Russia's trade surplus plummets as oil earnings hit pandemic-era lows
Russia's foreign trade surplus dropped in January 2026, falling to $6.6 billion. This figure marks a decline from the $7.4 billion surplus recorded in the same month the previous year. The decrease came as exports shrank more sharply than imports.
The country's oil and gas earnings hit their lowest point since the COVID-19 pandemic. In January 2026, revenues reached just 393 billion rubles (€4.4 billion)—less than half the amount earned in January 2025. The drop was largely driven by reduced exports to India and ongoing EU sanctions on Russian petroleum products.
Overall oil shipments fell by 350,000 barrels per day compared to December 2025. Despite the decline, China remained the largest buyer of Russian crude. The wider trade surplus also suffered because exports contracted more steeply than imports during the same period.
The latest figures show a clear reduction in Russia's trade and energy revenues. With oil and gas earnings at their lowest in years, the country faces continued pressure from sanctions and shifting global demand. The trade surplus now stands at its weakest January level since before the pandemic.
