Soaring Energy Exports Send Russia’s Account Surplus To Record High

Russia’s account surplus reached a new record for the second quarter, according to data released by the central bank cited by Bloomberg. The surplus, now more than $70 billion, comes on the back of surging oil and gas—and other commodities as well—exports, which outweighed the sanctions placed on the country by Western powers. The surplus was also bolstered by high prices and decreasing imports—to $72.3 billion in Q1 from $88.7 billion in Q2—thanks to the sanctions, which have a greater effect on imports than on exports.…