Russia’s economy takes a hit as its current-account surplus crashes 85% compared to last year

Russia’s President Vladimir Putin (L) meets with Foreign Minister Sergei Lavrov at the Bocharov Ruchei state residence in Sochi, March 10, 2014. REUTERS/Alexei Nikolskyi/RIA Novosti/Kremlin Russia’s current account surplus dropped 85% from January to July 2023 compared to the same stretch last year. That surplus reached a record high in 2022 as oil and gas exports boomed amid war in Ukraine. Now, however, those energy exports have slumped and Russia is struggling to maintain its energy trade. Russia’s economy has struggled to keep growing as its war with Ukraine drags on, and central bank data showed Wednesday that its current…