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Russia’s trade surplus widened to $14.2 billion in May 2026, up from $7.4 billion in the same month a year earlier. Exports jumped 32.4% year-on-year to $42.8 billion, marking the highest level this year and the strongest annual increase in four years. Export growth was driven by higher energy sales after the war in the Middle East disrupted tanker shipments from the Persian Gulf, pushing up global oil and gas prices. In addition to benefiting from higher prices, Russian oil producers gained from a relaxation of U.S. sanctions, as Washington sought to contain the surge in energy costs. Imports also increased, rising 14.8% to $28.7 billion.
