Russia recorded a trade surplus of $8.6 billion in November of 2025, narrowing from the $12.3 billion in the corresponding period of the previous year to mark the lowest trade surplus since July of 2023. It was the second-lowest surplus since February of 2022, when the Russian invasion of Ukraine resulted in shocks in global commodity markets and sweeping sanctions against the Russian economy. Exports contracted by 16.2% from the previous year to $32.9 billion, the sharpest decline in nearly two years, due to lower crude oil prices and the gradual shun of cargoes by Indian refiners following the US sanctions on Lukoil and Rosneft. In turn, imports fell by 3.1% to $26.1 billion, a fourth straight decline despite the strength in the ruble, as a weakening domestic economy limited demand for goods.

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