith a

res

iden

t ban

k2

Rem

ittan

ces

with

out q

uid

pro

quo

- gr

ants

, don

atio

ns, c

ompe

nsat

ions

, sch

olar

ship

s, p

ensi

ons,

alim

onie

s, in

herit

ance

pay

men

ts, g

ifts

and

othe

r. T

his

item

incl

udes

all

tran

sfer

s of

res

iden

t ind

ivid

uals

mad

e vi

a M

TO

s.3 W

ages

and

sal

arie

s -

tran

sfer

s of

wag

es a

nd s

alar

ies,

bon

uses

and

oth

ers

tran

sfer

s co

ncer

ned

with

labo

ur c

ontr

acts

for

the

ben

efit

of th

e re

side

nt in

divi

dual

s.

Q3

2018

mill

ions

of U

S d

olla

rs

Q2

2018

Q4

2018

Q1

2018

2018

Not

e. C

ross

-bor

der

tran

sfer

s of

res

iden

t - m

oney

tran

sfer

s to

Rus

sia

in fa

vor

of r

esid

ent i

ndiv

idua

ls a

nd m

oney

tran

sfer

s fr

om R

ussi

a of

res

iden

t ind

ivid

uals

mad

e vi

a cr

edit

inst

itutio

ns (

with

/with

out o

peni

ng a

n ac

coun

t) i

nclu

ding

tr

ansa

ctio

ns v

ia m

oney

tran

sfer

ope

rato

rs (

MT

Os)

and

FG

UP

"P

ocht

a R

ossi

i".

46

Tab

le 4

.4

Cro

ss-B

ord

er T

ran

sfer

s o

f In

div

idu

als

(Res

iden

ts a

nd

No

nre

sid

ents

) b

y C

ou

ntr

y in

th

e F

ou

rth

Qu

arte

r o

f 20

18

Tra

nsf

ers

to t

he

Ru

ssia

n F

eder

atio

n1

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f US

do

llars

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

To

tal

6 43

341

05

683

378

750

1 17

3N

on

-CIS

co

un

trie

s5

402

461

4 98

643

241

72

327

o

f whi

ch2:

SW

ITZ

ER

LAN

D1

802

49 3

101

745

51 4

1657

21 8

31U

NIT

ED

ST

AT

ES

OF

AM

ER

ICA

492

742

439

684

532

474

LAT

VIA

420

5440

351

179

287

UN

ITE

D K

ING

DO

M27

294

424

587

827

2 99

8G

ER

MA

NY

267

2 23

324

32

155

243

500

CY

PR

US

215

10 4

8020

310

674

127

975

NE

TH

ER

LAN

DS

211

12 7

9320

012

870

1111

519

SIN

GA

PO

RE

174

1 55

616

81

526

54

152

LUX

EM

BO

UR

G16

211

815

611

46

11 3

95A

US

TR

IA10

72

438

952

536

121

864

UN

ITE

D A

RA

B E

MIR

AT

ES

103

212

9319

39

23 6

43IS

RA

EL

7412

0 96

268

127

770

674

177

FR

AN

CE

6687

057

850

81

034

ITA

LY51

1 01

945

991

71

274

TU

RK

EY

471

471

381

724

888

5S

PA

IN46

1 43

142

1 40

34

1 79

5M

ON

AC

O45

1 15

134

1 34

811

781

GE

OR

GIA

442

994

413

090

21

932

CZ

EC

H R

EP

UB

LIC

353

504

313

449

43

974

CH

INA

, PR

.: M

AIN

LAN

D19

3 08

915

2 79

24

5 24

1

CIS

co

un

trie

s1

031

261

697

200

334

725

KA

ZA

KH

ST

AN

405

131

304

102

101

950

AR

ME

NIA

161

2 11

483

1 38

978

4 81

7K

YR

GY

ZS

TA

N10

686

868

1 16

338

597

UZ

BE

KIS

TA

N10

085

160

1 21

940

588

AZ

ER

BA

IJA

N87

1 08

774

1 51

113

408

UK

RA

INE

4926

937

225

1361

8B

ELA

RU

S42

399

2834

914

563

TA

JIK

IST

AN

3748

317

853

2035

8M

OLD

OV

A35

670

2785

48

396

TU

RK

ME

NIS

TA

N10

178

135

79

168

in fa

vor

of in

divi

dual

s, to

tal

in fa

vor

of r

esid

ent i

ndiv

idua

lsin

favo

r of

non

resi

dent

indi

vidu

als

47

Tab

le 4

.4

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f US

do

llars

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

To

tal

13 2

7018

210

605

157

2 66

550

9N

on

-CIS

co

un

trie

s9

821

164

8 94

315

087

83

596

of w

hich

2:

SW

ITZ

ER

LAN

D2

864

8 23

62

804

8 08

759

66 2

98U

NIT

ED

ST

AT

ES

OF

AM

ER

ICA

667

1666

016

74

280

UN

ITE

D K

ING

DO

M65

123

557

520

876

14 6

66LA

TV

IA56

611

953

011

236

11 2

56S

PA

IN37

64

417

320

3 97

056

12 3

99G

YP

RU

S37

640

2 42

137

342

5 69

03

50 9

67G

ER

MA

NY

372

10 1

4135

810

196

148

917

MO

NA

CO

363

931

353

907

1019

317

LUX

EM

BO

UR

G35

230

222

619

412

61

231

418

CH

INA

, PR

.: M

AIN

LAN

D25

928

380

247

30 0

3312

13 1

69A

US

TR

IA24

97

098

222

7 01

927

7 82

0IT

ALY

215

2 17

718

12

027

343

611

TU

RK

EY

190

1 25

813

71

175

531

533

GE

OR

GIA

169

404

127

366

4258

6C

ZE

CH

RE

PU

BLI

C14

53

648

110

3 04

735

9 57

1F

RA

NC

E13

915

412

914

49

7 94

3N

ET

HE

RLA

ND

S13

05

893

121

5 81

09

7 30

6IS

RA

EL

126

29 4

3112

232

003

37

365

SIN

GA

PO

RE

121

3 11

910

82

871

1311

625

UN

ITE

D A

RA

B E

MIR

AT

ES

9078

8876

210

776

CIS

co

un

trie

s3

450

262

1 66

220

41

787

358

UZ

BE

KIS

TA

N1

026

370

309

269

717

442

TA

JIK

IST

AN

623

262

278

173

345

447

KY

RG

YZ

ST

AN

615

154

289

121

326

202

AR

ME

NIA

354

451

258

522

9633

1A

ZE

RB

AIJ

AN

315

362

166

325

149

414

KA

ZA

KH

ST

AN

238

189

177

146

621

283

UK

RA

INE

111

265

6122

951

326

MO

LDO

VA

9425

174

237

1932

5B

ELA

RU

S72

250

5123

521

294

TU

RK

ME

NIS

TA

N0

135

013

30

181

Tra

nsf

ers

fro

m t

he

Ru

ssia

n F

eder

atio

n1

in fa

vor

of r

esid

ent i

ndiv

idua

lsin

favo

r of

non

resi

dent

indi

vidu

als

in fa

vor

of in

divi

dual

s, to

tal

48

Tab

le 4

.4

Bal

ance

3

tota

lre

side

nt in

divi

dual

sno

nres

iden

t ind

ivid

uals

tota

l am

ount

of t

rans

fers

, mill

ions

of U

S

dolla

rsto

tal a

mou

nt o

f tra

nsfe

rs, m

illio

ns o

f US

do

llars

tota

l am

ount

of t

rans

fers

, mill

ions

of U

S

dolla

rs

To

tal

-6 8

37-4

922

-1 9

15

No

n-C

IS c

ou

ntr

ies

-4 4

18-3

957

-461

from

whi

ch2 :

SW

ITZ

ER

LAN

D-1

062

-105

9-3

UN

ITE

D K

ING

DO

M-3

25-3

16-1

0

SP

AIN

-302

-304

3

MO

NA

CO

-299

-287

-12

CH

INA

, PR

.: M

AIN

LAN

D-2

49-1

33-1

16

ITA

LY-2

47-2

5710

LUX

EM

BO

UR

G-1

98-1

77-2

1

UN

ITE

D S

TA

TE

S O

F A

ME

RIC

A-1

95-1

66-3

0

AU

ST

RIA

-160

-137

-23

TU

RK

EY

-148

-150

2

GE

OR

GIA

-146

-103

-43

LAT

VIA

-122

-89

-33

CZ

EC

H R

EP

UB

LIC

-104

-75

-29

GY

PR

US

-104

-99

-5

FR

AN

CE

-82

-81

-1

GE

RM

AN

Y-6

5-6

4-1

ISR

AE

L-4

7-4

7-1

NE

TH

ER

LAN

DS

-37

-14

-23

UN

ITE

D A

RA

B E

MIR

AT

ES

5260

-8

SIN

GA

PO

RE

7268

4

CIS

co

un

trie

s-2

419

-965

-1 4

54

UZ

BE

KIS

TA

N-9

26-2

49-6

77

TA

JIK

IST

AN

-578

-272

-306

KY

RG

YZ

ST

AN

-518

-211

-307

AZ

ER

BA

IJA

N-2

68-1

84-8

4

AR

ME

NIA

-154

-82

-72

MO

LDO

VA

-77

-34

-43

UK

RA

INE

-44

-38

-6

BE

LAR

US

-30

-23

-8

TU

RK

ME

NIS

TA

N10

19

KA

ZA

KH

ST

AN

167

127

40

2 Dat

a on

top

20 c

ount

ries

by tu

rnov

er.

3 Neg

ativ

e ba

lanc

e re

flect

s th

e ex

cess

of t

he a

mou

nt o

f rem

ittan

ces

from

the

Rus

sian

Fed

erat

ion

over

the

amou

nt o

f rem

ittan

ces

to th

e R

ussi

an F

eder

atio

n.

1 M

oney

tran

sfer

s to

Rus

sia

in fa

vor

of r

esid

ent a

nd n

onre

side

nt in

divi

dual

s an

d m

oney

tran

sfer

s fr

om R

ussi

a of

res

iden

t and

non

resi

dent

indi

vidu

als

mad

e vi

a cr

edit

inst

itutio

ns

(with

/with

out o

peni

ng a

n ac

coun

t) in

clud

ing

rem

ittan

ces

via

paym

ent s

yste

ms.

49

Tab

le 4

.5

Cro

ss-B

ord

er R

emit

tan

ces

via

Pay

men

t S

yste

ms

by

Co

un

try

in t

he

Fo

urt

h Q

uar

ter

of

2018

Tra

nsf

ers

to R

uss

iaT

ran

sfer

s fr

om

Ru

ssia

Tu

rno

ver

Bal

ance

1

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

aver

age

amou

nt o

f one

tr

ansf

er, U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

tota

l am

ount

of

tran

sfer

s, m

illio

ns o

f U

S d

olla

rs

681

519

2 36

644

93

048

-1 6

8525

247

353

395

078

5-2

80 o

f whi

ch2:

CH

INA

, PR

.: M

AIN

LAN

D7

1 84

416

72

032

174

-160

GE

OR

GIA

1985

795

522

114

-75

TU

RK

EY

935

999

1 16

310

8-8

9V

IET

NA

M0

1 02

460

2 86

960

-60

UN

ITE

D S

TA

TE

S O

F A

ME

RIC

A38

435

977

346

29IS

RA

EL

1747

512

1 03

328

5G

ER

MA

NY

2029

97

576

2714

KO

RE

A, R

EP

UB

LIC

OF

2193

22

1 17

423

19IT

ALY

1134

14

689

147

UN

ITE

D A

RA

B E

MIR

AT

ES

1072

83

1 08

813

8A

BK

HA

ZIA

61

029

331

39

2F

RA

NC

E7

402

249

89

5U

NIT

ED

KIN

GD

OM

739

72

450

95

SP

AIN

639

12

480

94

PH

ILIP

PIN

ES

180

28

361

9-7

LIT

HU

AN

IA2

317

71

314

9-5

CZ

EC

H R

EP

UB

LIC

241

46

839

8-4

IRA

Q7

672

055

77

7C

AN

AD

A5

357

268

67

3G

RE

EC

E3

313

365

56

-142

955

01

833

390

2 26

2-1

405

UZ

BE

KIS

TA

N32

918

736

466

767

-704

KY

RG

YZ

ST

AN

9687

232

255

341

7-2

26K

AZ

AK

HS

TA

N14

363

893

853

236

50A

RM

EN

IA45

667

173

364

219

-128

TA

JIK

IST

AN

2948

818

320

021

2-1

53A

ZE

RB

AIJ

AN

1853

016

640

918

4-1

48U

KR

AIN

E27

232

6418

891

-36

MO

LDO

VA

1358

167

352

80-5

4B

ELA

RU

S16

299

3026

946

-14

TU

RK

ME

NIS

TA

N9

168

012

39

9

2 D

ata

on to

p 20

cou

ntrie

s by

turn

over

.

N

ote:

Pay

men

t sys

tem

s: B

LIZ

KO

, Con

tact

, UN

IStr

eam

, Wes

tern

Uni

on, Z

olot

aya

Kor

ona.

Dat

a on

pos

tal r

emitt

ance

s pr

ovid

ed b

y F

GU

P "

Poc

hta

Ros

sii"

.

1 N

egat

ive

bala

nce

refle

cts

the

exce

ss o

f the

am

ount

of r

emitt

ance

s fr

om th

e R

ussi

an F

eder

atio

n ov

er th

e am

ount

of r

emitt

ance

s to

the

Rus

sian

Fed

erat

ion

.

To

tal

No

n-C

IS c

ou

ntr

ies

CIS

co

un

trie

s

50

Tab

le 4

.6

Per

son

al R

emit

tan

ces

in 2

017

- 20

18

Q1

2017

Q2

2017

Q3

2017

Q4

2017

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

2018

Per

son

al R

emit

tan

ces,

Rec

eiva

ble

1 70

51

937

2 08

62

194

7 92

31

976

2 14

62

029

2 14

08

292

Net

com

pens

atio

n of

em

ploy

ees,

rec

eiva

ble

817

891

1 01

096

03

677

868

972

874

908

3 62

2C

ompe

nsat

ion

of e

mpl

oyee

s92

399

31

112

1 06

04

088

971

1 07

597

51

007

4 02

8le

ssT

axes

on

inco

me,

pay

able

4644

4645

182

4444

4342

172

Soc

ial c

ontr

ibut

ions

22

22

93

22

28

Impo

rts

of tr

avel

ser

vice

s58

5653

5221

956

5856

5622

6P

erso

nal t

rans

fers

, rec

eiva

ble

868

1 02

41

068

1 18

64

146

1 08

41

160

1 14

21

196

4 58

2W

orke

rs' r

emitt

ance

s31

538

531

034

21

351

371

408

309

317

1 40

5O

ther

hou

seho

ld-t

o-ho

useh

old

tran

sfer

s55

463

975

984

52

796

713

752

832

879

3 17

7 C

apita

l tra

nsfe

rs b

etw

een

hous

ehol

ds21

228

4899

2414

1437

88

Per

son

al R

emit

tan

ces,

Pay

able

3 61

64

674

4 89

04

695

17 8

764

023

4 81

65

015

4 92

018

774

Net

com

pens

atio

n of

em

ploy

ees,

pay

able

876

939

833

936

3 58

386

686

01

010

1 15

53

891

Com

pens

atio

n of

em

ploy

ees

1 51

11

572

1 56

71

717

6 36

71

668

1 59

41

789

2 00

57

055

less

Tax

es o

n in

com

e, r

ecei

vabl

e50

5344

4419

263

7064

6426

1S

ocia

l con

trib

utio

ns85

9075

7532

510

611

910

910

844

1E

xpor

ts o

f tra

vel s

ervi

ces

416

407

536

549

1 90

954

647

654

156

32

126

Exp

orts

of t

rans

port

ser

vice

s84

8278

113

358

8768

6511

633

6P

erso

nal t

rans

fers

, pay

able

2 73

83

717

4 03

93

750

14 2

433

146

3 94

53

993

3 69

414

777

Wor

kers

' rem

ittan

ces

1 83

62

571

2 76

52

518

9 69

02

085

2 72

32

727

2 46

810

002

Oth

er h

ouse

hold

-to-

hous

ehol

d tr

ansf

ers

902

1 14

61

273

1 23

24

554

1 06

11

222

1 26

71

225

4 77

5 C

apita

l tra

nsfe

rs b

etw

een

hous

ehol

ds3

1818

1049

1112

1271

106

Not

e. (

Her

ein

and

in T

able

s 4.

7 an

d 4.

8).

mill

ions

of U

S d

olla

rs

Thi

s ta

ble

has

been

com

pile

d in

acc

orda

nce

with

the

inte

rnat

iona

l met

hodo

logy

set

out

in In

tern

atio

nal T

rans

actio

ns in

Rem

ittan

ces:

Gui

de fo

r C

ompi

lers

and

Use

rs (

IMF

, 200

9) a

nd B

alan

ce o

f P

aym

ents

and

Inte

rnat

iona

l Inv

estm

ent P

ositi

on M

anua

l (IM

F, 2

009)

.

51

Personal Remittances from the Russian Federation to CIS countries in 2017 - 2018

Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

CIS countries 2 581 3 456 3 701 3 454 13 194 2 831 3 576 3 888 3 695 13 989

AZERBAIJAN 213 279 258 267 1 016 231 296 282 292 1 101

ARMENIA 191 280 310 293 1 075 230 305 332 319 1 186

BELARUS 156 186 173 196 711 180 185 194 217 776

KAZAKHSTAN 99 152 109 125 485 103 148 150 179 581

KYRGYZSTAN 362 507 567 502 1 938 418 582 616 620 2 235MOLDOVA, REPUBLIC OF 182 228 205 207 822 165 189 177 169 700

TAJIKISTAN 477 657 723 621 2 477 528 686 762 652 2 628

TURKMENISTAN 2 1 1 1 4 1 1 0 0 2

UZBEKISTAN 596 810 1 057 910 3 374 693 905 1 125 967 3 689

UKRAINE 304 357 297 334 1 293 282 279 250 280 1 091

Table 4.8

Personal Remittances to the Russian Federation from CIS countries in 2017 - 2018

Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018

CIS countries 465 525 506 562 2 057 499 547 492 502 2 040

AZERBAIJAN 15 16 18 21 71 18 19 20 23 80

ARMENIA 30 36 37 44 148 37 36 38 41 151

BELARUS 17 20 19 19 74 24 22 19 18 83

KAZAKHSTAN 206 244 236 260 945 216 252 218 218 904

KYRGYZSTAN 62 69 68 72 272 65 75 66 65 271MOLDOVA, REPUBLIC OF 12 13 16 18 59 13 15 16 18 61

TAJIKISTAN 26 21 20 24 91 25 23 18 19 86

TURKMENISTAN 9 9 4 4 26 3 4 3 4 14

UZBEKISTAN 63 71 60 66 260 73 74 66 66 279

UKRAINE 24 24 29 34 111 26 27 28 29 110

Table 4.7

millions of US dollars

millions of US dollars

52

Tab

le 5

.1

Inte

rnat

ion

al In

vest

men

t P

osi

tio

n o

f th

e R

uss

ian

Fed

erat

ion

in 2

012

- 20

18

Mai

n C

om

po

nen

ts

mill

ions

of U

S d

olla

rs

Pos

ition

as

ofP

ositi

on a

s of

Pos

ition

as

ofP

ositi

on a

s of

Pos

ition

as

ofP

ositi

on a

s of

Pos

ition

as

ofP

ositi

on a

s of

Pos

ition

as

ofP

ositi

on a

s of

Pos

ition

as

of

31.1

2.20

1131

.12.

2012

31.1

2.20

1331

.12.

2014

31.1

2.20

1531

.12.

2016

31.1

2.20

1731

.03.

2018

30.0

6.20

1830

.09.

2018

31.1

2.20

18

Net

Inte

rnat

ion

al In

vest

men

t P

osi

tio

n14

9 45

114

2 33

213

1 73

631

0 10

533

1 72

821

1 09

327

2 63

228

8 02

630

9 48

831

2 41

237

0 94

0A

sset

s1

244

900

1 38

0 69

91

474

598

1 27

5 05

61

170

497

1 23

2 49

91

339

011

1 39

3 13

41

344

472

1 33

6 45

51

340

216

Dir

ect

inve

stm

ent

361

750

409

567

479

501

411

270

367

593

418

034

468

567

487

228

461

881

446

185

433

341

Equ

ity a

nd in

vest

men

t fun

d sh

ares

28

7 22

932

7 50

440

0 39

732

3 44

827

8 97

032

0 87

336

3 98

137

4 57

135

4 15

434

2 52

132

7 62

4D

ebt i

nstr

umen

ts74

521

82 0

6479

104

87 8

2288

623

97 1

6110

4 58

711

2 65

710

7 72

710

3 66

410

5 71

7P

ort

folio

inve

stm

ent

42 4

3 548

300

53 7

4356

629

68 1

1972

060

73 9

46

74 0

7869

685

68 9

8868

551

Equ

ity a

nd in

vest

men

t fun

d sh

ares

4

519

5 27

13

232

4 43

32

814

3 17

24

645

4 67

85

287

5 58

85

775

Deb

t sec

uriti

es

37 9

1643

028

50 5

1152

197

65 3

0468

888

69 3

0169

400

64 3

9963

400

62 7

76F

inan

cial

der

ivat

ives

(o

ther

th

an r

eser

ves)

an

d e

mp

loye

e st

ock

o

pti

on

s 5

675

5 55

35

932

17 5

6511

146

6 85

74

853

4 90

45

211

5 55

16

407

Oth

er in

vest

men

t 33

6 39

237

9 66

142

5 82

740

4 13

235

5 24

135

7 80

735

8 90

336

8 92

835

0 94

535

6 56

836

3 42

2O

ther

equ

ity

3 19

83

425

4 20

14

371

5 31

96

249

6 97

66

993

6 97

17

180

7 43

9C

urre

ncy

and

depo

sits

13

9 85

915

9 41

117

3 37

818

1 34

614

8 08

913

6 21

814

9 51

316

0 22

515

0 91

815

5 09

616

4 08

4Lo

ans

166

506

179

679

197

810

166

750

161

586

178

061

170

262

169

384

161

230

164

494

162

298

Insu

ranc

e, p

ensi

on, a

nd s

tand

ardi

zed

guar

ante

e sc

hem

es

1 38

41

796

2 25

12

274

1 49

82

127

2 01

12

167

1 94

11

663

1 60

4T

rade

cre

dit a

nd a

dvan

ces

13 8

3121

470

28 1

6331

327

27 8

8424

432

18 0

5119

047

15 0

6513

026

14 5

51O

ther

acc

ount

s re

ceiv

able

11 6

1313

879

20 0

2318

064

10 8

6310

720

12 0

9111

112

14 8

2015

110

13 4

48R

eser

ve a

sset

s 49

8 64

953

7 61

850

9 59

538

5 46

036

8 39

937

7 74

143

2 74

245

7 99

545

6 74

945

9 16

346

8 49

5L

iab

iliti

es1

095

450

1 23

8 36

81

342

862

964

951

838

769

1 02

1 40

71

066

379

1 10

5 10

71

034

984

1 02

4 04

496

9 27

6D

irec

t in

vest

men

t 45

4 94

951

4 92

656

5 65

437

1 49

134

7 69

047

7 67

052

9 64

455

1 82

652

3 78

951

8 79

449

6 61

3E

quity

and

inve

stm

ent f

und

shar

es

370

562

394

700

409

856

236

144

207

830

336

055

380

703

402

673

377

159

376

681

356

265

Deb

t ins

trum

ents

84 3

8712

0 22

615

5 79

813

5 34

713

9 85

914

1 61

514

8 94

114

9 15

214

6 63

014

2 11

314

0 34

7P

ort

folio

inve

stm

ent

225

062

270

725

273

737

156

424

141

647

215

960

230

155

249

527

223

830

228

668

208

229

Equ

ity a

nd in

vest

men

t fun

d sh

ares

17

6 02

019

4 46

119

5 09

411

1 19

910

3 01

516

5 79

615

9 53

917

3 91

016

1 69

917

1 53

715

4 05

2D

ebt s

ecur

ities

49

042

76 2

6378

642

45 2

2538

632

50 1

6470

616

75 6

1862

132

57 1

3154

177

Fin

anci

al d

eriv

ativ

es (

oth

er t

han

res

erve

s) a

nd

em

plo

yee

sto

ck

op

tio

ns

5 90

54

285

4 35

521

530

9 24

56

455

4 50

54

341

3 95

75

073

4 93

3O

ther

inve

stm

ent

409

533

448

433

499

116

415

506

340

187

321

322

302

076

299

413

283

408

271

508

259

501

Oth

er e

quity

1

01

222

225

211

183

168

150

119

Cur

renc

y an

d de

posi

ts

157

620

189

372

201

947

162

496

119

332

107

259

92 7

3193

879

83 5

7482

528

75 1

85Lo

ans

236

838

241

631

278

410

234

179

205

440

197

344

191

508

188

602

176

781

170

449

166

257

Insu

ranc

e, p

ensi

on, a

nd s

tand

ardi

zed

guar

ante

e sc

hem

es

338

398

531

846

616

594

596

701

678

677

480

Tra

de c

redi

t and

adv

ance

s 2

418

2 93

23

115

3 46

92

870

2 98

13

234

3 32

33

493

3 51

93

231

Oth

er a

ccou

nts

paya

ble

3 60

85

382

6 37

66

295

4 04

75

292

5 70

94

467

10 7

246

260

6 32

7S

peci

al d

raw

ing

right

s (N

et in

curr

ence

of l

iabi

litie

s)8

710

8 71

88

736

8 21

87

860

7 62

88

087

8 25

77

990

7 92

67

902

53

Table 5.2

International Investment Position of the Russian Federation in 2018

Standard Components

millions of US dollars

TransactionsValuation changes

Other adjustments

Net International Investment Position 272 632 115 261 -26 885 9 932 370 940Assets 1 339 011 78 843 -79 067 1 428 1 340 216

Direct investment 468 567 31 929 -62 621 -4 535 433 341Equity and investment fund shares 363 981 25 251 -55 228 -6 380 327 624

Direct investor in direct investment enterprises 363 766 24 995 -55 071 -6 380 327 310Direct investment enterprises in direct investor (reverse investment) 51 32 0 0 82Between fellow enterprises 164 224 -157 0 232

if ultimate controlling parent is resident 42 0 -2 0 40if ultimate controlling parent is nonresident 97 0 74 0 170if ultimate controlling parent is unknown 26 224 -228 0 21

Of which: Investment fund shares or units 0 4 0 0 4Of which: Money market fund shares or units 0 0 0 0 0Debt instruments 104 587 6 678 -7 393 1 845 105 717

Direct investor in direct investment enterprises 70 493 6 726 -3 028 -5 248 68 943Direct investment enterprises in direct investor (reverse investment) 13 369 -2 624 -2 217 5 705 14 233Between fellow enterprises 20 724 2 576 -2 148 1 388 22 540

if ultimate controlling parent is resident 184 -34 -21 11 141if ultimate controlling parent is nonresident 1 009 152 -55 -194 912if ultimate controlling parent is unknown 19 531 2 458 -2 072 1 571 21 488

Of which: Debt securities 4 635 2 235 -465 435 6 840Direct investor in direct investment enterprises 1 240 715 -45 37 1 946Direct investment enterprises in direct investor (reverse investment) 649 123 -54 -49 669Between fellow enterprises 2 746 1 397 -366 447 4 225

if ultimate controlling parent is resident 1 0 0 -1 0if ultimate controlling parent is nonresident 947 155 -56 -140 906if ultimate controlling parent is unknown 1 798 1 242 -310 588 3 319

Portfolio investment 73 946 -1 827 -2 575 -992 68 551Equity and investment fund shares 4 645 1 316 -717 530 5 775

Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 1 318 290 -218 -4 1 386General government 0 0 0 0 0Other sectors 3 327 1 027 -499 534 4 389

Other financial corporations 1 269 691 -190 -186 1 583Nonfinancial corporations, households, and NPISHs 2 058 336 -309 721 2 806

Equity securities other than investment fund shares 3 729 1 210 -643 276 4 571Investment fund shares or units 916 107 -73 255 1 204

Debt securities 69 301 -3 144 -1 858 -1 523 62 776Central bank 4 481 7 -155 -2 335 1 999

Short-term 0 0 0 0 0Long-term 4 481 7 -155 -2 335 1 999

Deposit-taking corporations, except central bank 37 898 -3 329 -1 367 -1 035 32 167Short-term 96 410 0 -49 457Long-term 37 803 -3 740 -1 367 -986 31 710

General government 3 075 -192 -2 427 3 307Short-term 0 0 0 0 0Long-term 3 075 -192 -2 427 3 307

Other sectors 23 846 371 -334 1 421 25 303Short-term 98 -5 -1 -49 44Long-term 23 748 376 -334 1 469 25 260

Other financial corporations 9 706 263 -148 -451 9 370Short-term 34 -6 -1 -6 22Long-term 9 672 269 -147 -445 9 348

Nonfinancial corporations, households, and NPISHs 14 140 108 -186 1 872 15 934Short-term 64 1 0 -43 22Long-term 14 076 107 -186 1 915 15 912

Financial derivatives (other than reserves) and employee stock options 4 853 -11 708 14 677 -1 415 6 407Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 4 842 -11 202 14 163 -1 415 6 387General government 0 0 0 0 0Other sectors 11 -506 515 0 20

Other financial corporations 7 -62 70 0 15Nonfinancial corporations, households, NPISHs 4 -444 445 0 5

Financial derivatives (other than reserves) and employee stock options 4 853 -11 708 14 677 -1 415 6 407Options 618 374 -211 0 781Forward-type contracts 4 236 -12 082 14 888 -1 415 5 626

Other investment 358 903 22 249 -12 691 -5 038 363 422Other equity 6 976 483 -21 1 7 439Currency and deposits 149 513 17 060 -2 491 2 164 084

Central bank 174 7 -30 -4 146Short-term 174 7 -30 -4 146Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 55 047 16 844 -1 297 -16 327 54 268Short-term 42 137 21 046 -945 -16 596 45 642Long-term 12 911 -4 202 -352 269 8 626

Position as of

31.12.2017

Changes in position reflecting: Position as of

31.12.2018

54

Table 5.2

millions of US dollars

TransactionsValuation changes

Other adjustments

Of which: Interbank positions 43 883 -1 546 -1 067 -196 41 074General government 0 0 0 0 0Other sectors 94 292 209 -1 164 16 333 109 670

Short-term 94 292 209 -1 164 16 333 109 670Long-term 0 0 0 0 0

Other financial corporations 3 571 1 713 -241 2 5 046Short-term 3 571 1 713 -241 2 5 046Long-term 0 0 0 0 0

Nonfinancial corporations, households, NPISHs 90 721 -1 504 -923 16 330 104 624Short-term 90 721 -1 504 -923 16 330 104 624Long-term 0 0 0 0 0

Loans 170 262 5 893 -9 274 -4 583 162 298Central bank 45 0 -8 0 37

Credit and loans with the IMF (other than reserves) 0 0 0 0 0Other short-term 0 0 0 0 0Other long-term 45 0 -8 0 37

Deposit-taking corporations, except central bank 79 132 1 441 -4 002 -1 557 75 013Short-term 11 426 -4 782 -517 -1 329 4 798Long-term 67 706 6 223 -3 486 -229 70 215

General government 38 689 1 060 -380 426 39 795Credit and loans with the IMF (other than reserves) 0 0 0 0 0Other short-term 0 0 0 0 0Other long-term 38 689 1 060 -380 426 39 795

Other sectors 52 396 3 392 -4 884 -3 452 47 453Short-term 10 106 1 633 -1 084 -560 10 096Long-term 42 290 1 759 -3 800 -2 892 37 357

Other financial corporations 15 219 60 -1 504 587 14 362Short-term 3 328 342 -349 721 4 042Long-term 11 892 -283 -1 155 -134 10 320

Nonfinancial corporations, households, and NPISHs 37 177 3 332 -3 380 -4 039 33 091Short-term 6 779 1 291 -735 -1 281 6 054Long-term 30 398 2 041 -2 644 -2 758 27 037

Insurance, pension, and standardized guarantee schemes 2 011 -68 -339 0 1 604Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 0 0 0 0 0General government 0 0 0 0 0Other sectors 2 011 -68 -339 0 1 604

Other financial corporations 2 011 -68 -339 0 1 604Nonfinancial corporations, households, NPISHs 0 0 0 0 0

Nonlife insurance technical reserves 1 921 -99 -337 0 1 485Life insurance and annuity entitlements 90 30 -2 0 118

Trade credit and advances 18 051 -3 382 -118 0 14 551Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 0 0 0 0 0General government 229 0 -8 0 221

Short-term 0 0 0 0 0Long-term 229 0 -8 0 221

Other sectors 17 822 -3 382 -110 0 14 330Short-term 17 822 -3 382 -110 0 14 330Long-term 0 0 0 0 0

Nonfinancial corporations, households, and NPISHs 17 822 -3 382 -110 0 14 330Short-term 17 822 -3 382 -110 0 14 330Long-term 0 0 0 0 0

Other accounts receivable 12 091 2 262 -448 -458 13 448Central bank 2 0 -1 0 1

Short-term 2 0 -1 0 1Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 10 535 1 844 -282 -304 11 793Short-term 4 849 3 529 -446 -2 851 5 083Long-term 5 686 -1 686 164 2 547 6 711

General government 828 -16 -36 0 776Short-term 482 -16 -31 0 436Long-term 346 0 -6 0 340

Other sectors 726 434 -130 -154 877Short-term 725 434 -130 -154 876Long-term 0 0 0 0 0

Other financial corporations 388 74 -80 -59 323Short-term 387 74 -80 -59 322Long-term 0 0 0 0 0

Nonfinancial corporations, households, NPISHs 338 361 -50 -95 554Short-term 338 361 -50 -95 554Long-term 0 0 0 0 0

Reserve assets 432 742 38 202 -15 858 13 409 468 495Monetary gold 76 647 0 -818 11 074 86 903

Gold bullion 76 647 0 -818 11 074 86 903Unallocated gold accounts 0 0 0 0 0

Of which: Monetary gold under swap for cash collateral 0 0 0 0 0Special drawing rights 6 883 15 -161 0 6 737

Position as of

31.12.2017

Changes in position reflecting: Position as of

31.12.2018

55

Table 5.2

millions of US dollars

TransactionsValuation changes

Other adjustments

Reserve position in the IMF 2 706 485 -68 0 3 122

Other reserve assets 346 507 37 701 -14 810 2 335 371 733Currency and deposits 79 514 72 125 -3 614 0 148 025

Claims on monetary authorities 40 828 42 366 -604 0 82 590Claims on other entities 38 686 29 759 -3 010 0 65 435

Securities 266 006 -34 215 -11 188 2 335 222 938Debt securities 266 006 -34 215 -11 188 2 335 222 938

Short-term 47 316 -592 -1 634 3 45 093Long-term 218 690 -33 624 -9 553 2 332 177 845

Other claims 987 -209 -9 0 769Liabilities 1 066 379 -36 418 -52 182 -8 504 969 276

Direct investment 529 644 8 816 -39 957 -1 890 496 613Equity and investment fund shares 380 703 10 217 -32 578 -2 077 356 265

Direct investor in direct investment enterprises 379 888 10 369 -32 439 -2 195 355 623Direct investment enterprises in direct investor (reverse investment) 576 -13 -102 0 461Between fellow enterprises 239 -139 -37 117 181

if ultimate controlling parent is resident 116 -197 31 162 111if ultimate controlling parent is nonresident 88 58 -45 -44 58if ultimate controlling parent is unknown 35 0 -23 0 12

Of which: Investment fund shares or units 6 832 -384 -1 310 217 5 356Debt instruments 148 941 -1 401 -7 380 188 140 347

Direct investor in direct investment enterprises 45 671 399 -3 413 -3 526 39 130Direct investment enterprises in direct investor (reverse investment) 73 190 -2 180 -1 305 3 237 72 942Between fellow enterprises 30 080 380 -2 661 477 28 276

if ultimate controlling parent is resident 113 314 -91 3 338if ultimate controlling parent is nonresident 4 335 -273 -64 1 3 999if ultimate controlling parent is unknown 25 632 339 -2 506 473 23 938

Of which: Debt securities 472 184 -68 0 588Direct investor in direct investment enterprises 472 163 -66 -1 568Direct investment enterprises in direct investor (reverse investment) 0 0 0 0 0Between fellow enterprises 0 21 -2 1 20

if ultimate controlling parent is resident 0 0 0 0 0if ultimate controlling parent is nonresident 0 21 -2 1 20if ultimate controlling parent is unknown 0 0 0 0 0

Portfolio investment 230 155 -9 421 -11 743 -762 208 229Equity and investment fund shares 159 539 -4 164 -1 447 124 154 052

Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 30 201 -3 008 -8 650 121 18 663General government 0 0 0 0 0Other sectors 129 338 -1 155 7 203 3 135 389

Other financial corporations 3 293 -224 -1 113 922 2 878Nonfinancial corporations, households, and NPISHs 126 045 -931 8 316 -919 132 511

Equity securities other than investment fund shares 159 228 -4 140 -1 428 124 153 785Investment fund shares or units 310 -24 -19 0 268

Debt securities 70 616 -5 257 -10 296 -886 54 177Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 5 376 -389 -329 -181 4 478

Short-term 1 358 15 -20 -382 971Long-term 4 018 -404 -309 202 3 507

General government 57 349 -5 342 -9 616 86 42 478Short-term 0 0 0 0 0Long-term 57 349 -5 342 -9 616 86 42 478

Other sectors 7 891 474 -351 -792 7 222Short-term 800 0 0 -800 0Long-term 7 091 474 -351 8 7 222

Other financial corporations 2 371 -81 -262 -30 1 998Short-term 0 0 0 0 0Long-term 2 371 -81 -262 -30 1 998

Nonfinancial corporations, households, and NPISHs 5 520 555 -89 -762 5 224Short-term 800 0 0 -800 0Long-term 4 720 555 -89 38 5 224

Financial derivatives (other than reserves) and employee stock options 4 505 -10 975 11 761 -358 4 933Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 4 503 -10 386 11 172 -358 4 931General government 0 0 0 0 0Other sectors 2 -589 588 0 2

Other financial corporations 0 -224 224 0 0Nonfinancial corporations, households, NPISHs 2 -364 364 0 2

Financial derivatives (other than reserves) and employee stock options 4 505 -10 975 11 761 -358 4 933Options 305 255 -199 -1 361Forward-type contracts 4 199 -11 230 11 959 -356 4 572

Other investment 302 076 -24 839 -12 242 -5 495 259 501Other equity 211 -4 -39 -49 119Currency and deposits 92 731 -13 851 -3 544 -151 75 185

Central bank 1 907 417 -378 34 1 979Short-term 1 907 417 -378 34 1 979Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 90 754 -14 278 -3 161 -184 73 130Short-term 26 814 1 705 -2 010 -88 26 421

Position as of

31.12.2017

Changes in position reflecting: Position as of

31.12.2018

56

Table 5.2

millions of US dollars

TransactionsValuation changes

Other adjustments

Long-term 63 940 -15 983 -1 152 -96 46 709Of which: Interbank positions 25 942 877 -1 517 -167 25 135

General government 0 0 0 0 0Short-term 0 0 0 0 0Long-term 0 0 0 0 0

Other sectors 71 10 -5 0 75Short-term 71 10 -5 0 75Long-term 0 0 0 0 0

Other financial corporations 71 10 -5 0 75Short-term 71 10 -5 0 75Long-term 0 0 0 0 0

Loans 191 508 -12 415 -7 722 -5 114 166 257Central bank 4 487 -2 373 -115 0 1 998

Credit and loans with the IMF 0 0 0 0 0Other short-term 4 487 -2 373 -115 0 1 998Other long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 202 619 0 0 820Short-term 202 619 0 0 820Long-term 0 0 0 0 0

General government 1 293 -243 0 0 1 049Credit and loans with the IMF 0 0 0 0 0Other short-term 0 0 0 0 0Other long-term 1 293 -243 0 0 1 049

Other sectors 185 526 -10 417 -7 606 -5 114 162 389Short-term 6 129 611 -412 -308 6 019Long-term 179 398 -11 028 -7 194 -4 806 156 370

Other financial corporations 12 157 -234 -1 148 -994 9 781Short-term 1 192 86 -109 -70 1 098Long-term 10 965 -319 -1 040 -923 8 683

Nonfinancial corporations, households, and NPISHs 173 370 -10 184 -6 458 -4 120 152 608Short-term 4 937 525 -303 -238 4 921Long-term 168 433 -10 709 -6 154 -3 882 147 687

Insurance, pension, and standardized guarantee schemes 596 3 -119 0 480Central bank 0 0 0 0 0Deposit-taking corporations except central bank 0 0 0 0 0General government 0 0 0 0 0Other sectors 596 3 -119 0 480

Other financial corporations 596 3 -119 0 480Nonfinancial corporations, households, NPISHs 0 0 0 0 0

Nonlife insurance technical reserves 552 -26 -106 0 419Life insurance and annuity entitlements 45 29 -13 0 61

Trade credit and advances 3 234 -3 0 0 3 231Central bank 0 0 0 0 0Deposit-taking corporations, except central bank 0 0 0 0 0General government 0 0 0 0 0Other sectors 3 234 -3 0 0 3 231

Short-term 3 234 -3 0 0 3 231Long-term 0 0 0 0 0

Nonfinancial corporations, households, and NPISHs 3 234 -3 0 0 3 231Short-term 3 234 -3 0 0 3 231Long-term 0 0 0 0 0

Other accounts payable - other 5 709 1 427 -627 -182 6 327Central bank 0 0 0 0 0

Short-term 0 0 0 0 0Long-term 0 0 0 0 0

Deposit-taking corporations, except central bank 2 512 -397 -209 -142 1 764Short-term 2 261 1 994 -197 -2 495 1 564Long-term 251 -2 391 -12 2 353 200

General government 306 12 -2 -21 294Short-term 285 12 -2 0 294Long-term 21 0 0 -21 0

Other sectors 2 891 1 812 -416 -19 4 268Short-term 2 891 1 812 -416 -19 4 268Long-term 0 0 0 0 0

Other financial corporations 847 280 -144 -19 965Short-term 847 280 -144 -19 965Long-term 0 0 0 0 0

Nonfinancial corporations, households, NPISHs 2 044 1 532 -273 0 3 303Short-term 2 044 1 532 -273 0 3 303Long-term 0 0 0 0 0

Special drawing rights (Net incurrence of liabilities) 8 087 5 -189 0 7 902

Notes.A positive sign denotes net increase in assets or liabilities; a negative sign denotes a net decrease. Deposit-taking corporations, except central bank covers data on credit institutions and Vnesheconombank.

Position as of

31.12.2017

Changes in position reflecting: Position as of

31.12.2018

57

Tab

le 5

.3

Cu

rren

cy C

om

po

siti

on

of

Fo

reig

n A

sset

s an

d L

iab

iliti

es o

f th

e B

anki

ng

Sec

tor

of

the

Ru

ssia

n F

eder

atio

n

in 2

017

- 20

18

(in

per

cen

t o

f th

e to

tal)

US

Dol

lar

Eur

oR

ussi

an

Rub

leO

ther

Tot

alU

S D

olla

rE

uro

Rus

sian

R

uble

Oth

erT

otal

01.0

1.20

1767

,515

,510

,46,

510

0,0

70,2

12,1

13,7

4,0

100,

0

01.0

4.20

1767

,216

,69,

96,

410

0,0

69,3

13,1

13,6

4,0

100,

0

01.0

7.20

1765

,717

,99,

96,

510

0,0

66,5

13,5

15,7

4,3

100,

0

01.1

0.20

1763

,717

,511

,97,

010

0,0

65,0

13,7

16,9

4,5

100,

0

01.0

1.20

1861

,118

,412

,87,

710

0,0

59,0

18,6

17,6

4,8

100,

0

01.0

4.20

1860

,519

,512

,87,

210

0,0

59,0

18,7

17,3

4,9

100,

0

01.0

7.20

1861

,120

,211

,87,

010

0,0

57,1

17,3

20,2

5,3

100,

0

01.1

0.20

1858

,823

,910

,96,

410

0,0

56,6

17,8

20,2

5,4

100,

0

01.0

1.20

1956

,725

,111

,46,

810

0,0

56,1

17,1

20,3

6,6

100,

0

Fin

anci

al d

eriv

ativ

es a

re n

ot in

clud

ed.

For

eign

liab

ilitie

s ex

clud

e eq

uity

.

Not

es.

Fo

reig

n A

sset

sF

ore

ign

Lia

bili

ties

58

Table 5.4

millions of US dollars

Exchange rate changes

Market price changes

International Reserves 432 742 19 333 161 4 751 1 008 25 253 457 995

Monetary gold 76 647 0 2 227 0 1 608 3 835 80 482 Special drawing rights 6 883 3 0 144 0 147 7 030 Reserve position in the IMF 2 706 -22 0 56 0 34 2 739 Other reserve assets 346 507 19 353 -2 066 4 551 -601 21 237 367 743

millions of US dollars

Exchange rate changes

Market price changes

International Reserves 457 995 11 301 5 769 -13 597 -4 720 -1 246 456 749

Monetary gold 80 482 0 2 233 0 -4 548 -2 315 78 167 Special drawing rights 7 030 4 0 -229 0 -225 6 805 Reserve position in the IMF 2 739 460 0 -91 0 370 3 109 Other reserve assets 367 743 10 837 3 536 -13 277 -171 924 368 668

millions of US dollars

Exchange rate changes

Market price changes

International Reserves 456 749 4 953 5 072 -3 152 -4 459 2 414 459 163

Monetary gold 78 167 0 3 594 0 -4 270 -676 77 491 Special drawing rights 6 805 3 0 -55 0 -51 6 754 Reserve position in the IMF 3 109 -25 0 -25 0 -50 3 060 Other reserve assets 368 668 4 974 1 478 -3 073 -189 3 191 371 858

millions of US dollars

Exchange rate changes

Market price changes

International Reserves 459 163 2 614 2 407 -2 995 7 306 9 332 468 495

Monetary gold 77 491 0 3 020 0 6 392 9 412 86 903 Special drawing rights 6 754 5 0 -22 0 -17 6 737 Reserve position in the IMF 3 060 72 0 -9 0 63 3 122 Other reserve assets 371 858 2 538 -613 -2 965 914 -126 371 733

millions of US dollars

Exchange rate changes

Market price changes

International Reserves 432 742 38 202 13 409 -14 993 -865 35 753 468 495

Monetary gold 76 647 0 11 074 0 -818 10 256 86 903 Special drawing rights 6 883 15 0 -161 0 -146 6 737 Reserve position in the IMF 2 706 485 0 -68 0 417 3 122 Other reserve assets 346 507 37 701 2 335 -14 764 -47 25 226 371 733

Commentary.

International Investment Position on International Reserves of the Russian Federation in 2018

Total changes

Position as of 31.12.2018

Total changes

Position as of 31.12.2017

Changes in position

reflecting transactions

Other changes

Revaluation

RevaluationPosition as of 30.09.2018

Changes in position

reflecting transactions

Position as of 31.12.2017

Changes in position

reflecting transactions

Other changes

Position as of 30.03.2018

Total changes

Position as of 30.06.2018

Revaluation Total changes

Revaluation

Position as of 31.12.2018

Position as of 30.09.2018

Changes in position

reflecting transactions

Other changes

Other changes

Position as of 30.03.2018

Position as of 30.06.2018

Revaluation

Changes in position

reflecting transactions

Other changes

Total changes

International reserves (reserve assets) of the Russian Federation are highly liquid external assets that are readily available to the Bank of Russia and the Government of the Russian Federation.International reserves consist of monetary gold, special drawing rights (SDR) holdings, reserve position in the International Monetary Fund (IMF, Fund), and other reserve assets.Monetary gold is defined as standard gold bars and coins with a purity of at least 995/1,000 held by the Bank of Russia and the Government of the Russian Federation. It comprises gold in vault, en route and in allocated accounts, including those that are held abroad.Special drawing rights are international reserve assets created by the IMF and allocated to members; included are balances of SDR holdings on the account of the Russian Federation in the Fund's SDR Department.Reserve position in the IMF is the sum of the reserve tranche position (representing foreign exchange component of the quota of the Russian Federation in the Fund) and the country's claims on the IMF arising from lending under the New Arrangements to Borrow.Other reserve assets include foreign currency; balances on nostro corresponding accounts including unallocated gold accounts; deposits with the initial maturity of up to 1 year including gold deposits with foreign central banks, the Bank for International Settlements (BIS) and nonresident deposit-taking corporations; debt securities issued by nonresidents; loans extended under reverse repo agreements, and other financial claims on nonresidents with the initial maturity of up to 1 year.Funds received under repos with nonresidents are shown as an increase in Other reserve assets .Securities received as collateral under reverse repos or under securiries' lending agreements (received in exchange for other securities) are not included in international reserves. Securities provided to counterparties under securities' lending transactions are recorded in international reserves, whereas securities that serve as collateral under repurchase agreements are excluded therefrom.Part of resources on accounts of the Reserve Fund and of the National Wealth Fund of the Russian Federation which is denominated in foreign currency, deposited with the Bank of Russia and further invested by the Bank of Russia in foreign financial assets is included in the international reserves of the Russian Federation.Foreign exchange-denominated claims of the Bank of Russia and of the Government of the Russian Federation on residents are not included in the international reserves of the Russian Federation.Transactions are recorded as of the value date with interest accrued.

59

Table 6.1

External Debt of the Russian Federation in 2018 (End of Period)

millions of US dollars

December 2017

March 2018

June 2018

September 2018

December 2018

Total 518 103 520 139 490 649 470 497 454 040

General Government 55 628 59 741 49 764 46 281 43 955

Federal Government 55 410 59 523 49 571 46 102 43 801

New Russian Debt 54 809 58 943 49 026 45 557 43 292Multilateral creditors 713 689 624 606 539

IBRD 575 558 507 497 447

Other 138 131 117 109 92

Foreign currency bonds 15 030 16 912 16 525 16 401 16 686

Eurobonds 15 011 16 912 16 525 16 401 16 682

Eurobonds (related to the second London Club debt restructuring) 19 0 0 0 4

Ruble denominated bonds 38 781 41 050 31 584 28 252 25 772

OFZ 38 712 41 050 31 584 28 252 25 772

Eurobonds 69 0 0 0 0

Other 285 292 293 298 294

Debt of the former USSR 601 580 544 545 510Debt owed to former socialist countries 20 21 20 20 20

Other official creditors 559 559 524 524 489

Other 21 0 0 0 0

Local Government 219 218 194 179 154

Loans 0 0 0 0 0

Ruble denominated bonds 219 218 194 179 154

Central bank 14 480 16 750 13 059 11 351 11 880

Loans 4 487 6 552 2 853 1 379 1 998

Currency and deposits 1 907 1 941 2 216 2 045 1 979

Other (SDR allocations) 8 087 8 257 7 990 7 926 7 902

Banks 103 385 105 218 95 499 92 187 84 609

Debt liabilities to direct investors and to direct investment enterprises 4 541 5 017 4 813 5 050 4 416

Loans 202 473 344 292 820

Deposits 90 754 91 822 81 269 80 407 73 130

Debt securities 5 376 5 493 4 798 4 758 4 478

Other 2 512 2 413 4 275 1 680 1 764

Other sectors 344 609 338 430 332 326 320 679 313 596

Debt liabilities to direct investors and to direct investment enterprises 144 400 144 135 141 817 137 063 135 931

Loans and deposits 181 358 176 322 168 534 163 847 158 767

Debt securities 7 891 8 084 7 677 7 434 7 222

Trade credits 3 234 3 323 3 493 3 519 3 231

Financial leases 4 239 4 102 3 970 3 856 3 698

Other 3 487 2 464 6 833 4 960 4 748

Notes:

Included is the indebtedness in domestic and foreign currencies.

Only non-resident holdings of government securities are reported. Data is presented at face value.

Data on Banks includes State Development Corporation VEB.RF.

60

Table 6.2

External Debt of the Russian Federation in 2018

(By Maturity and Financial Instrument, End of Period)

millions of US dollars

December 2017

March 2018

June 2018

September 2018

December 2018

Total Liabilities 518 103 520 139 490 649 470 497 454 040

Short-term 55 887 59 465 64 886 57 944 53 852

Long-term 462 216 460 675 425 763 412 552 400 187General Government 55 628 59 741 49 764 46 281 43 955

Short-term 285 292 293 298 294Other liabilities 285 292 293 298 294

Long-term 55 344 59 450 49 471 45 983 43 661Debt securities 54 030 58 180 48 303 44 832 42 611Loans 1 293 1 270 1 168 1 151 1 049Other liabilities 21 0 0 0 0

Central bank 14 480 16 750 13 059 11 351 11 880Short-term 6 393 8 493 5 069 3 424 3 978

Loans 4 487 6 552 2 853 1 379 1 998Currency and deposits 1 907 1 942 2 216 2 045 1 979

Long-term 8 087 8 257 7 990 7 926 7 902Other liabilities (SDR allocation) 8 087 8 257 7 990 7 926 7 902

Banks (excluding debt liabilities to direct investors and to direct investment enterprises) 98 844 100 200 90 687 87 137 80 193

Short-term 30 636 33 927 32 116 32 172 29 776Debt securities 1 358 1 234 1 101 1 058 971Loans 202 473 344 292 820Current accounts and deposits 26 814 30 117 26 629 29 395 26 421Other liabilities 2 261 2 103 4 043 1 428 1 564

Long-term 68 209 66 273 58 571 54 965 50 416Debt securities 4 018 4 259 3 698 3 700 3 507Deposits 63 940 61 705 54 640 51 012 46 709Other liabilities 251 310 233 252 200

Other sectors (excluding debt liabilities to direct investors and to direct investment enterprises) 200 209 194 295 190 508 183 615 177 664Other financial corporations 16 041 16 014 15 030 14 332 13 298

Short-term 2 705 2 953 3 190 2 815 2 618Loans and deposits 1 262 1 294 1 377 1 183 1 174Other liabilities 1 443 1 660 1 813 1 632 1 444

Long-term 13 336 13 061 11 840 11 517 10 680Debt securities 2 371 2 566 2 457 2 154 1 998Loans and deposits 10 965 10 495 9 383 9 362 8 683

Nonfinancial corporations, households, and NPISHs 184 169 178 280 175 478 169 283 164 366Short-term 11 016 9 615 13 808 12 002 11 455

Debt securities 800 600 400 200 0Loans 4 937 4 888 4 895 4 955 4 921Trade credits 3 234 3 323 3 493 3 519 3 231Other liabilities 2 044 804 5 020 3 328 3 303

Long-term 173 153 168 665 161 670 157 282 152 911Debt securities 4 720 4 918 4 820 5 080 5 224Loans 168 433 163 748 156 850 152 202 147 687

Direct investment 148 941 149 152 146 630 142 113 140 347Banks 4 541 5 017 4 813 5 050 4 416

Direct investor in direct investment enterprises 52 67 110 68 65Direct investment enterprises in direct investor (reverse investment) 41 29 24 31 33Between fellow enterprises 4 448 4 921 4 679 4 951 4 318

Other sectors 144 400 144 135 141 817 137 063 135 931Direct investor in direct investment enterprises 45 618 44 826 48 821 42 979 39 065Direct investment enterprises in direct investor (reverse investment) 73 149 72 786 68 048 67 880 72 909Between fellow enterprises 25 632 26 522 24 949 26 204 23 958

Notes:Included is the indebtedness in domestic and foreign currencies.Only non-resident holdings of government securities are reported. Data is presented at face value.Data on Banks includes State Development Corporation VEB.RF.

61

Table 6.3

External Debt of the Russian Federation in 2018

(in Domestic and Foreign Currencies by Maturity, End of Period)

millions of US dollars

December 2017

March 2018

June 2018

September 2018

December 2018

Total 518 103 520 139 490 649 470 497 454 040Foreign currency 380 043 381 957 356 231 346 986 341 807Domestic currency 138 061 138 183 134 418 123 511 112 233

General Government 55 628 59 741 49 764 46 281 43 955

Foreign currency 16 629 18 473 17 987 17 850 18 029Short-term 285 292 293 298 294Long-term 16 344 18 181 17 693 17 552 17 735

Domestic currency 39 000 41 269 31 778 28 431 25 925Short-term 0 0 0 0 0Long-term 39 000 41 269 31 778 28 431 25 925

Central bank 14 480 16 750 13 059 11 351 11 880

Foreign currency 12 574 14 809 10 843 9 305 9 901Short-term 4 487 6 552 2 853 1 379 1 998Long-term 8 087 8 257 7 990 7 926 7 902

Domestic currency 1 907 1 942 2 216 2 045 1 979Short-term 1 907 1 942 2 216 2 045 1 979Long-term 0 0 0 0 0

Banks (excluding debt liabilities to direct investors and to direct investment enterprises) 98 844 100 200 90 687 87 137 80 193

Foreign currency 81 146 82 478 71 954 69 757 63 490Short-term 20 328 23 763 19 978 20 873 18 955Long-term 60 818 58 715 51 975 48 883 44 535

Domestic currency 17 698 17 722 18 733 17 380 16 703Short-term 10 308 10 164 12 138 11 299 10 821Long-term 7 390 7 558 6 595 6 081 5 882

Other sectors (excluding debt liabilities to direct investors and to direct investment enterprises) 200 209 194 295 190 508 183 615 177 664

Foreign currency 157 828 153 016 149 048 144 970 141 977Short-term 8 964 9 204 9 566 9 062 8 765Long-term 148 864 143 812 139 481 135 908 133 213

Domestic currency 42 381 41 279 41 461 38 645 35 687Short-term 4 757 3 364 7 431 5 755 5 308Long-term 37 625 37 915 34 029 32 890 30 379

Banks and other sectors - debt liabilities to direct investors and to direct investment enterprises 148 941 149 152 146 630 142 113 140 347

Foreign currency 111 866 113 182 106 400 105 104 108 409Domestic currency 37 075 35 971 40 230 37 009 31 938

Notes:

Included is the indebtedness in domestic and foreign currencies.

Only non-resident holdings of government securities are reported. Data is presented at face value.

Data on Banks includes State Development Corporation VEB.RF.

62

Tab

le 6

.4

Pay

men

t S

ched

ule

of

Ext

ern

al D

ebt

of

the

Ru

ssia

n F

eder

atio

n(A

s o

f D

ecem

ber

31,

201

8)m

illio

ns o

f US

dol

lars

Jan

uary

20

19 F

ebru

ary

201

9 M

arch

201

9 A

pril

2019

May

201

9 J

une

201

9 J

uly

2019

Aug

ust

201

9 S

epte

mbe

r 2

019

Oct

ober

201

9 N

ovem

ber

201

9 D

ecem

ber

201

9O

ne y

ear

or le

ssQ

1 2

020

Q2

202

0Q

3 2

020

Q4

202

0O

ver

one

year

to

two

year

s

Ove

r tw

o ye

ars

To

tal

454

040

20 7

4312

561

4 88

47

204

7 37

14

222

4 93

83

856

2 05

07

774

3 06

25

509

8 57

572

006

8 27

411

853

8 05

623

430

51 6

1323

9 62

425

362

44 9

68

Gen

eral

Go

vern

men

t43

955

022

426

60

2140

655

813

627

5830

71

393

381

348

144

130

1 66

040

587

9122

4

Fed

eral

Gov

ernm

ent

43 8

010

224

266

019

404

554

130

2454

307

1 37

138

1 34

712

711

51

627

40 4

8991

224

New

Rus

sian

Deb

t43

292

022

426

60

1940

421

413

024

5427

21

301

381

312

127

801

557

40 1

3991

204

Loan

s53

90

413

019

2321

413

019

2321

159

857

249

116

264

00

Deb

t sec

uriti

es42

458

022

025

30

038

10

00

05

3125

21

142

301

254

125

311

441

39 8

750

0

Oth

er29

40

00

00

00

00

00

00

00

00

00

091

204

Deb

t of t

he fo

rmer

USS

R51

00

00

00

035

00

00

035

700

350

3570

350

020

Loan

s51

00

00

00

035

00

00

035

700

350

3570

350

020

Oth

er0

00

00

00

00

00

00

00

00

00

00

00

Loca

l Gov

ernm

ent

154

00

00

22

04

16

35

022

02

1615

3498

00

Loan

s 0

00

00

00

00

00

00

00

00

00

00

00

Bon

ds15

40

00

02

20

41

63

50

220

216

1534

980

0

Cen

tral

ban

k11

880

1 97

91

998

00

00

00

00

00

01

998

00

00

00

07

902

Loan

s 1

998

01

998

00

00

00

00

00

01

998

00

00

00

00

Cur

renc

y an

d de

posi

ts1

979

1 97

90

00

00

00

00

00

00

00

00

00

00

Oth

er (

SD

R a

lloca

tion)

7 90

20

00

00

00

00

00

00

00

00

00

00

7 90

2

Ban

ks2,

384

609

16 9

605

448

917

2 16

01

461

901

1 98

62

077

321

2 12

198

71

756

409

20 5

4410

854

41

555

1 29

03

497

29 7

4913

284

576

Loan

s an

d de

posi

ts (

exce

pt fo

r de

man

d de

posi

ts)

61 3

990

5 44

891

72

160

1 46

190

11

986

2 07

732

12

121

987

1 75

640

920

544

108

544

1 55

51

290

3 49

729

749

7 60

91

Cur

rent

acc

ount

s an

d de

man

d de

posi

ts16

960

16 9

600

00

00

00

00

00

00

00

00

00

00

Deb

t sec

uriti

es4

478

00

00

00

00

00

00

00

00

00

00

3 90

357

5

Oth

er1

773

00

00

00

00

00

00

00

00

00

00

1 77

30

Oth

er s

ecto

rs31

3 59

61

804

4 89

13

701

5 04

45

889

2 91

62

896

1 77

01

716

5 64

62

048

3 69

47

859

48 0

718

128

9 96

06

358

22 0

1046

456

169

288

11 9

8836

266

Deb

t lia

bilit

ies

to d

irect

inve

stor

s an

d to

dire

ct

inve

stm

ent e

nter

pris

es3

135

931

1 14

11

447

1 17

31

465

3 45

41

125

678

316

281

3 36

375

21

606

2 62

218

280

3 07

84

452

1 51

99

437

18 4

8779

410

9 45

99

154

Loan

s an

d de

posi

ts15

8 76

766

21

987

1 65

72

937

2 37

51

739

2 15

71

409

1 36

42

223

1 15

51

978

5 13

426

115

4 90

15

062

4 60

812

139

26 7

0985

586

7519

620

Deb

t sec

uriti

es7

222

035

046

157

160

2615

9665

5837

912

310

9529

871

51

685

2 00

22

717

Tra

de c

redi

ts3

231

00

00

00

00

00

00

00

00

00

00

03

231

Fin

anci

al le

ases

3 69

80

4545

4545

4545

4545

4545

4545

545

136

136

136

136

545

2 60

70

0

Oth

er

4 74

80

1 37

682

655

10

00

00

00

00

2 75

30

00

00

045

11

544

1 In

clud

ed a

re a

rrea

rs, p

refe

rred

sha

res

owne

d by

non

resi

dent

s an

d ot

her

inde

bted

ness

with

out s

ched

ule.

2 D

ata

incl

ude

liabi

litie

s of

cre

dit i

nstit

utio

ns a

nd S

tate

Dev

elop

men

t Cor

pora

tion

VE

B.R

F.

3 P

aym

ent s

ched

ule

of d

ebt l

iabi

litie

s to

dire

ct in

vest

ors

and

to d

irect

inve

stm

ent e

nter

pris

es is

com

pile

d ac

cord

ing

to in

itial

bor

row

ing

cond

ition

s an

d do

es n

ot c

onsi

der

poss

ible

res

truc

turin

g fo

r de

bt r

elie

f pur

pose

s.

Not

es:

Incl

uded

is th

e in

debt

edne

ss in

dom

estic

and

fore

ign

curr

enci

es.

The

diff

eren

ce b

etw

een

the

tota

l out

stan

ding

am

ount

of d

ebt a

nd th

e pa

ymen

t sch

edul

e ar

ises

from

diff

eren

ce b

etw

een

mar

ket a

nd n

omin

al v

alue

for

the

inst

rum

ents

val

ued

at m

arke

t pric

e.

Sou

rces

use

d fo

r ex

tern

al d

ebt c

ompi

latio

n ar

e da

ta p

rese

nted

by

the

Cen

tral

Ban

k of

the

Rus

sian

Fed

erat

ion

(Ban

k of

Rus

sia)

, Min

istr

y of

Fin

ance

of t

he R

ussi

an F

eder

atio

n (M

infin

of R

ussi

a), i

nter

natio

nal f

inan

cial

org

anis

atio

ns, l

ocal

gov

ernm

ent,

cred

it or

gani

zatio

ns, S

tate

D

evel

opm

ent C

orpo

ratio

n V

EB

.RF

, dep

osita

ry-c

lear

ing

syst

ems,

and

inst

itutio

nal u

nits

incl

uded

into

Oth

er s

ecto

rs.

Imm

edia

te

Th

e sc

hed

ule

is

no

t av

aila

ble

Deb

t w

ith

ou

t

sch

edu

le1

Ter

ms

of

Pay

men

ts

Ext

ern

al d

ebt

as o

f D

ecem

ber

31

, 201

8

63

Tab

le 6

.5

Inte

rest

Pay

men

t S

ched

ule

on

Ext

ern

al D

ebt

of

the

Ru

ssia

n F

eder

atio

n

(As

of

Dec

emb

er 3

1, 2

018)

mill

ions

of U

S d

olla

rs

Ter

ms

of

Pay

men

t

Jan

uary

20

19 F

ebru

ary

201

9 M

arch

201

9 A

pril

2019

May

201

9 J

une

201

9 J

uly

2019

Aug

ust

201

9 S

epte

mbe

r 2

019

Oct

ober

201

9 N

ovem

ber

201

9 D

ecem

ber

201

9O

ne y

ear

or le

ssQ

1 2

020

Q2

202

0Q

3 2

020

Q4

202

0O

ver

one

year

to

two

year

s

Ove

r tw

o ye

ars

To

tal

1 18

01

472

1 56

01

796

1 23

11

510

1 04

81

248

1 28

41

604

1 14

11

544

16 6

183

519

3 92

53

155

3 79

714

396

69 8

1410

0 82

8

Gen

eral

Gov

ernm

ent

193

274

211

344

9930

718

926

521

534

486

253

2 77

966

372

474

755

22

687

24 8

7530

341

Fed

eral

Gov

ernm

ent

192

274

210

343

9630

618

826

421

534

383

252

2 76

566

172

074

554

82

675

24 8

5930

298

New

Rus

sian

Deb

t19

227

421

034

396

298

188

264

215

343

8324

42

748

661

713

745

541

2 66

124

826

30 2

36

Deb

t of t

he fo

rmer

US

SR

00

00

08

00

00

08

160

70

713

3362

Loca

l Gov

ernm

ent

11

11

31

10

11

31

152

42

412

1643

Cen

tral

ban

k0

190

019

00

190

019

076

1919

1919

760

151

Ban

ks

303

307

257

246

240

232

221

214

208

199

192

186

2 80

655

454

853

150

82

141

6 99

011

937

Oth

er s

ecto

rs68

487

11

092

1 20

687

497

163

875

086

11

061

844

1 10

510

957

2 28

22

634

1 85

82

718

9 49

237

949

58 3

98

Not

e:In

clud

ed a

re in

tere

st p

aym

ents

for

cate

gorie

s of

deb

t tha

t hav

e in

tere

st p

aym

ent s

ched

ule.

Exc

lude

d ar

e fu

ture

pay

men

ts o

f int

ere

st o

n ar

rear

s an

d di

vide

nds

on p

refe

rred

sha

res

owne

d by

non

resi

dent

s.

To

tal

inte

rest

p

aym

ents

64

Table 6.6

International Investment Position for External Debt of the Russian Federation in 2018

External debt as of December

31, 2017

Changes due to

transactions

Valuation changes

Other changes

Total changes

External debt as of December

31, 2018

Total 518 103 -31 457 -26 451 -6 155 -64 063 454 040General Government 55 628 -5 538 -6 191 55 -11 674 43 955

Federal Government 55 410 -5 507 -6 156 55 -11 608 43 801New Russian Debt 54 809 -5 437 -6 156 76 -11 517 43 292

Multilateral creditors 713 -173 0 0 -174 539IBRD 575 -127 0 0 -127 447Other 138 -46 0 0 -46 92

Foreign currency bonds 15030 1698 -118 76 1656 16686Eurobonds 15 011 1 801 -130 0 1 671 16 682

Eurobonds (related to the second London Club debt restructuring) 19 -103 12 76 -15 4

Ruble denominated bonds 38 781 -6 974 -6 036 0 -13 009 25 772OFZ 38 712 -6 901 -6 038 0 -12 940 25 772Eurobonds 69 -72 3 0 -69 0

Other 285 12 -2 0 10 294

Debt of the former USSR 601 -70 0 -21 -91 510Local Government 219 -31 -35 1 -65 154

Ruble denominated bonds 219 -31 -35 1 -65 154

Central bank 14 480 -1 951 -683 34 -2 600 11 880

Loans 4 487 -2 373 -115 0 -2 488 1 998

Currency and deposits 1 907 417 -378 34 73 1 979

Other (SDR allocations) 8 087 5 -189 0 -185 7 902

Banks 103 385 -14 394 -3 863 -519 -18 776 84 609

Debt liabilities to direct investors and to direct investment enterprises 4 541 50 -163 -12 -125 4 416

Loans 202 619 0 0 618 820

Deposits 90 754 -14 278 -3 161 -184 -17 623 73 130

Debt securities 5 376 -389 -329 -181 -899 4 478

Other 2 512 -397 -209 -142 -748 1 764

Other sectors 344 609 -9 574 -15 714 -5 725 -31 013 313 596

Debt liabilities to direct investors and to direct investment enterprises 144 400 -1 452 -7 216 200 -8 468 135 931Loans and deposits 181 358 -9 862 -7 611 -5 118 -22 591 158 767Debt securities 7 891 474 -351 -792 -669 7 222Trade credits 3 234 -3 0 0 -3 3 231Financial leases 4 239 -545 0 4 -541 3 698Other 3 487 1 814 -535 -19 1 260 4 748

Notes:

Data on Banks includes State Development Corporation VEB.RF.

millions of US dollars

Data presented in this table differ from the data recorded in the international investment position and the balance of payments since in the external debt statistics stocks of government securities are reported at face value and the transactions do not include accrued interest and coupon payments.

65

Tab

le 6

.7

Gen

eral

Go

vern

men

t E

xter

nal

Deb

t o

f th

e R

uss

ian

Fed

erat

ion

. Act

ual

Pay

men

ts in

201

8

billi

ons

of U

S d

olla

rs

Prin

cipa

lIn

tere

stT

otal

Prin

cipa

lIn

tere

stT

otal

Prin

cipa

lIn

tere

stT

otal

Prin

cipa

lIn

tere

stT

otal

Prin

cipa

lIn

tere

stT

otal

Prin

cipa

lIn

tere

stT

otal

To

tal

0,91

0,96

1,87

0,07

0,82

0,89

0,77

0,62

1,39

0,16

0,87

1,03

1,90

3,28

5,18

1,16

3,25

4,40

New

Ru

ssia

n D

ebt

0,91

0,96

1,87

0,07

0,94

1,02

0,45

0,76

1,21

0,09

0,76

0,85

1,52

3,43

4,95

0,96

3,23

4,20

Fed

eral

Gov

ernm

ent

0,91

0,96

1,87

0,07

0,94

1,01

0,44

0,76

1,20

0,07

0,76

0,83

1,49

3,41

4,90

0,93

3,21

4,14

Mul

tilat

eral

cre

dito

rs0,

030,

000,

030,

070,

010,

080,

020,

000,

030,

070,

010,

080,

190,

020,

210,

210,

010,

22IM

F0,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

00IB

RD

0,02

0,00

0,02

0,06

0,00

0,06

0,02

0,00

0,02

0,05

0,01

0,06

0,15

0,01

0,16

0,16

0,01

0,17

Oth

er0,

010,

000,

010,

010,

000,

010,

010,

000,

010,

020,

000,

020,

050,

000,

050,

050,

000,

05F

orei

gn c

urre

ncy

bond

s0,

000,

100,

100,

000,

350,

350,

410,

110,

520,

000,

350,

350,

410,

911,

320,

400,

741,

14R

uble

den

omin

ated

bon

ds0,

880,

861,

740,

000,

580,

580,

000,

650,

650,

000,

390,

390,

892,

483,

370,

332,

452,

78O

FZ

0,86

0,86

1,73

0,00

0,58

0,58

0,00

0,65

0,65

0,00

0,39

0,39

0,87

2,48

3,35

0,33

2,45

2,78

Eur

obon

ds

0,02

0,00

0,02

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,02

0,00

0,02

0,00

0,00

0,00

Loca

l Gov

ernm

ent

0,00

0,00

0,00

0,01

0,01

0,01

0,01

0,00

0,01

0,02

0,01

0,02

0,03

0,02

0,05

0,03

0,02

0,05

Rub

le d

enom

inat

ed b

onds

0,00

0,00

0,00

0,01

0,01

0,01

0,01

0,00

0,01

0,02

0,01

0,02

0,03

0,02

0,05

0,03

0,02

0,05

Deb

t o

f th

e fo

rmer

US

SR

0,00

0,00

0,00

0,03

0,01

0,04

0,00

0,00

0,00

0,03

0,01

0,04

0,07

0,01

0,08

0,20

0,01

0,21

Loan

s0,

000,

000,

000,

030,

010,

040,

000,

000,

000,

030,

010,

040,

070,

010,

080,

200,

010,

21D

ebt o

wed

to fo

rmer

soc

ialis

t cou

ntrie

s0,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

000,

130,

000,

13O

ther

cre

dits

0,00

0,00

0,00

0,03

0,01

0,04

0,00

0,00

0,00

0,03

0,01

0,04

0,07

0,01

0,08

0,07

0,01

0,08

Not

e.In

clud

ed a

re p

aym

ents

in k

ind.

Mem

oran

dum

: 201

7Q

2 20

18Q

1 20

1820

18Q

3 20

18Q

4 20

18

66

Table 6.8

External Debt Sustainability Ratios of the Russian Federation

(End of Period)

External Debt to

GDP Ratio, % 1/

External Debt to

Exports Ratio, % 2/

External Debt Service

to GDP Ratio, % 3/, 6/

External Debt Service to Exports

Ratio, % 4/ , 6/

International Reserves to External Debt Service Ratio, %

5/, 6/

Per Capita External Debt ,

USD

March 2012 26 94 9 30 285 3 896June 2012 27 96 9 32 268 3 987

September 2012 28 102 9 33 274 4 181December 2012 29 108 9 35 263 4 440

March 2013 31 118 10 38 235 4 825June 2013 31 121 10 38 232 4 935

September 2013 31 121 10 38 236 4 988December 2013 32 123 10 40 217 5 072

March 2014 32 121 10 39 214 4 981June 2014 33 123 10 39 207 5 016

September 2014 30 116 9 35 221 4 653December 2014 29 107 9 32 219 4 100

March 2015 30 106 7 26 258 3 810June 2015 32 116 9 31 240 3 802

September 2015 36 125 9 31 277 3 665December 2015 38 132 9 32 288 3 539

March 2016 39 144 10 36 301 3 548June 2016 41 155 11 41 285 3 565

September 2016 41 157 11 40 300 3 531December 2016 40 154 10 40 282 3 486

March 2017 37 146 11 42 263 3 554June 2017 36 141 11 41 268 3 590

September 2017 35 136 10 40 273 3 605December 2017 33 126 9 33 317 3 527

March 2018 32 120 8 32 333 3 542June 2018 30 107 8 29 340 3 342

September 2018 28 97 7 25 376 3 205December 2018 27 89 7 22 428 3 093

Memorandum:

Indicative thresholds* 30 - 40 - 50 100 - 150 - 200 - 15 - 20 - 25 - -

Indicative thresholds **

50 130 - 220 - 25 should exceed 100 -

1/ Total outstanding external debt as of the end of period to GDP for the period.2/ Total outstanding external debt as of the end of period to exports of goods and services for the period.

6/ Payment schedule of external debt of the Russian Federation includes amortization in kind and payments made in Russian rubles. * Indicative thresholds recommended by the International Monetary Fund. Degree of risk: "low - medium - high." ** Indicative thresholds recommended by the Accounting Chamber of the Russian Federation. Bulletin of the Accounting Chamber of the Russian Federation №9 (81), 2004.

Notes.The estimations are based on the data of the Bank of Russia and Federal State Statistics Service.

3/ Annual external debt service payments (principal, icluding principal immediately available on demand or immediately due, and interest) scheduled for the outstanding external debt as of the end of period to GDP for the period.4/ Annual external debt service payments (principal, icluding principal immediately available on demand or immediately due, and interest) scheduled for the outstanding external debt as of the end of period to exports of goods and services for the period.5/ International reserves as of the end of period over annual external debt service payments (principal, icluding principal immediately available on demand or immediately due, and interest) scheduled for the outstanding external debt as of the end of the period.

Total outstanding external debt includes gross outstanding external debt of general government, central bank, banks and other sectors as of the end of reporting period (reporting date).

A wide range of debt ratios should be used for external debt sustainability comprehensive analysis, taking into account specific features of an economy.

67

Supplement 7.1

List of principal changes introduced in the balance of payments data of the Russian Federation for preceding periods

The Table below contains the list of updates introduced in the previously released balance of

payments data of the Russian Federation for Q3 2018, detailing the reasons for each of them with the

use of the following codes: changes in reported data underlying the balance of payments compilation –

О; improvement of balance of payments methodology and/or that of the calculation and estimation

methods of certain balance of payments items – М; use of new information sources about previously

unaccounted transactions with nonresidents (or accounted for on the basis of other information) – НИИ;

adjustments related to changes of double-entries in the balance of payments – КПП; replacement of

data estimates with actual data when the period of data compilation goes beyond the data release

schedule established for the balance of payments – ЗОП; changes in data related to reclassification of

instruments (aggregates) – ИКП; other changes – П.

Standard component items Period Reason for

change code

General merchandise per balance of payments methodology (exports, imports)

Q1–Q3 2018.

О, ИКП

Goods acquired abroad under merchanting/ goods sold abroad under merchanting

Q1–Q3 2018

О, ИКП

Transport, sea transport: – supporting and auxiliary services (exports)

Q3 2018 О

Transport, air transport:: – passenger transportation (exports); – supporting and auxiliary services (exports, imports)

Q3 2018 Q3 2018

О О

Transport, other modes of transport: – freight (imports); – supporting and auxiliary services (exports, imports)

Q1–Q3 2018 Q1–Q3 2018 2016 - 2017

О О, НИИ О, М, НИИ

Travel – business, personal (exports, imports) Q1–Q3 2018 О Construction – construction abroad (exports, imports) Q3 2018 О Construction – construction in Russia (exports, imports) Q2–Q3 2018 О Insurance and nongovernment pension fund services – reinsurance (imports)

Q2–Q3 2018 О

Insurance and nongovernment pension fund services – supporting insurance services (imports)

Q2–Q3 2018

О

Services for which payment is charged explicitly (imports) Q1–Q3 2018 О Financial intermediation services charges indirectly measured (imports)

Q1–Q3 2018

О

Computer services (imports) Q1–Q3 2018 О

Other business services: – research and development (imports); – legal and management consulting services (exports) – technical, trade-related, and other business services (exports, imports)

Q1–Q2 2018 Q1–Q3 2018, 2016 - 2017 Q1–Q3 2018, 2016 - 2017

О О, ИКП О, ИКП

Personal, cultural, and recreational services – other services (exports)

Q1 2018 О

68

Supplement 7.1

Standard component items Period Reason for

change code

Direct investment income (receivable, payable): – dividends and distributed profits; – reinvested earnings; – interest

Q1, Q3 2018 Q1–Q3 2018 Q3 2018

О, ЗОП ЗОП О, ИКП

Portfolio investment income – equity (payable) Q3 2018 О Other investment income – interest (payable) Q3 2018 О, ИКП

Other primary income – rent (receivable, payable) Q1–Q3 2018, 2016 - 2017

О, М М

Secondary income of General government (receivable): – current taxes on income, wealth, etc.; – social contributions

Q1–Q3 2018 Q1–Q3 2018

О О

Secondary income of General government (payable) – social benefits

Q1 2018 О

Secondary income of banks and other sectors (receivable, payable) – personal transfers

Q1 2018 О

Secondary income of banks and other sectors, other current transfers (payable): – current taxes on income, wealth, etc.; – net insurance premiums, except life insurance; – insurance reimbursements, except life insurance; – miscellaneous current transfers

Q1–Q3 2018 Q2–Q3 2018 Q1 2018 Q1 2018

О О О О

Direct investment, net acquisition of financial assets/ net incurrence of liabilities: – reinvestment of earnings; – debt instruments

Q1–Q3 2018 Q3 2018

КПП О, ИКП

Portfolio investment, net acquisition of financial assets of nonfinancial corporations, households, and NPISHs, long-term debt securities

Q1, Q3 2018 О, ИКП

Portfolio investment, net acquisition of assets, equity: – other financial corporations; – nonfinancial corporations, households, and NPISHs

Q2–Q3 2018 Q1–Q3 2018

П П

Financial derivatives (except reserve assets) and other sectors’ employees’ stock options, net acquisition of financial assets/ net incurrence of liabilities

Q1–Q3 2018, 2014 - 2017

П П

Cash foreign currency and deposits, net acquisition of short-term financial assets: – other financial corporations; – nonfinancial corporations, households, and NPISHs

Q1–Q2 2018; Q1–Q3 2018

ИКП ИКП, О

Cash foreign currency and deposits, net incurrence of short-term liabilities of central bank

Q1–Q3 2018

П

Loans of other sectors, net acquisition of financial assets (short-term, long-term)

Q3 2018 О, ИКП

Loans of other sectors, net incurrence of liabilities (short-term, long-term): – other financial corporations; – nonfinancial corporations, households, and NPISHs

Q2, Q3 2018 Q3 2018

П, О О, ИКП

Trade credit and advances of nonfinancial corporations, households, and NPISHs, net acquisition of short-term financial assets

Q1–Q3 2018

О

Trade credit and advances of nonfinancial corporations, households, and NPISHs, net incurrence of short-term liabilities

Q3 2018

О

69

Supplement 7.1

Standard component items Period Reason for

change code

Other accounts receivable/payable of other sectors, net acquisition of short-term financial assets

Q3 2018 О

Other accounts receivable/payable of other sectors, net incurrence of short-term liabilities

Q3 2018

О

Loans of other sectors, net acquisition of financial assets (short-term, long-term)

Q3 2018 О, ИКП

Loans of other sectors, net incurrence of liabilities (short-term, long-term): – other financial corporations; – nonfinancial corporations, households, and NPISHs

Q2, Q3 2018 Q3 2018

П, О О, ИКП

Trade credit and advances of nonfinancial corporations, households, and NPISHs, net acquisition of short-term financial assets

Q1–Q3 2018

О

Trade credit and advances of nonfinancial corporations, households, and NPISHs, net incurrence of short-term liabilities

Q3 2018

О

Other accounts receivable/payable of other sectors, net acquisition of short-term financial assets

Q3 2018 О

Other accounts receivable/payable of other sectors, net incurrence of short-term liabilities

Q3 2018

О

70

for Preceding Periods

Name of external debt componentDate as of which the

change was introducedCode for change

reason

Central bank

Cash national currency and deposits31.03.201830.06.201830.09.2018

П ПП

Loans30.06.201830.09.2018

ПО, ИКП

Trade credits 30.09.2018 О

Other indebtedness 30.09.2018 О

Debt liabilities to direct investors and direct investment enterprises

Direct investor's investment in debt instruments of direct investment enterprise

30.09.2018 О, ИКП

Direct investment enterprise's investment in debt instruments of direct investor (reverse investment)

30.09.2018 О, ИКП

Investment between sister enterprises 30.09.2018 О, ИКП

Other sectors (excluding debt liabilities to direct investors and direct investment enterprises)

Other sectors

Supplement 7.2

List of Principal Changes Introduced in the Data onExternal Debt of the Russian Federation

The Table below provides the list of changes introduced in the previously published data on external debt as of September 30, 2018 with indication of the reasons for each of them by symbolic codes: О - change in the reported data, М -improvement of methodology and/or that of the calculation and estimation methods, НИИ - use of new information sources, ЗОП - replacement of data estimates with actual data, ИКП - reclassification of instruments, П - other reasons for changes in transactions; КС – exchange rate and valuation changes in positions, ПИ – other changes in positions.

71