(Bloomberg) -- Russian imports recovered in the third quarter to last year’s level, buoyed by increased domestic demand even as international sanctions create difficulties for payments, according to the central bank.
The value of imported goods in the period reached $76 billion after annual decreases in the preceding three quarters, the Bank of Russia said Thursday in a report on the balance of payments. Imports rose about 9% on the previous quarter.
The recovery was fueled by expanded domestic demand coupled with ruble appreciation in the period, as well as an increase in car imports, the central bank said. The Russian currency gained 5% against the dollar compared with the previous year and 2% on the second quarter of 2024, according to the report.
“An improvement was seen in imports into Russia from various regions of the world,” the central bank said.
At the same time, the central bank acknowledged that imports continued to be restrained by complications with logistics and payments. After the US intensified pressure on banks in Russia’s key trading partners through threat of secondary sanctions, businesses are facing growing payment difficulties.
Russian exports declined by 1% in the third quarter on the previous year after 2% growth in the preceding three months amid Western sanctions on Russian key commodities, as well as an OPEC+ deal on decreasing oil production, the central bank said.
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