There Russia recorded your youngest current account surplus in more than a year since the new restrictions on its oil export they jeopardize what became a crucial source of hard currency for the Kremlin after the invasion of Ukraine.

The sanctions so are they working? What does the latest data on safe deposit boxes put on of energy revenue.

Russia loses valuable revenue from energy exports

The current account surplus – roughly the difference between exports and imports – fell to $31.4 billion in the fourth quarter from $48 billion in the previous three months, according to preliminary central bank data released on Tuesday.

Year-to-date, the surplus was lower than the central bank’s latest forecast. Reached a record $227.4 billion, with money coming from exports of oil, gas and other commodities inflows while imports remained depressed due to sanctions.

However, by imposing sanctions, including import bans and a limit on sea shipments of Russian oil, Western countries are now aiming to reduce the flow of oil. petrodollars towards the Kremlin.

Bloomberg Economics points out that: “the decline of global energy pricescompounded by an increase in the discount for the Russian Urals, canceled $20 billion in revenue To export. The balance is expected to weaken further this year, defying authorities’ efforts to stabilize the ruble and theinflation.”