BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION. Moscow

2017 BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION Moscow

This publication has been prepared by the Statistics and Data Management Department of the Central Bank of the Russian Federation. Fax: 495-771-44-60 E-mail: ds_ext_sector@cbr.ru If you intend to use the published materials, reference to the Central Bank of the Russian Federation (Bank of Russia) is mandatory. This publication is posted on the official website of the Central Bank of the Russian Federation at the address: http://www.cbr.ru under the directory of «Statistics. Macroeconomic Financial Statistics. External Sector Statistics». Balance of payments and other materials on external economic activities of the Russian Federation including methodological commentaries are published in the monthly publication «Bank of Russia Statistical Bulletin», as well as on the official website of the Central Bank of the Russian Federation under the directories of «Statistics. Macroeconomic Financial Statistics. External Sector Statistics» and «Statistics. IMF Special Data Dissemination Standard (SDDS)». Advance information on future data releases of external sector statistics is posted under the directory of «Statistics. Official Statistics Release Calendar».

Legal Basis for Compilation of Balance of Payments, International Investment Position, and External Debt Statistics The legislative and legal basis for compilation of balance of payments, international investment position, and external debt statistics is set out in: - Federal Law of July 10, 2002 No. 86-FZ (as amended) «On the Central Bank of the Russian Federation (Bank of Russia)»; - Federal Law of November 29, 2007 No. 282-ФFZ (as amended) «On Official Statistical Accounting and the System of State Statistics in the Russian Federation»; - Federal Law of December 2, 1990 No. 395-1 (as amended) «On Banks and Banking Activity»; - Federal Law of July 27, 2006 No. 149-FZ (as amended) «On Information, Information Technologies, and Protection of Information»; - Resolution of the Government of the Russian Federation of September 26, 1997 No. 1226 «On Adherence of the Russian Federation to the IMF s Special Data Dissemination Standard»; - Order of the Government of the Russian Federation of May 26, 2008 No. 671-р (as amended on September 23, 2017) «On Approval of the Federal Plan of Statistical Works».

CONTENTS Balance of payments, international investment position, and external debt of the Russian Federation in 2017. Analytical commentary... 6 1. BALANCE OF PAYMENTS Table 1.1. Balance of payments of the Russian Federation in 2017. Standard components.. 19 Table 1.2. Balance of payments of the Russian Federation in 2011-2017. Main components.. 28 Table 1.3. Balance of payments of the Russian Federation in 2017. Analytical presentation.. 30 Table 1.4. Net imports/exports of capital by private sector in 2011-2017 (balance of payments data)... 31 Table 1.5. Current account of the balance of payments of the Russian Federation in 2011-2017, seasonally adjusted..... 32 Table 1.6. Main components of the current account of the balance of payments of the Russian Federation in 2011-2017, seasonally adjusted... 33 2. EXTERNAL MERCHANDISE TRADE Table 2.1. External merchandise trade of the Russian Federation in 2016-2017 (balance of payments methodology).. 34 Table 2.2. Exports of goods from the Russian Federation by country group and major trade partner country in 2017...... 35 Table 2.3. Imports of goods in the Russian Federation by country group and major trade partner country in 2017...... 36 Table 2.4. Commodity composition of merchandise trade balance of the Russian Federation in 2017 37 3. EXTERNAL TRADE IN SERVICES Table 3.1. External trade of the Russian Federation in services within the Extended Balance of Payments Services Classification in 2017... 38 Table 3.2. External trade of the Russian Federation in services by country group in 2017.. 42 Table 3.3. Exports of services of the Russian Federation under the Travel item in 2011-2017 by principal region. 43 Table 3.4. Imports of services by the Russian Federation under the Travel item in 2011-2017 by principal region.. 44 Supplement 3.1. Review of travel-related services exports and imports in 2017.... 45

4. CROSS-BORDER TRANSACTIONS OF INDIVIDUALS Table 4.1. Cross-border transfers of individuals (residents and nonresidents) in 2016-2017 55 Table 4.2. Cross-border remittances via money transfer operators in 2016-2017... 56 Table 4.3. Cross-border transfers of resident individuals in 2017 in breakdown by purpose.. 57 Table 4.4. Cross-border transfers of individuals (residents and nonresidents) in Q4 2017 by major counterparty country...... 58 Table 4.5. Cross-border remittances via payment systems in Q4 2017 by major counterparty country... 61 Table 4.6. Personal remittances in 2016-2017.... 62 Table 4.7. Personal remittances from the Russian Federation to CIS in 2016-2017... 63 Table 4.8. Personal remittances to the Russian Federation from CIS in 2016-2017..... 63 5. INTERNATIONAL INVESTMENT POSITION Table 5.1. International investment position of the Russian Federation in 2011-2017. Main components.... 64 Table 5.2. International investment position of the Russian Federation in 2017. Standard components... 65 Table 5.3. Currency composition of foreign assets and liabilities of the banking sector of the Russian Federation in 2016-2017... 69 Table 5.4. International investment position in international reserves of the Russian Federation in 2017... 70 6. EXTERNAL DEBT Table 6.1. External debt of the Russian Federation in 2017.. 71 Table 6.2. External debt of the Russian Federation in 2017 (by maturity and financial instrument) 72 Table 6.3. External debt of the Russian Federation in 2017 (in national and foreign currency by maturity)... 73 Table 6.4. Payment schedule of the external debt of the Russian Federation as of December 31, 2017: principal debt.... 74 Table 6.5. Payment schedule of the external debt of the Russian Federation as of December 31, 2017: interest.. 75 Table 6.6. International investment position for external debt of the Russian Federation in 2017. 76 Table 6.7. General government external debt of the Russian Federation. Actual payments in 2017.. 77 Table 6.8. External debt sustainability ratios of the Russian Federation in 2011-2017... 78

7. SUPPLEMENTARY MATERIALS TO EXTERNAL SECTOR STATISTICS Supplement 7.1. List of principal changes introduced in the balance of payments data of the Russian Federation for preceding periods..... 79 Supplement 7.2. List of principal changes introduced in the external debt of the Russian Federation data for preceding periods..... 82 Minor discrepancies between the total and the sum of components in some tables are due to the rounding of data. Symbols - the phenomenon is absent data not available

BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION IN 2017 BALANCE OF PAYMENTS OF THE RUSSIAN FEDERATION In 2017, strengthening of the current account of the balance of payments took place against the background of improved market prices for Russia s major export commodities. In line with cessation of the outflow of previously attracted foreign investment, it stimulated net lending of the rest of the world in the form of direct investment and international reserves (unlike the 2016 situation, when it was mostly in the form of reduced liabilities). The surplus in the current account in 2017 totaled $35.2 billion (against $24.4 billion in 2016). Growing surplus in the current account resulted from the strengthening of the trade balance against the background of a moderate widening of deficits under other components. Main Components of the Current Account In 2011-2017 (billions of US dollars) 250 200 150 100 50 97,3 71,3 33,4 57,5 67,7 24,4 35,2 0-50 -100-150 2011 2012 2013 2014 2015 2016 2017 Balance on merchandise trade Balance on primary and secondary income Balance on trade in services Balance on current account Merchandise exports increased to $353.0 billion, gaining 25.2% on the 2016 outcome. Exports dynamics was shaped, mostly, by growing supply values under the influence of the price factor. Exports deflator index reached 1.23, with the outpacing price growth rates for petroleum products (gaining 33.1%) and crude oil (rising by 27.7%). As a result of the year, the combined price index for four main fuel and energy products 1 stood at the level of 1.26. Higher world prices for other Russia s export commodities (growing by 1 Crude oil, petroleum products, natural gas, and liquefied natural gas. 6

18.5%) were the key underlying factor of rising exports values. Merchandise exports increased in natural terms by 2.2% which was the result of non-energy products exports, whilst physical volumes of hydrocarbons supplies remained at the level close to the 2016 outcome. Merchandise Exports in 2011-2017 (billions of US dollars, per balance of payments methodology) 600 500 515,4 527,4 521,8 496,8 400 341,4 353,0 300 281,8 200 100 0 2011 2012 2013 2014 2015 2016 2017 Crude oil Petroleum products Natural gas Other Exports The positive dynamics in terms of value was registered under all commodity groups of merchandise exports. The largest growth (by 27.2%) reaching $211.4 billion resulted from fuel and energy products exports, whose share in merchandise exports rose to 59.2% (from 58.2% in the preceding year). Supplies of ferrous and nonferrous metals, including the products thereof, gained 29.4% growing to $37.3 billion, with their weight in the total rising to 10.4%. Exports of machinery and equipment widened by 14.9% to $28.1 billion, representing 7.9% of the total (against 8.6% in the preceding year). Exports of food products and raw materials for their production increased by 21.3% to $20.7 billion, contributing 5.8% to the total (against 6.0% share in the preceding year). Exports of chemicals gained 15.0% totaling $23.9 billion while the group s share declined to 6.7% (from 7.3%). Despite a substantial increase of the values of energy supplies, the share of the European Union member, remaining major consumers thereof, fell by 1 percentage point to 44.7% in geographical composition of exports. At the same time, the share of exports to APEC economies grew to 24.2% (from 23.6%). The contribution of EAEU also increased reaching 9.4% (from 9.0%). Most of supplies volumes were accounted for by China (10.9%), the Netherlands (10.0%), Germany (7.2%), Belarus (5.2%), and Turkey (5.1%). 7

Merchandise imports grew in 2017 totaling $238.0 billion, gaining 24.2% on the 2016 outcome. Imports dynamics was stipulated by increased by 16.8% physical volumes of supplies, as well as by growing prices for imported goods by 6.4%. Merchandise Imports in 2011-2017 (billions of US dollars, per balance of payments methodology) 400,0 350,0 300,0 318,6 335,8 341,3 307,9 250,0 238,0 200,0 193,0 191,6 150,0 100,0 50,0 0,0 2011 2012 2013 2014 2015 2016 2017 Rebounding economic situation in the Russian Federation was conducive to the growth by 28.1% in imports of investment goods (machinery, equipment, and transport vehicles) reaching $110.3 billion. The group s share in imports composition rose to 48.6% against 47.2% in 2016. The largest contribution was made by increased supplies of equipment, and also those of means of ground transport. Metals supplies grew by 36.9%, which led to their share increasing to 6.9% (from 6.3%). Against the background of outpacing growth in machinery and metals imports, shares of other commodities in imports composition, mostly, fell. Thus, despite rising imports of chemicals and products of related industries by 19.0% to $40.3 billion, the group s share declined to 17.7% from 18.6% in the preceding year. Imports of food products and raw materials for their production gained 15.1% reaching $28.8 billion, whereas the group s contribution declined to 12.7% (from 13.7%). Geographic distribution of merchandise imports did not change much from the 2016 outcome, with APEC economies accounting for 40.4%, EU for 38.3%, EAEU for 7.7%. Russia s most important trading partners were China (21.2%), Germany (10.7%), the United States of America (5.5%), Belarus (5.2%), and Italy (4.5%). 8

Russia s Major Trading Partner - Countries (billions of US dollars) Merchandise Exports Merchandise Imports 60 40 20 0 20 40 60 CHINA GERMANY NETHERLANDS BELARUS ITALY USA TURKEY KOREA, REPUBLIC OF JAPAN KAZAKHSTAN 2017 2016 Deficit in the balance on external trade in services widened by 29.3%, reaching $31.1 billion due to more substantial growth of the volume of services imports. Exports of services increased to $57.8 billion, or by 14.4%. Value of transport services grew to $19.8 billion against $17.1 billion in 2016. The increase of rendered Travel services by $1.2 billion to $8.9 billion was explained by the growing dollar equivalent of nonresidents expenses related to their stay in Russia. Increased demand for other services provided to nonresidents reaching $29.1 billion (against $25.6 billion in 2016) resulted, mainly, from construction, and computer services. Imports of services grew to $88.9 billion, or by 19.2%. The indicator s dynamics was shaped by the outpacing rebound in residents spending registered under the Travel item (growing by 29.7% to $31.1 billion), primarily, due to the growing number of Russia s citizens trips abroad. Imports of other services in 2017 expanded to $43.4 billion against $38.8 billion in 2016, mostly, in the segment of architectural, engineering, and other technical services, and also in the charges for the use of intellectual property. The volume of services provided by foreign transport companies increased to $14.5 billion (from 11.8 billion) caused by residents demand for air transport services. 9

Composition of Services Exports and Imports in 2017 (% of the total) Services Exports Services Imports 29% 27% 16% 34% 22% 15% 22% 35% Transport services Travel Other business services Other services The negative balance on compensation of employees widened by one quarter, reaching $2.3 billion. The amount of compensation of employees paid to nonresidents grew from $5.5 billion to $6.4 billion due to the increasing dollar equivalent of their wages, while the number of migrants employed for less than one year in the economy of the Russian Federation declined. Compensation of employees receivable by Russia s citizens working abroad reached $4.1 billion (against $3.7 billion in the preceding year). Deficit in the balance on investment income widened from $33.7 billion to $37.3 billion. The outpacing growth in income payable led to the expansion of the negative balance on other sectors investment income to $37.7 billion from $36.9 billion in the preceding year. The surplus in the balance on investment income of the banking sector shrank to $0.9 billion from $3.4 billion in 2016 due to the fall in receipts from nonresidents. Deficit in the balance on the secondary income account in 2017 gained $2.9 billion, reaching $9.2 billion, which resulted from the growing personal transfers for the benefit of nonresidents. Capital account was practically balanced. Net lending to the rest of the world, reflected in the financial account (excluding reserve assets), totaled in 2017 $16.1 billion (against $10.9 billion), and it was shaped by the buildup of foreign assets. External liabilities expanded by $1.2 billion (in 2016 году the reduction amounted to $6.2 billion). Foreign liabilities of general government increased by $15.1 billion (against $4.5 billion in 2016), primarily, as a result of nonresidents acquisition of Russian ruble-denominated sovereign securities on the secondary market. An increase in central bank s external liabilities by $1.3 billion (against the outcome of $0.4 billion in 2016) was shaped by repo transactions with nonresident banks. Net decrease in liabilities of the private sector in 2017 totaled $15.2 billion (against $11.1 billion in the preceding year). 10

Meanwhile, foreign liabilities of the banking sector declined by $29.3 billion (against $27.1 billion in 2016). In contrast, external liabilities of other sectors gained $14.1 billion (against $16.0 billion in 2016). Direct investment grew by $26.4 billion (against $30.9 billion in 2016). As a result of transactions with financial instruments of Russia s issuers, their value in foreign investors portfolios decreased by $4.5 billion while the 2016 aggregate was close to zero. Net-repayment of external loans by other sectors shrank to $8.6 billion (the 2016 outcome amounted to $13.6 billion). 150 Net Incurrence of Liabilities by Residents by Investment Category in 2011-2017 (billions of US dollars) 100 50 0-50 -100 2011 2012 2013 2014 2015 2016 2017 Direct investment Portfolio investment Financial derivatives Other investment Minus sign «-» denotes net reduction of residents foreign liabilities. Financial assets, excluding reserve assets, in 2017 increased by $17.3 billion (against $4.6 billion in 2016). Foreign claims of general government and central bank gained $3.1 billion (against $0.9 billion in 2016). Net-increase in financial assets of the private sector 2 in 2017 totaled $13.4 billion (against $2.8 billion in 2016). Foreign assets of banks declined by $4.4 billion against $28.3 billion in 2016. Net acquisition of financial assets by other sectors 2 decreased to $17.8 billion (from $31.1 billion). An almost two-time increase in investment in foreign assets in the form of direct investment reaching $37.8 billion was shaped, primarily, by contributions to the equity of foreign companies. The volume of cash foreign currency resulting from transactions between residents and nonresidents shrank by $6.0 billion (against $4.7 outcome in 2016), which was related, inter alia, to growing imports of Travel services. 2 Excluding indebtedness on supplies under intergovernmental agreements. 11

The size of fictitious transactions 3 has not materially changed and stood at the level of $0.4 billion. Net Acquisition of Financial Assets by Residents exclusive of reserve assets, by investment category in 2011-2017 (billions of US dollars) 200 150 100 50 0-50 -100 2011 2012 2013 2014 2015 2016 2017 Direct investment Portfolio investment Financial derivatives Other investment Minus sign «-» denotes net reduction of residents foreign assets. Net private sector capital outflows in the reporting year amounted to $24.8 billion (against $18.4 billion in 2016), which was caused by the reduction in foreign liabilities of the banking sector while the influence of other sectors transactions remained neutral. INTERNATIONAL RESERVES OF THE RUSSIAN FEDERATION International reserves of the Russian Federation in the course of 2017 increased from $377.7 billion to $432.7 billion. The increase of international reserves resulting from transactions recorded in the balance of payments totaled $22.6 billion (against $8.2 billion a year before), which was stipulated both by acquisition of foreign currency on the domestic market within the framework of the mechanisms of budgetary policy, associated with preparation of the transition to new budgetary rules, and by repayment of earlier contracted loans by Russia s credit organizations. 3 Fictitious transactions include those with the attributes of fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents, and money transfers to residents' own accounts abroad with the purpose of cross border money transferring. 12

Positive exchange rate and market revaluation in the amount of $24.8 billion was shaped under conditions of weakening US dollar on international FOREX markets and corresponding increase of the dollar equivalent of reserve assets denominated in other currencies, and also due to growing gold prices. The value of monetary gold as of December 31, 2017 stood at $76.6 billion. The stock of gold gained $16.5 billion in value terms representing a 27.3% increase, which was determined by a cumulative effect of positive revaluation (by $7.4 billion) with a record replenishment of Bank of Russia holdings in physical terms (by $9.0 billion). The share of gold in international reserves grew from 15.9% at the beginning of the year to 17.7% at the year end. As of December 31, 2017 the volume of international reserves was sufficient to cover financing of imports of goods and services during 16 months (as of December 31, 2016 the cover was 17 months). INTERNATIONAL INVESTMENT POSITION OF THE RUSSIAN FEDERATION Volume of foreign assets of the Russian Federation as of December 31, 2017 totaled $1341.2 billion, gaining in the course of 2017 $108.4 billion, or 8.8%. The changes were determined, mostly, by a positive revaluation in the amount of $53.0 billion against the background of weakening exchange rate of the US dollar vis-à-vis other currencies. Due to transactions external assets grew by $39.9 billion. Reserve assets increased by $55.0 billion reaching $432.7 billion, direct investment abroad gained $52.8 billion totaling $470.9 billion. Portfolio investment remained virtually unchanged amounting to $73.9 billion. Within other investment, totaling $358.8 billion as of December 31, 2017, growth of other sectors balances on deposit and in cash foreign currencies compensated lower claims on nonresidents under other financial instruments. External liabilities of the Russian Federation totaled as of December 31, 2017 $1073.4 billion as compared with $1021.4 billion as of December 31, 2016. The growth was mainly due to the positive revaluation of $54.0 billion. Direct investment liabilities gained $57.5 billion over the year reaching $535.2 billion. Portfolio investment from abroad grew by $14.8 billion, amounting to $230.8 billion, which was caused by foreign investment in Russian sovereign securities along with reduced liabilities under equity instruments. Other investment liabilities declined by $18.4 billion to $302.9 billion, resulting from the reduction of indebtedness of the banking sector to nonresidents on deposits. In the course of 2017 the outpacing growth of foreign assets led to an increase of the net international investment position of the Russian Federation by $56.3 billion, or by 26.6%, to $267.8 billion. 13

Changes in International Investment Position in 2016-2017 (billions of US dollars) Assets Liabilities 120 200 100 150 80 100 60 50 40 20 0 0 2016 2017-50 2016 2017 Changes: resulting from transactions resulting from revaluation resulting from other changes Composition of International Investment Position as of 31.12.2017 Assets Liabilities 32% 21% 11% 9% 6% 27% 29% 13% 18% 35% 3% 50% 2% Direct investment Portfolio investment Reserve assets Other investment Currency and deposits Loans Other categories 14

EXTERNAL DEBT OF THE RUSSIAN FEDERATION External debt of the Russian Federation as of December 31, 2017 totaled $518.9 billion, increasing from the beginning of the year by $7.2 billion, or by 1.4%. The positive contribution of revaluations of $14.7 billion related mostly to the weakening of US dollar vis-à-vis other currencies in the international markets exceeding the debt reduction as a result of transactions (by $2.3 billion) and other changes (by $5.2 billion). Within the composition of external indebtedness, the share of liabilities of general government and central bank grew reaching 13.5% (from 10.0% as of December 31, 2016), banks and other sectors accounted for 86.5% (against 90.0%). Indebtedness to direct investors and direct investment enterprises included within the debt of the private sector represented 28.7% against 27.7% in the preceding year. Debt of the public sector broadly defined 4 totaled $253.8 billion remaining virtually unchanged during the year. External debt of the private sector increased by 2.1%, or by $5.5 billion reaching $265.1 billion. External Debt of the Russian Federation (billions of US dollars, end of period) 800,00 700,00 600,00 500,00 400,00 300,00 200,00 100,00 0,00 General government Central bank Banks Other sectors Indebtedness of federal government increased by $16.7 billion reaching $55.6 billion. Liabilities adopted by the Russian Federation as a successor of the former USSR contracted by $0.3 billion. Within the composition of the new Russia s debt, growth was registered both in the segment of sovereign debt negotiable instruments denominated in Russian rubles (by $13.7 billion), and in securities denominated in foreign currency 4 In detailed analytical presentation of external debt data additional grouping is used for institutional sectors: public sector broadly defined includes external indebtedness of general government, central bank, and also of those banks and nonbank corporations in which general government and central bank directly or indirectly own 50 percent and more of the equity or control them otherwise. Debt liabilities to nonresidents of other residents that do not fall under this definition are classified as external debt of the private sector. 15

(by $3.4 billion). External debt liabilities of local government of the Russian Federation have not practically changed amounting to $0.2 billion. Payments to repay and service external debt of general government grew to $4.4 billion (from $3.6 billion in 2016). Indebtedness of central bank totaled $14.5 billion against $12.1 billion at the beginning of the year. The gain resulted primarily from short-term indebtedness under repo transactions ($1.9 billion). Of the total amount of central bank s debt, liabilities to the IMF on Special Drawing Rights (SDRs) allocated to the Russian Federation accounted for 55.8%; indebtedness under repo transactions with nonresidents represented 31.0%; Russian rubles in cash, accounts and deposits held by nonresidents contributed $13.2%. External debt of the banking sector contracted in the course of 2017 by $16.0 billion totaling $103.4 billion, its share in combined indebtedness as of December 31, 2017 stood at 19.9%. Banks and Other Sectors External Debt Composition (as of December 31, 2017) Banks Other sectors 87,8% 53,6% 41,8% 4,4% 2,4% 0,2% 5,2% 1,1% 2,3% 1,2% Debt liabilities to direct investors and direct investment enterprises Current accounts and deposits (without participation in equity) Credits, including trade credits Debt securities Indebtedness on financial leases Other investment External indebtedness of other sectors amounted to $345.2 billion (against $341.1 billion as of December 31, 2016). Indebtedness to affiliated foreign entities grew by $7.9 billion reaching $144.3 billion both as a result of transactions associated, inter alia, with receipt of funds from Eurobond placements, and due to the positive revaluation. The change in indebtedness to foreign portfolio investors from $6.0 billion to $7.9 billion was the result of increased demand of nonresidents for debt securities of Russian issuers. Liabilities under loans and deposits fell by $6.3 billion to $181.5 billion. The weight of other sectors debt in the total composition of external indebtedness remained in the course of 2017 virtually unchanged and as of December 31, 2017 stood at 66.5%. 16

External Debt of the Russian Federation in breakdown by economic sector and maturity (billions of US dollars) 500 19,1 18,6 250 27,1 31,0 321,9 326,6 0 0,3 38,8 0,3 55,5 4,4 6,4 7,6 8,1 92,3 72,3 General government Central bank Banking sector Other sectors Long-term liabilities as of 31.12.16 Short-term liabilities as of 31.12.16 Long-term liabilities as of 31.12.17 Short-term liabilities as of 31.12.17 Growth of debt was observed mainly in the segment of short-term liabilities changing from $51.0 billion to $56.3 billion in the course of 2017, their share reached 10.9% of the combined indebtedness (against 10.0% at the beginning of the year). The buildup of indebtedness with less than one year maturity was to a considerable extent driven by foreign liabilities of state-owned banks. Insignificant positive dynamics of long-term liabilities was shaped by the growth by $6.4 billion of the private sector s indebtedness, on one hand, and by the contraction by $4.5 billion of the debt of the public sector broadly defined, on the other. Within the currency composition, growth of liabilities was related to indebtedness denominated in Russian rubles. The main factors underlying the latter were acquisition of sovereign securities by nonresidents and increasing liabilities of the private sector to direct investors and direct investment enterprises. The weight of domestic currency in total volume of external debt reached 26.5% (from 21.6% at the beginning of 2017). As of December 31, 2017, according to international criteria, the debt burden on Russia s economy remained moderate with the external debt-to-gdp ratio declining to 33% (from 40% at the beginning of 2017), with general government s external debt liabilities-to-gdp ratio rising to 4% (from 3% at the beginning of 2017). 17

60,0 External Debt of the Russian Federation Sustainability Indicators Dynamics (as of the end of the period) 6,0 40,0 in percent 20,0 32,1 26,3 29,0 31,8 31,8 32,6 30,4 28,8 29,5 32,4 35,9 37,7 39,0 41,3 40,9 39,5 37,5 36,0 34,8 32,9 4,0 2,0 thousands of US dollars 10,4 8,6 9,3 10,2 10,1 10,3 9,2 8,6 7,3 8,8 9,0 9,3 9,7 10,9 10,5 10,3 10,9 10,5 10,2 8,7 0,0 0,0 External debt payments/gdp (left scale) External debt/gdp (left scale) External debt per capita (right scale) 18

Table 1.1 Balance of Payments of the Russian Federation in 2017 Standard Components The presentation of Russia's balance of payments data is prepared by the Bank of Russia in accordance with the standard components recommended in the 6th edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6) and is used to report country's data to the IMF. A few of the standard components remain in Russia's circumstances either insignificant or are not captured in the data collection for the time being. The standard BPM6 presentation employs a commonly accepted use of the mathematical signs "+" and "-" to denote respectively net increase and net decrease of financial assets and liabilities. The negative sign is not used in the curren t and capital accounts for representing imports of goods and services, as well as primary and secondary income payable and capital transfers payable. The sum of the balances on the current and capital accounts represents the net lending "+" or net borrowing "-" by the economy with the rest of the world. This is conceptually equal to the net balance on the financial account. The residual difference between the sum of net lending/net borrowing derived from the financial account, on one hand, and the same item derived from the current and capital accounts, on the other, is stated in the balance of payments as net errors and omissions item. Reserve assets are presented as standard components of the financial account. Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Current account 22 253 2 210-2 987 13 698 35 173 Credit 108 205 112 143 114 671 134 345 469 363 Debit 85 953 109 933 117 658 120 647 434 190 Goods and services 29 292 17 641 11 071 25 883 83 886 Credit 94 942 98 638 99 957 117 256 410 793 Debit 65 649 80 998 88 886 91 373 326 906 Goods 34 480 25 230 20 781 34 491 114 982 Credit 82 588 83 870 84 572 101 944 352 975 Debit 48 108 58 640 63 792 67 453 237 993 General merchandise on a balance of payments basis 34 102 24 806 20 725 34 034 113 667 Credit 82 209 83 446 84 517 101 487 351 659 Debit 48 108 58 640 63 792 67 453 237 993 Net exports of goods under merchanting 378 424 55 457 1 315 Goods acquired under merchanting -722-867 -1 179-1 099-3 867 Goods sold under merchanting 1 100 1 291 1 234 1 557 5 183 Services -5 188-7 589-9 710-8 609-31 096 Credit 12 354 14 768 15 384 15 312 57 818 Debit 17 542 22 357 25 095 23 920 88 914 Manufacturing services on physical inputs owned by others 341 387 318 326 1 372 Credit 373 422 359 374 1 529 Debit 32 36 41 48 157 Goods for processing in reporting economy Goods returned (credit), Goods received (debit) 296 489 409 728 1 922 Credit 710 777 690 1 111 3 287 Debit 413 288 281 383 1 366 Goods for processing abroad - Goods sent (credit), Goods returned (debit) -13-25 -42-38 -118 Credit 64 68 59 70 262 Debit 77 93 102 108 380 Maintenance and repair services 111-106 -36 50 20 Credit 477 359 400 563 1 800 Debit 366 464 436 513 1 780 Transport 1 269 1 411 1 391 1 290 5 361 Credit 4 221 5 070 5 262 5 259 19 812 Debit 2 953 3 659 3 871 3 969 14 451 Passenger 409 439 388 275 1 511 Credit 1 321 1 647 1 605 1 465 6 038 Debit 912 1 208 1 217 1 190 4 527 Freight 47 43 96 123 309 Credit 1 424 1 741 1 869 2 060 7 094 Debit 1 377 1 698 1 773 1 937 6 785 Other 813 930 907 892 3 541 Credit 1 476 1 682 1 787 1 734 6 680 Debit 664 753 880 842 3 139 Sea transport 296 265 307 265 1 133 Credit 1 114 1 223 1 273 1 302 4 912 Debit 818 958 966 1 037 3 779 Passenger 0-1 0-1 -2 Credit 0 0 0 0 1 Debit 0 1 1 1 3 19

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Freight -385-491 -506-531 -1 913 Credit 178 205 223 245 851 Debit 562 696 729 777 2 764 Other 681 756 813 797 3 048 Credit 936 1 018 1 050 1 057 4 060 Debit 255 262 236 260 1 012 Air transport 403 469 351 278 1 501 Credit 2 085 2 653 2 697 2 620 10 054 Debit 1 683 2 184 2 345 2 342 8 553 Passenger 417 454 405 292 1 567 Credit 1 291 1 603 1 558 1 430 5 882 Debit 875 1 150 1 153 1 137 4 315 Freight -129-89 -118-84 -420 Credit 394 580 565 693 2 232 Debit 523 669 684 777 2 652 Other 115 105 65 69 354 Credit 400 470 574 497 1 940 Debit 285 365 509 427 1 587 Other modes of transport 531 596 608 589 2 324 Credit 977 1 106 1 159 1 173 4 415 Debit 447 510 551 583 2 091 Passenger -7-14 -17-16 -55 Credit 30 43 47 35 155 Debit 37 57 64 51 209 Freight 522 541 596 580 2 239 Credit 808 868 947 957 3 580 Debit 286 327 352 377 1 341 Other 16 69 29 26 140 Credit 140 195 164 181 680 Debit 124 126 135 155 540 Postal and courier services 39 82 125 158 403 Credit 45 88 134 165 431 Debit 6 6 9 7 28 Travel -3 716-5 813-7 402-5 181-22 113 Credit 1 622 2 313 3 126 1 884 8 945 Debit 5 338 8 127 10 528 7 065 31 058 Business 629 655 800 660 2 744 Credit 963 1 038 1 170 1 049 4 220 Debit 334 384 370 389 1 476 Personal -4 345-6 468-8 202-5 841-24 857 Credit 659 1 275 1 956 835 4 725 Debit 5 004 7 743 10 158 6 676 29 581 Construction -3 221 16 89 322 Credit 797 1 265 1 230 1 477 4 769 Debit 800 1 045 1 214 1 388 4 447 Construction abroad 126 114 69 40 348 Credit 259 268 247 345 1 118 Debit 134 154 178 305 770 Construction in the reporting economy -129 107-53 50-26 Credit 538 998 983 1 133 3 651 Debit 666 891 1 037 1 083 3 677 Insurance and pension services -210-341 -110-227 -888 Credit 118 55 112 79 364 Debit 329 396 222 306 1 253 Direct insurance 22-18 14-17 2 Credit 56 20 52 29 157 Debit 33 38 38 46 155 Reinsurance -237-331 -118-206 -893 Credit 46 15 53 38 151 Debit 283 346 171 244 1 044 Auxiliary insurance services 5 7-5 -5 2 Credit 17 19 8 12 56 Debit 12 12 13 17 54 Financial services -82-386 -258-386 -1 112 Credit 339 266 269 258 1 132 Debit 421 652 527 644 2 244 Explicitly charged and other financial services -2-274 -105-280 -661 Credit 327 252 251 241 1 071 Debit 329 526 356 521 1 732 Financial intermediation services indirectly measured (FISIM) -79-113 -153-107 -451 20

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Credit 12 14 18 16 61 Debit 91 127 171 123 512 Charges for the use of intellectual property -1 135-1 269-1 277-1 558-5 240 Credit 165 154 181 239 740 Debit 1 301 1 423 1 458 1 798 5 980 Telecommunications, computer, and information services -135-62 -83-245 -526 Credit 1 028 1 155 1 225 1 381 4 789 Debit 1 163 1 217 1 308 1 626 5 315 Telecommunications services -39-50 -56-78 -223 Credit 257 296 335 359 1 247 Debit 296 346 391 437 1 470 Computer services -31 76 46-72 19 Credit 741 830 862 984 3 417 Debit 772 754 816 1 056 3 398 Information services -65-89 -72-96 -322 Credit 30 29 29 37 125 Debit 95 118 101 133 446 Other business services -1 257-1 239-2 002-2 306-6 803 Credit 2 936 3 371 2 865 3 390 12 562 Debit 4 193 4 610 4 867 5 696 19 365 Research and development services 80 74 81 66 301 Credit 102 105 112 111 430 Debit 21 31 31 45 129 Professional and management consulting services 171 278-165 39 322 Credit 1 332 1 430 1 381 1 585 5 727 Debit 1 161 1 152 1 546 1 546 5 405 Technical, trade-related, and other business services -1 508-1 591-1 918-2 410-7 427 Credit 1 503 1 836 1 372 1 695 6 405 Debit 3 010 3 427 3 290 4 105 13 832 Personal, cultural, and recreational services -215-202 -181-348 -947 Credit 90 129 135 139 493 Debit 305 331 317 487 1 440 Audiovisual and related services -89-133 -109-178 -509 Credit 36 47 52 65 200 Debit 125 180 161 243 709 Other personal, cultural, and recreational services -125-69 -73-171 -438 Credit 54 82 83 74 293 Debit 179 151 156 245 731 Government goods and services n.i.e. -154-189 -86-112 -542 Credit 187 209 219 268 883 Debit 341 398 306 380 1 424 Primary income -5 185-13 893-11 087-9 355-39 519 Credit 11 508 10 495 11 888 14 463 48 354 Debit 16 693 24 388 22 975 23 818 87 873 Compensation of employees -588-578 -455-657 -2 278 Credit 923 993 1 112 1 060 4 089 Debit 1 511 1 572 1 567 1 717 6 367 Investment income -4 610-13 325-10 641-8 710-37 287 Credit 10 556 9 471 10 743 13 370 44 139 Debit 15 167 22 796 21 384 22 079 81 426 Direct investment -4 272-7 910-7 972-7 002-27 156 Credit 6 889 5 950 7 002 9 266 29 106 Debit 11 161 13 860 14 974 16 268 56 262 Income on equity and investment fund shares -3 821-7 365-7 163-5 796-24 144 Credit 5 636 4 901 6 281 8 396 25 214 Debit 9 457 12 267 13 444 14 192 49 359 Dividends and distributed profits -1 517-9 350-5 772-5 121-21 761 Credit 1 671 2 626 2 458 5 026 11 781 Debit 3 188 11 976 8 231 10 147 33 541 Direct investor in direct investment enterprises -1 517-9 350-5 772-5 121-21 760 Credit 1 671 2 626 2 458 5 026 11 781 Debit 3 188 11 976 8 230 10 147 33 541 Reinvested earnings -2 304 1 984-1 390-674 -2 384 Credit 3 965 2 275 3 823 3 370 13 434 Debit 6 269 291 5 213 4 045 15 817 Interest -451-545 -810-1 206-3 012 Credit 1 253 1 048 721 870 3 891 Debit 1 704 1 593 1 530 2 076 6 903 21

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Direct investor in direct investment enterprises 462 324-160 -278 348 Credit 891 667 276 449 2 283 Debit 429 343 436 727 1 934 Direct investment enterprises in direct investor (reverse investment) -772-597 -436-792 -2 597 Credit 158 166 218 117 659 Debit 930 763 654 910 3 256 Between fellow enterprises -142-272 -213-136 -764 Credit 204 216 227 303 950 Debit 346 488 440 439 1 713 Portfolio investment -205-5 036-2 825-1 730-9 797 Credit 1 035 1 011 934 1 172 4 151 Debit 1 240 6 047 3 759 2 903 13 948 Investment income on equity and investment fund shares -466-5 072-2 789-1 797-10 125 Credit 18 40 57 77 192 Debit 484 5 112 2 846 1 874 10 317 Dividends on equity excluding investment fund shares -450-5 065-2 786-1 796-10 096 Credit 18 40 57 77 192 Debit 468 5 105 2 843 1 872 10 288 Investment income attributable to investment fund shareholders -16-7 -4-2 -28 Credit 0 0 0 0 0 Debit 16 7 4 2 28 Dividends -16-7 -4-2 -28 Credit 0 0 0 0 0 Debit 16 7 4 2 28 Interest 261 36-36 67 328 Credit 1 017 970 877 1 096 3 959 Debit 756 934 912 1 029 3 631 Short-term 2 54 11 0 67 Credit 6 62 15 4 87 Debit 5 8 3 4 20 Long-term 259-18 -47 67 261 Credit 1 011 908 862 1 091 3 872 Debit 751 926 909 1 025 3 611 Other investment -449-812 -368-633 -2 262 Credit 2 318 2 077 2 283 2 276 8 954 Debit 2 766 2 889 2 652 2 909 11 216 Interest -449-812 -368-633 -2 262 Credit 2 318 2 077 2 283 2 276 8 954 Debit 2 766 2 889 2 652 2 909 11 216 Reserve assets (Credit) 315 433 524 655 1 929 Interest (credit) 315 433 524 655 1 929 Other primary income 14 11 10 11 46 Credit 29 31 34 32 126 Debit 15 20 24 21 80 Rent 14 11 10 11 46 Credit 29 31 34 32 126 Debit 15 20 24 21 80 Secondary income -1 855-1 538-2 971-2 830-9 194 Credit 1 755 3 009 2 826 2 626 10 216 Debit 3 610 4 548 5 796 5 456 19 410 General government -96 959 159 62 1 085 Credit 599 1 674 1 304 1 167 4 745 Debit 695 715 1 145 1 105 3 660 Current taxes on income, wealth, etc. (credit) 248 1 238 880 729 3 095 Of which: payable by border, seasonal, and other short-term workers 50 53 44 44 192 Social contributions (credit) 85 90 75 75 325 Of which: payable by border, seasonal, and other short-term workers (credit) 85 90 75 75 325 Social benefits (debit) 56 44 68 67 234 Current international cooperation -330-302 -671-621 -1 923 Credit 0 0 0 0 0 Debit 330 302 671 621 1 923 Miscellaneous current transfers of general government -42-24 -58-54 -178 Credit 267 346 349 363 1 325 Debit 309 370 407 417 1 503 Financial corporations, nonfinancial corporations, households, and NPISHs -1 760-2 497-3 130-2 892-10 279 Credit 1 156 1 335 1 521 1 459 5 471 Debit 2 915 3 832 4 651 4 351 15 750 Personal transfers (Current transfers between resident and nonresident households) -1 680-2 460-3 223-2 785-10 147 Credit 852 1 005 992 1 102 3 951 Debit 2 532 3 465 4 214 3 887 14 098 22

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Of which: Workers' remittances -1 644-2 383-2 819-2 481-9 325 Credit 316 388 398 440 1 542 Debit 1 960 2 770 3 217 2 921 10 868 Other current transfers -80-37 93-107 -131 Credit 304 330 530 357 1 521 Debit 384 367 437 465 1 652 Current taxes on income, wealth, etc.(debit) 62 62 64 80 268 Net nonlife insurance premiums -102-164 -56-111 -433 Credit 44 15 45 28 133 Debit 146 179 101 139 566 Nonlife insurance claims 41 110 144 12 308 Credit 78 119 268 59 523 Debit 36 9 124 46 215 Current international cooperation -4-4 -3 5-6 Credit 4 0 2 12 19 Debit 8 5 4 7 25 Miscellaneous current transfers 47 83 72 66 268 Credit 178 196 215 258 847 Debit 132 113 143 191 579 Of which: Current transfers to NPISHs 66 100 101 93 360 Credit 121 131 159 165 576 Debit 55 31 58 72 216 Capital account 43-178 -57-40 -233 Credit 140 59 76 256 532 Debit 97 237 133 297 764 Gross acquisitions (debit) / disposals (credit) of nonproduced nonfinancial assets 24-3 -49-11 -39 Credit 41 20 35 12 108 Debit 17 22 84 23 147 Capital transfers 19-176 -8-29 -194 Credit 99 39 41 245 424 Debit 80 215 49 274 617 General government -66-187 -19-257 -530 Credit 3 0 0 0 3 Debit 69 187 20 258 533 Debt forgiveness -66-174 -8-207 -456 Credit 0 0 0 0 0 Debit 66 174 8 207 456 Other capital transfers 0-13 -11-50 -74 Credit 3 0 0 0 3 Debit 2 13 11 50 77 Financial corporations, nonfinancial corporations, households, and NPISHs 85 11 12 228 336 Credit 96 39 41 244 420 Debit 11 28 29 16 84 Debt forgiveness 71 13 28 191 303 Credit 72 13 28 191 305 Debit 1 0 0 0 1 Other capital transfers 14-2 -17 37 33 Credit 24 26 13 53 116 Debit 10 28 29 16 83 Net lending (+) / net borrowing (-) (balance from current and capital accounts) 22 296 2 031-3 044 13 657 34 941 Financial account Net lending (+) / net borrowing (-) (balance from financial account) 23 002 5 919-3 798 13 624 38 747 Direct investment 3 400-5 207 1 768 10 786 10 748 Net acquisition of financial assets 8 676 7 803 9 628 12 527 38 634 Equity and investment fund shares 10 515 2 835 7 392 15 202 35 944 Equity other than reinvestment of earnings 6 550 560 3 570 11 831 22 510 Direct investor in direct investment enterprises 6 549 557 3 564 11 827 22 497 Direct investment enterprises in direct investor (reverse investment) 1 3 6 4 14 Between fellow enterprises 0 0 0 0 0 if ultimate controlling parent is resident 0 0 0 0 0 if ultimate controlling parent is nonresident 0 0 0 0 0 if ultimate controlling parent is unknown 0 0 0 0 0 Reinvestment of earnings 3 965 2 275 3 823 3 370 13 434 Debt instruments -1 839 4 968 2 235-2 674 2 690 Direct investor in direct investment enterprises -1 744 1 377 958-6 149-5 559 Direct investment enterprises in direct investor (reverse investment) -487 1 092 165 1 461 2 230 Between fellow enterprises 392 2 499 1 113 2 014 6 019 23

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 if ultimate controlling parent is resident 0-10 -5 126 111 if ultimate controlling parent is nonresident 0 142-124 72 91 if ultimate controlling parent is unknown 392 2 367 1 242 1 816 5 817 Of which: Debt securities 33-308 -38-287 -601 Direct investor in direct investment enterprises 0 5-29 -344-367 Direct investment enterprises in direct investor (reverse investment) 16-426 39 16-356 Between fellow enterprises 17 113-48 40 123 if ultimate controlling parent is resident 0 0 1 54 55 if ultimate controlling parent is nonresident 3 143-126 16 36 if ultimate controlling parent is unknown 14-30 77-30 31 Net incurrence of liabilities 5 276 13 010 7 860 1 742 27 886 Equity and investment fund shares 9 189 4 150 8 342 3 836 25 516 Equity other than reinvestment of earnings 2 920 3 859 3 129-209 9 699 Direct investor in direct investment enterprises 2 968 3 859 2 961-890 8 897 Direct investment enterprises in direct investor (reverse investment) 0 0-2 6 4 Between fellow enterprises -47 0 170 675 798 if ultimate controlling parent is resident 0 0 170 675 845 if ultimate controlling parent is nonresident -47 0 0 0-47 if ultimate controlling parent is unknown 0 0 0 0 0 Reinvestment of earnings 6 269 291 5 213 4 045 15 817 Debt instruments -3 914 8 860-482 -2 094 2 370 Direct investor in direct investment enterprises -364 2 840-468 -1 709 297 Direct investment enterprises in direct investor (reverse investment) -4 322 3 791 143-140 -528 Between fellow enterprises 773 2 229-157 -244 2 601 if ultimate controlling parent is resident -98 15 14 16-54 if ultimate controlling parent is nonresident 161 16-956 157-621 if ultimate controlling parent is unknown 709 2 198 786-418 3 275 Of which: Debt securities 49 8 32-455 -366 Direct investor in direct investment enterprises 49 8 32-455 -366 Direct investment enterprises in direct investor (reverse investment) 0 0 0 0 0 Between fellow enterprises 0 0 0 0 0 Portfolio investment 2 176 1 523-10 250-1 521-8 072 Net acquisition of financial assets 131 2 383-357 -899 1 258 Equity and investment fund shares -194-16 345 63 198 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank -222 21 311-341 -231 General government 0 0 0 0 0 Other sectors 27-37 34 405 430 Other financial corporations -37-54 7 278 194 Nonfinancial corporations, households, and NPISHs 64 17 27 127 235 Equity securities other than investment fund shares -170-20 330 55 195 Investment fund shares or units -24 4 15 8 3 Debt securities 325 2 399-702 -962 1 059 Central bank 1 0 4 8 14 Short-term 0 0 0 0 0 Long-term 1 0 4 8 14 Deposit-taking corporations, except central bank -1 263 1 291-2 521-1 132-3 625 Short-term 585 2 199-2 232-703 -150 Long-term -1 849-908 -289-429 -3 474 General government 0 0 0 0 0 Short-term 0 0 0 0 0 Other sectors 1 587 1 108 1 814 161 4 670 Short-term 9-290 -359-7 -646 Long-term 1 578 1 398 2 173 168 5 316 Other financial corporations 1 034 939 1 258 689 3 920 Short-term -11-5 5 1-10 Long-term 1 046 944 1 252 688 3 930 Nonfinancial corporations, households, and NPISHs 553 169 557-528 750 Short-term 21-285 -365-7 -636 Long-term 532 453 921-520 1 386 Net incurrence of liabilities -2 045 860 9 893 622 9 330 Equity and investment fund shares -6 781-1 602 1 399-865 -7 851 Deposit-taking corporations, except central bank -849-436 493-347 -1 139 General government 0 0 0 0 0 24

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Other sectors -5 932-1 167 906-518 -6 711 Other financial corporations 135-80 4 0 59 Nonfinancial corporations, households, and NPISHs -6 068-1 086 901-518 -6 770 Equity securities other than investment fund shares -6 778-1 600 1 414-865 -7 830 Investment fund shares or units -3-2 -16 0-21 Debt securities 4 736 2 462 8 494 1 487 17 180 Central bank 0 0 0 0 0 Short-term 0 0 0 0 0 Deposit-taking corporations, except central bank -501-111 -60 92-579 Short-term -131-153 -67 134-218 Long-term -370 43 7-42 -362 General government 4 432 2 393 7 289 1 409 15 523 Short-term 0 0 0 0 0 Long-term 4 432 2 393 7 289 1 409 15 523 Other sectors 805 180 1 266-14 2 237 Short-term 0 0 0 0 0 Long-term 805 180 1 266-14 2 237 Other financial corporations 398 74 572 100 1 144 Short-term 0 0 0 0 0 Long-term 398 74 572 100 1 144 Nonfinancial corporations, households, and NPISHs 407 106 693-114 1 092 Short-term 0 0 0 0 0 Long-term 407 106 693-114 1 092 Financial derivatives (other than reserves) and employee stock options 427 185 100-562 150 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank 481 135 318-264 670 Other sectors -54 50-218 -299-520 Other financial corporations -121 13-234 -289-631 Nonfinancial corporations, households, NPISHs 67 37 16-9 111 Financial derivatives (other than reserves) 427 185 100-562 150 Options 62 30 1-285 -192 Forward-type contracts 365 155 99-277 342 Net acquisition of financial assets -2 839-4 754-2 807-3 615-14 015 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank -2 507-4 614-2 458-3 532-13 111 Other sectors -332-141 -349-83 -904 Other financial corporations -221-40 -277-12 -549 Nonfinancial corporations, households, NPISHs -111-101 -72-72 -355 Financial derivatives (other than reserves) -2 839-4 754-2 807-3 615-14 015 Options 3-5 -72-5 -78 Forward-type contracts -2 842-4 750-2 735-3 610-13 937 Net incurrence of liabilities -3 266-4 939-2 907-3 053-14 165 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank -2 988-4 749-2 776-3 268-13 781 Other sectors -278-191 -131 215-384 Other financial corporations -100-53 -43 278 82 Nonfinancial corporations, households, NPISHs -178-138 -88-62 -466 Financial derivatives -3 266-4 939-2 907-3 053-14 165 Options -58-35 -73 280 114 Forward-type contracts -3 207-4 905-2 834-3 333-14 279 Other investment 5 697 1 867-1 929 7 651 13 286 Net acquisition of financial assets 4 113-1 031-10 703-958 -8 579 Net incurrence of liabilities -1 584-2 898-8 773-8 609-21 865 Other equity 94 249 24 300 667 Net acquisition of financial assets 102 269 3 302 676 Net incurrence of liabilities 8 19-21 2 8 Currency and deposits 19 433 6 372-5 462 3 378 23 721 Net acquisition of financial assets 18 509-1 113-9 489 517 8 424 Central bank 3 4 5-12 0 Short-term 3 4 5-12 0 Deposit-taking corporations, except central bank 19 094-725 -8 501 3 780 13 648 Of which: Interbank positions 15 932-4 414-17 060-3 927-9 468 Short-term 20 040 1 014-7 398 5 397 19 053 Long-term -946-1 739-1 103-1 617-5 405 General government 0 0 0 0 0 Other sectors -588-392 -993-3 251-5 224 Short-term -588-392 -993-3 251-5 224 Other financial corporations 455-1 043 33-1 207-1 763 Short-term 455-1 043 33-1 207-1 763 25

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Nonfinancial corporations, households, NPISHs -1 043 650-1026 -2044-3462 Short-term -1 043 650-1 026-2 044-3 462 Net incurrence of liabilities -924-7 485-4 027-2 861-15 297 Central bank -63 185-228 -16-121 Short-term -63 185-228 -16-121 Deposit-taking corporations, except central bank -853-7 676-3 803-2 856-15 187 Of which: Interbank positions -1 031-1 142-890 -2 390-5 453 Short-term 4 527-1 225-3 121 2 897 3 078 Long-term -5 380-6 450-682 -5 753-18 265 General government 0 0 0 0 0 Other sectors -8 6 3 10 11 Short-term -8 6 3 10 11 Other financial corporations -8 6 3 10 11 Short-term -8 6 3 10 11 Loans -12 981 3 113 2 387 6 040-1 440 Net acquisition of financial assets -13 399 3 117 1 015 29-9 239 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank -2 415 1 354-1 376 1 700-737 Short-term -2 059 2 534-5 018-675 -5 218 Long-term -356-1 181 3 642 2 375 4 481 General government 317 10 1 049 876 2 252 Credit and loans with the IMF (other than reserves) 0 0 0 0 0 Other short-term 0 0 0 0 0 Other long-term 317 10 1 049 876 2 252 Other sectors -11 301 1 753 1 341-2 548-10 755 Short-term -11 328 271 227-799 -11 629 Long-term 27 1 482 1 114-1 749 874 Other financial corporations -876 1 045 359-1 015-488 Short-term -552 486 271-810 -606 Long-term -324 559 88-205 118 Nonfinancial corporations, households, and NPISHs -10 424 708 982-1 532-10 267 Short-term -10 776-215 -43 11-11 023 Long-term 351 923 1 026-1 543 756 Net incurrence of liabilities -418 4-1 373-6 012-7 799 Central bank 1 697 2 344 4 207-6 868 1 380 Credit and loans with the IMF 0 0 0 0 0 Other short-term 1 697 2 344 4 207-6 868 1 380 Other long-term 0 0 0 0 0 Deposit-taking corporations, except central bank -198-52 63-63 -250 Short-term -198-52 63-63 -250 General government -22-101 -136-83 -341 Credit and loans with the IMF 0 0 0 0 0 Other short-term 0 0 0 0 0 Long-term -22-101 -136-83 -341 Other sectors -1 895-2 188-5 508 1 002-8 588 Short-term 334 191-199 -581-255 Long-term -2 229-2 378-5 308 1 583-8 333 Other financial corporations 202-190 -913-302 -1 203 Short-term 361-29 -515-62 -245 Long-term -159-161 -398-241 -959 Nonfinancial corporations, households, and NPISHs -2 097-1 998-4 595 1 304-7 385 Short-term -26 219 315-519 -10 Long-term -2 070-2 217-4 910 1 823-7 374 Insurance, pension, and standardized guarantee schemes -122-529 188-3 -467 Net acquisition of financial assets -174-368 251-49 -341 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank 0 0 0 0 0 General government 0 0 0 0 0 Other sectors -174-368 251-49 -341 Other financial corporations -174-368 251-49 -341 Nonfinancial corporations, households, NPISHs 0 0 0 0 0 Nonlife insurance technical reserves -173-369 248-53 -348 Life insurance and annuity entitlements -1 0 3 4 7 Net incurrence of liabilities -53 161 63-46 125 Central bank 0 0 0 0 0 Other sectors -53 161 63-46 125 Other financial corporations -53 161 63-46 125 Nonfinancial corporations, households, NPISHs 0 0 0 0 0 26

Table 1.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Nonlife insurance technical reserves -53 157 64-45 124 Life insurance and annuity entitlements 0 4-1 -1 2 Trade credit and advances -1 360-4 140-467 -2 119-8 086 Net acquisition of financial assets -1 418-3 982-214 -2 015-7 629 General government 0 0 0 0 0 Short-term 0 0 0 0 0 Other sectors -1 418-3 982-214 -2 015-7 629 Short-term -1 418-3 982-214 -2 015-7 629 Nonfinancial corporations, households, and NPISHs -1 418-3 982-214 -2 015-7 629 Short-term -1 418-3 982-214 -2 015-7 629 Net incurrence of liabilities -58 158 252 104 456 General government 0 0 0 0 0 Other sectors -58 158 252 104 456 Short-term -58 158 252 104 456 Nonfinancial corporations, households, and NPISHs -58 158 252 104 456 Short-term -58 158 252 104 456 Other accounts receivable/payable 633-3 194 1 400 57-1 105 Net acquisition of financial assets 493 1 047-2 269 259-470 Central bank 1-1 1-2 0 Short-term 1-1 1-2 0 Deposit-taking corporations, except central bank 583 10-2 168 401-1 173 Short-term 1 273 832-679 2 024 3 451 Long-term -690-822 -1 489-1 623-4 624 General government -240 669-186 -81 162 Short-term -240 669-186 -81 162 Other sectors 148 370 84-59 542 Short-term 148 370 84-59 542 Other financial corporations 83 47 39-87 82 Short-term 83 47 39-87 82 Nonfinancial corporations, households, NPISHs 64 323 45 27 460 Short-term 64 323 45 27 460 Net incurrence of liabilities -141 4 242-3 668 202 635 Central bank 0 0 0 0 0 Deposit-taking corporations, except central bank 1 049 859-1 459-239 210 Short-term 1 180 1 421-1 326-20 1 255 Long-term -132-562 -133-218 -1 045 General government 5-7 5-61 -58 Short-term 5-7 5-61 -58 Other sectors -1 194 3 390-2 215 501 483 Short-term -1 194 3 390-2 215 501 483 Other financial corporations 6 67 103 61 237 Short-term 6 67 103 61 237 Nonfinancial corporations, households, NPISHs -1 200 3 323-2 318 441 246 Short-term -1 200 3 323-2 318 441 246 Special drawing rights (Net incurrence of liabilities) 1 3 0 2 7 Reserve assets 11 302 7 550 6 514-2 730 22 636 Monetary gold 0 0 0 0 0 Special drawing rights 2 4 2 4 12 Reserve position in the IMF -33-25 -139-300 -497 Other reserve assets 11 333 7 571 6 650-2 433 23 121 Currency and deposits 2 655 7 597 4 298-3 593 10 958 Claims on monetary authorities -9 811 486-2 049 19 047 7 674 Claims on other entities 12 466 7 111 6 347-22 640 3 284 Securities 8 445-983 2 265 1 539 11 266 Debt securities 8 445-983 2 265 1 539 11 266 Short-term 2 345 598 4 177-227 6 894 Long-term 6 100-1 581-1 912 1 765 4 372 Other claims 233 957 86-379 898 Net errors and omissions 706 3 887-754 -33 3 806 27

Table 1.2 Balance of Payments of the Russian Federation in 2011-2017 Main Components 2011 2012 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Current account 97 274 71 282 33 428 57 513 67 661 12 500 1 736 63 10 102 24 401 22 253 2 210-2 987 13 698 35 173 Goods and services 163 398 145 076 122 307 133 653 111 130 17 527 16 249 11 142 21 291 66 208 29 292 17 641 11 071 25 883 83 886 Exports 573 448 589 774 591 958 562 551 393 116 70 892 80 481 84 813 96 210 332 396 94 942 98 638 99 957 117 256 410 793 Imports 410 050 444 698 469 651 428 898 281 986 53 365 64 232 73 671 74 919 266 188 65 649 80 998 88 886 91 373 326 906 Goods 196 854 191 663 180 566 188 931 148 398 22 387 22 263 18 327 27 285 90 262 34 480 25 230 20 781 34 491 114 982 Exports 515 409 527 434 521 835 496 806 341 419 60 489 67 853 70 948 82 560 281 850 82 588 83 870 84 572 101 944 352 975 Imports 318 555 335 771 341 269 307 875 193 021 38 102 45 590 52 621 55 275 191 588 48 108 58 640 63 792 67 453 237 993 Services -33 456-46 587-58 259-55 278-37 268-4 861-6 014-7 185-5 994-24 053-5 188-7 589-9 710-8 609-31 096 Exports 58 039 62 340 70 123 65 744 51 697 10 402 12 629 13 866 13 650 50 546 12 354 14 768 15 384 15 312 57 818 Imports 91 495 108 927 128 382 121 022 88 965 15 263 18 643 21 051 19 644 74 600 17 542 22 357 25 095 23 920 88 914 Primary income -60 399-67 661-79 604-67 962-37 749-3 869-13 424-8 626-9 597-35 517-5 185-13 893-11 087-9 355-39 519 Receivable 42 687 47 758 42 177 47 173 37 267 9 514 8 639 10 061 12 313 40 526 11 508 10 495 11 888 14 463 48 354 Payable 103 086 115 419 121 781 115 135 75 016 13 383 22 063 18 687 21 910 76 043 16 693 24 388 22 975 23 818 87 873 Compensation of employees -9 522-11 831-13 170-10 074-5 104-376 -297-459 -681-1 813-588 -578-455 -657-2 278 Receivable 3 871 3 884 4 256 4 139 3 502 869 932 895 962 3 659 923 993 1 112 1 060 4 089 Payable 13 393 15 715 17 426 14 213 8 606 1 246 1 229 1 354 1 643 5 472 1 511 1 572 1 567 1 717 6 367 Investment income -51 031-56 838-66 516-58 018-32 662-3 505-13 134-8 179-8 926-33 744-4 610-13 325-10 641-8 710-37 287 Receivable 38 625 42 801 37 738 42 837 33 652 8 617 7 677 9 135 11 320 36 749 10 556 9 471 10 743 13 370 44 139 Payable 89 656 99 639 104 254 100 856 66 314 12 122 20 811 17 314 20 246 70 493 15 167 22 796 21 384 22 079 81 426 Rent 153 1 008 81 130 17 12 6 13 9 39 14 11 10 11 46 Receivable 191 1 073 182 196 112 27 29 31 31 118 29 31 34 32 126 Payable 38 66 102 66 96 15 23 18 22 78 15 20 24 21 80 Secondary income -5 725-6 133-9 274-8 178-5 720-1 157-1 089-2 453-1 591-6 291-1 855-1 538-2 971-2 830-9 194 Receivable 13 768 16 459 17 332 17 643 10 023 1 522 2 727 2 045 2 348 8 642 1 755 3 009 2 826 2 626 10 216 Payable 19 493 22 592 26 607 25 821 15 743 2 679 3 816 4 498 3 940 14 933 3 610 4 548 5 796 5 456 19 410 Capital account 130-5 218-395 -42 005-309 -20-1 320 62 514-764 43-178 -57-40 -233 assets 38-402 -146-284 -46 4-69 60-8 -14 24-3 -49-11 -39 Capital transfers 92-4 816-249 -41 721-263 -24-1 251 3 522-750 19-176 -8-29 -194 Receivable 166 361 386 426 299 64 96 74 786 1 020 99 39 41 245 424 Payable 75 5 177 635 42 147 562 88 1 346 72 264 1 770 80 215 49 274 617 Net lending (+) / net borrowing (-) (Balance from current and capital accounts) 97 404 66 065 33 033 15 508 67 352 12 480 416 125 10 616 23 637 22 296 2 031-3 044 13 657 34 941 28

Table 1.2 2011 2012 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Net lending (+) / net borrowing (-) (Balance from financial account) 88 751 55 693 24 136 23 502 70 637 9 642 2 142 1 347 5 984 19 115 23 002 5 919-3 798 13 624 38 747 Direct investment 11 767-1 765 17 288 35 051 15 232 7 759-175 -2 185-15 624-10 225 3 400-5 207 1 768 10 786 10 748 Net acquisition of financial assets 66 851 48 822 86 507 57 082 22 085 7 823 7 293 2 099 5 100 22 314 8 676 7 803 9 628 12 527 38 634 Net incurrence of liabilities 55 084 50 588 69 219 22 031 6 853 64 7 468 4 284 20 723 32 539 5 276 13 010 7 860 1 742 27 886 Portfolio investment 15 277-17 031 11 012 39 943 26 423 712-543 -3 735 1 204-2 361 2 176 1 523-10 250-1 521-8 072 Net acquisition of financial assets 9 837 2 281 11 759 16 740 13 551 1 527 2 675-919 -2 625 658 131 2 383-357 -899 1 258 Net incurrence of liabilities -5 440 19 312 748-23 203-12 872 814 3 219 2 816-3 829 3 020-2 045 860 9 893 622 9 330 Financial derivatives 1 394 1 356 346 5 312 7 432 867 66-543 61 451 427 185 100-562 150 Net acquisition of financial assets -16 438-16 696-8 488-16 569-21 222-3 166-2 778-3 678-3 544-13 166-2 839-4 754-2 807-3 615-14 015 Net incurrence of liabilities -17 832-18 052-8 834-21 881-28 654-4 032-2 844-3 135-3 605-13 617-3 266-4 939-2 907-3 053-14 165 Other investment 47 683 43 117 17 567 50 743 19 847-2 293-1 559 4 669 22 190 23 007 5 697 1 867-1 929 7 651 13 286 Net acquisition of financial assets 83 371 83 704 80 824 24 009-18 408-8 371-6 526-5 096 14 832-5 161 4 113-1 031-10 703-958 -8 579 Other equity 1 255 199 706 214 982 53 112 262 521 947 102 269 3 302 676 Foreign currency -3 433 2 207-565 41 814-19 340 462 696 1 437 3 891 6 487 2 238 2 035 6 353 6 444 17 070 Current accounts and deposits 21 223 15 686 17 095-18 797-3 040-8 074-7 561-5 709 2 667-18 677 16 271-3 148-15 842-5 927-8 646 Loans 23 912 14 019 21 231-20 180-1 163-1 678 924 24 6 731 6 001-13 399 3 117 1 015 29-9 239 Insurance, pension, and standardized guarantee schemes 322 321 595 1 477-313 -28 309 70-54 297-174 -368 251-49 -341 Trade credit and advances 3 455 7 666 7 644 6 366 2 590-613 -1 852-3 583 1 635-4 413-1 861-3 853-381 -2 299-8 395 Indebtedness on supplies according to intergovernmental agreements 1 652 1 928 1 070-1 315 461 377 108 241 263 989 443-129 167 284 766 Fictitious transactions* 33 263 38 816 26 504 8 607 1 531 144 153 117 127 541 62 249 43 25 378 Other accounts receivable 1 722 2 862 6 544 5 823-115 985 585 2 046-949 2 667 431 799-2 311 234-848 Net incurrence of liabilities 35 688 40 587 63 257-26 733-38 254-6 078-4 967-9 765-7 358-28 167-1 584-2 898-8 773-8 609-21 865 Other equity 0 15-3 -2 25 1-5 27 6 30 8 19-21 2 8 Domestic currency -262 928 1 829-1 021-182 -7-86 -189 91-191 -64 178-237 -15-138 Current accounts and deposits 20 493 28 738 16 178-20 121-32 554-4 526-2 499-5 319-4 024-16 367-860 -7 663-3 790-2 846-15 159 Loans 14 293 8 787 43 594-8 883-4 816-2 133-5 156-2 997-3 570-13 856-418 4-1 373-6 012-7 799 Insurance, pension, and standardized guarantee schemes 155 35 164 707-42 -14-26 6-97 -130-53 161 63-46 125 Trade credit and advances 262 514 183 354-599 -29 78 66-59 56-58 158 252 104 456 Other accounts payable 749 1 572 1 311 2 233-87 630 2 727-1 360 292 2 290-141 4 242-3 668 202 635 Special drawing rights -3-2 1-1 -0 0-0 0 2 2 1 3-0 2 7 Reserve assets 12 630 30 017-22 077-107 547 1 704 2 597 4 354 3 141-1 848 8 244 11 302 7 550 6 514-2 730 22 636 Net errors and omissions -8 652-10 371-8 898 7 994 3 285-2 838 1 727 1 223-4 632-4 522 706 3 887-754 -33 3 806 * Includes fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents and fictitious transactions with money transfers to residents' accounts abroad the purpose of which is cross-border money transferring. 29

Balance of Payments of the Russian Federation in 2017 Analytical Presentation Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Memorandum: 2016 Current account 22 253 2 210-2 987 13 698 35 173 24 401 Goods 34 480 25 230 20 781 34 491 114 982 90 262 Exports 82 588 83 870 84 572 101 944 352 975 281 850 oil 23 265 22 666 22 364 25 011 93 306 73 712 oil products 15 936 14 874 13 370 14 064 58 244 46 106 natural gas 10 114 8 390 8 428 11 214 38 147 31 280 liquefied natural gas 544 818 939 873 3 174 2 900 other 32 729 37 121 39 471 50 782 160 103 127 852 Imports 48 108 58 640 63 792 67 453 237 993 191 588 Services -5 188-7 589-9 710-8 609-31 096-24 053 Exports 12 354 14 768 15 384 15 312 57 818 50 546 transport 4 221 5 070 5 262 5 259 19 812 17 115 travel 1 622 2 313 3 126 1 884 8 945 7 785 other services 6 511 7 385 6 996 8 169 29 061 25 646 Imports 17 542 22 357 25 095 23 920 88 914 74 600 transport 2 953 3 659 3 871 3 969 14 451 11 804 travel 5 338 8 127 10 528 7 065 31 058 23 951 other services 9 251 10 572 10 696 12 887 43 405 38 845 Compensation of employees -588-578 -455-657 -2 278-1 813 Investment income -4 610-13 325-10 641-8 710-37 287-33 744 Receivable 10 556 9 471 10 743 13 370 44 139 36 749 Payable 15 167 22 796 21 384 22 079 81 426 70 493 General government -392-632 -525-770 -2 318-1 243 Receivable 299 155 309 168 930 960 Payable 691 786 834 938 3 249 2 203 Local government (payable) 6 6 6 6 23 38 Central bank 316 425 514 646 1 901 1 009 Receivable 327 446 547 681 2 001 1 021 Payable 11 21 33 35 100 12 Banks 934-695 102 542 883 3 408 Receivable 2 629 2 654 2 316 2 539 10 138 11 903 Payable 1 695 3 349 2 214 1 997 9 255 8 495 Other sectors -5 463-12 418-10 727-9 122-37 729-36 879 Receivable 7 302 6 216 7 571 9 982 31 070 22 865 Payable 12 765 18 634 18 297 19 103 68 800 59 745 Rent 14 11 10 11 46 39 Secondary income -1 855-1 538-2 971-2 830-9 194-6 291 Capital account 43-178 -57-40 -233-764 Net lending (+) / net borrowing (-) (Balance from current and capital accounts) 22 296 2 031-3 044 13 657 34 941 23 637 Net lending (+) / net borrowing (-) (Balance from financial account, excluding reserve assets) 11 700-1 631-10 311 16 354 16 111 10 871 Net incurrence of liabilities ('+' - increase, '-' - decrease) -1 619 6 032 6 072-9 299 1 187-6 225 Federal government 4 406 2 305 7 148 1 268 15 127 4 867 Portfolio investment 4 423 2 414 7 279 1 411 15 526 5 194 Issue 0 2 610 0 0 2 610 2 647 Redemption -856-1 237-869 -959-3 921-2 644 Interest reinvestment 687 777 831 929 3 224 2 178 Secondary market 4 592 263 7 317 1 441 13 613 3 013 Loans -22-101 -136-83 -341-333 Other liabilities 5-7 5-61 -58 6 Local government 9-20 10-2 -3-377 Central bank 1 636 2 532 3 979-6 882 1 265 387 Banks -3 947-11 704-7 811-5 795-29 256-27 148 Direct investment 394 439-248 886 1 470 1 608 Loans and deposits -1 051-7 728-3 739-2 918-15 437-16 371 Other liabilities -3 289-4 415-3 823-3 762-15 290-12 384 Other sectors -3 723 12 920 2 746 2 112 14 054 16 045 Direct investment 4 882 12 571 8 108 856 26 416 30 931 Portfolio investment -5 127-987 2 171-532 -4 475 23 Loans -1 895-2 188-5 508 1 002-8 588-13 590 Other liabilities -1 583 3 523-2 026 786 700-1 319 Net acquisition of financial assets, excluding reserve assets ('+'- increase, '-'- decrease) 10 081 4 401-4 239 7 055 17 298 4 646 General government 177 945 863 1 096 3 082 931 Loans 317 10 1 049 876 2 252-3 Other assets -140 935-186 219 829 935 Central bank 6 3 10-5 14-73 Banks 13 646-2 493-16 290 782-4 356-28 294 Direct investment 376 170 422-95 873 2 203 Loans and deposits 13 524-3 060-18 433-2 227-10 196-30 081 Other assets* -253 398 1 720 3 103 4 968-416 Other sectors -3 748 5 946 11 177 5 183 18 559 32 081 Direct investment 8 300 7 634 9 206 12 622 37 762 20 112 Portfolio investment 1 615 1 071 1 849 565 5 100 3 570 Cash foreign currency* -917-1 654-2 204-1 263-6 038-4 665 Trade credit and advances -1 861-3 853-381 -2 299-8 395-4 307 Indebtedness on supplies according to intergovernmental agreements 443-129 167 284 766 989 Fictitious transactions** 62 249 43 25 378 541 Other assets -11 390 2 628 2 499-4 751-11 014 15 842 Net errors and omissions 706 3 887-754 -33 3 806-4 522 Change in reserve assets ('+' - increase, '-' - decrease) 11 302 7 550 6 514-2 730 22 636 8 244 * In order to harmonize the presentation of the Balance of Payments (BOP) and the International Investment Position (IIP) the data on foreign currency in the BOP does not include transactions between residents recorded under Other changes in the IIP. ** Includes fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents and fictitious transactions with money transfers to residents' accounts abroad the purpose of which is cross-border money transferring. Table 1.3 30

Table 1.4 Net Inflows/Outflows of Capital by Private Sector in 2011-2017 (Based on the Balance of Payments Flows Data) Net inflows / outflows of capital by private sector, total (2+5) Net inflows / outflows of capital (3-4) Banks Other sectors Net acquisition of financial assets Net incurrence of liabilities Net inflows / outflows of capital (6-7-8) Net acquisition of financial assets* Net incurrence of liabilities billions of US dollars "Net errors and omissions" of balance of payments** 1 2 3 4 5 6 7 8 2011 81,4 27,5 35,3 7,8 53,8 104,1 58,9-8,7 2012 53,9-7,9 25,3 33,3 61,8 91,2 39,8-10,4 2013 60,3 17,3 37,7 20,4 43,0 128,3 94,2-8,9 2014 152,1 86,0 48,5-37,5 66,1 73,9-0,2 8,0 2015 57,0 34,2-25,8-60,0 22,8 18,8-7,3 3,3 2016 18,4-1,1-28,3-27,1 19,6 31,1 16,0-4,5 2017 24,8 24,9-4,4-29,3-0,1 17,8 14,1 3,8 Q1, 2015 32,8 14,2-10,3-24,5 18,7 8,4-7,5-2,8 Q2, 2015 18,5 12,6 1,7-10,9 5,9 4,8-2,0 0,8 Q3, 2015-3,5 10,9-4,3-15,2-14,4-1,4 8,8 4,2 Q4, 2015 9,1-3,5-12,9-9,4 12,6 7,0-6,7 1,1 Q1, 2016 8,3-2,3-9,9-7,6 10,6 7,3-0,5-2,8 Q2, 2016-0,4 0,2-4,4-4,6-0,6 6,0 4,9 1,7 Q3, 2016 1,0-0,6-8,3-7,7 1,7 0,4-2,5 1,2 Q4, 2016 9,5 1,6-5,6-7,3 7,9 17,3 14,1-4,6 Q1, 2017 16,4 17,6 13,6-3,9-1,2-4,2-3,7 0,7 Q2, 2017-1,5 9,2-2,5-11,7-10,7 6,1 12,9 3,9 Q3, 2017 0,5-8,5-16,3-7,8 9,0 11,0 2,7-0,8 Q4, 2017 9,4 6,6 0,8-5,8 2,8 4,9 2,1 0,0 * The indebtedness on supplies of goods according to intergovernmental agreements is excluded. ** The item "Net errors and omissions" entirely relates to the other sectors. It could be explained by the fact that most noticeable difficulties arise upon the recording of financial transactions undertaken by these sectors in the balance of payments. Note. Sign "+" denotes an outflow of capital, sign "-" implies an inflow. 31

Table 1.5 Current Account of the Balance of Payments of the Russian Federation in 2011-2017 Seasonally Adjusted Current account Trade balance Services balance Primary income Secondary balance income balance Q1 2011 16 481 42 601-7 692-16 446-1 982 Q2 2011 25 337 50 418-8 185-15 279-1 617 Q3 2011 24 931 49 102-8 123-14 867-1 181 Q4 2011 29 699 54 294-9 248-14 339-1 008 Q1 2012 24 633 54 258-11 108-17 308-1 209 Q2 2012 18 585 48 133-10 872-17 145-1 531 Q3 2012 14 719 43 174-11 792-14 956-1 707 Q4 2012 13 141 46 339-12 727-18 865-1 606 Q1 2013 8 679 43 064-13 924-18 562-1 900 Q2 2013 4 137 40 649-14 285-19 761-2 466 Q3 2013 10 447 49 041-15 377-21 069-2 148 Q4 2013 9 611 46 896-14 544-20 066-2 675 Q1 2014 9 556 46 141-14 656-19 692-2 237 Q2 2014 14 976 49 332-14 747-17 647-1 961 Q3 2014 16 433 50 701-14 519-17 328-2 420 Q4 2014 14 494 41 740-11 457-14 009-1 781 Q1 2015 20 299 44 090-11 222-11 425-1 144 Q2 2015 18 876 42 335-9 750-11 823-1 886 Q3 2015 14 071 32 486-9 532-7 600-1 283 Q4 2015 14 010 29 822-7 203-7 199-1 410 Q1 2016 3 791 19 947-6 772-8 047-1 337 Q2 2016 4 181 20 865-6 081-8 915-1 689 Q3 2016 6 435 22 398-5 229-8 957-1 777 Q4 2016 10 014 26 982-6 154-9 367-1 446 Q1 2017 12 012 31 888-7 386-10 274-2 217 Q2 2017 4 555 23 286-7 631-8 920-2 181 Q3 2017 5 246 26 041-7 311-11 351-2 132 Q4 2017 13 137 33 768-8 748-9 299-2 585 32

Table 1.6 Main Components of the Current Account of the Balance of Payments of the Russian Federation in 2011-2017 Seasonally Adjusted Goods Services Primary income Secondary income Exports Imports Exports Imports Receivable Payable Receivable Payable Q1 2011 118 882 76 281 13 454 21 147 11 437 27 882 2 714 4 697 Q2 2011 133 594 83 176 14 543 22 728 10 540 25 819 3 340 4 957 Q3 2011 128 578 79 476 15 221 23 344 10 146 25 013 3 773 4 954 Q4 2011 133 787 79 492 14 655 23 903 10 477 24 816 3 858 4 866 Q1 2012 138 968 84 710 15 112 26 220 12 451 29 759 4 155 5 364 Q2 2012 130 829 82 696 15 289 26 160 10 570 27 716 4 056 5 587 Q3 2012 126 395 83 221 15 381 27 173 13 121 28 077 3 934 5 641 Q4 2012 131 628 85 289 16 475 29 202 11 256 30 121 4 311 5 916 Q1 2013 132 577 89 512 17 501 31 424 10 445 29 007 4 614 6 514 Q2 2013 126 165 85 516 17 454 31 739 10 152 29 913 4 204 6 670 Q3 2013 132 179 83 139 17 298 32 675 9 956 31 024 4 487 6 635 Q4 2013 130 807 83 911 17 827 32 371 11 465 31 530 4 071 6 746 Q1 2014 130 881 84 741 17 374 32 029 12 482 32 174 4 638 6 875 Q2 2014 131 307 81 975 16 994 31 741 12 559 30 207 4 749 6 710 Q3 2014 126 948 76 248 16 685 31 204 11 874 29 202 4 138 6 558 Q4 2014 108 760 67 020 14 846 26 302 9 978 23 986 3 998 5 779 Q1 2015 96 534 52 444 13 495 24 718 9 074 20 499 2 798 3 943 Q2 2015 90 994 48 658 12 826 22 576 8 735 20 558 2 536 4 422 Q3 2015 79 403 46 918 12 304 21 835 9 718 17 318 2 467 3 751 Q4 2015 75 676 45 854 13 192 20 395 9 499 16 697 2 269 3 679 Q1 2016 64 884 44 936 11 968 18 740 9 156 17 203 2 088 3 426 Q2 2016 67 460 46 595 12 395 18 476 9 528 18 443 2 200 3 889 Q3 2016 71 767 49 369 12 914 18 143 9 750 18 707 2 058 3 834 Q4 2016 76 799 49 818 13 174 19 328 11 915 21 282 2 254 3 699 Q1 2017 88 791 56 904 14 172 21 558 11 200 21 474 2 423 4 640 Q2 2017 83 261 59 975 14 479 22 110 11 516 20 436 2 445 4 626 Q3 2017 85 766 59 725 14 356 21 667 11 675 23 026 2 800 4 932 Q4 2017 94 602 60 834 14 773 23 521 13 764 23 062 2 548 5 133 33

Table 2.1 External Merchandise Trade of the Russian Federation in 2016-2017 (under Balance of Payments Methodology) Exports of goods (FOB) Imports of goods (FOB) Trade balance Total of which: Total of which: Total of which: % of corresponding period of previous year with non-cis % of corresponding period of previous year with CIS % of corresponding period of previous year % of corresponding period of previous year with non-cis % of corresponding period of previous year with CIS % of corresponding period of previous year with non-cis with CIS 2016 281 850 82,6 241 914 82,8 39 936 81,0 191 588 99,3 171 030 100,3 20 558 91,6 90 262 70 884 19 378 Q1, 2016 60 489 67,1 52 199 67,2 8 290 66,2 38 102 85,3 34 267 86,0 3 835 79,9 22 387 17 933 4 455 Q2, 2016 67 853 74,2 57 942 73,7 9 910 77,4 45 590 95,6 40 170 97,0 5 420 86,7 22 263 17 772 4 491 Q3, 2016 70 947 90,1 60 896 90,6 10 051 87,5 52 621 105,6 47 200 107,5 5 421 91,5 18 327 13 697 4 630 Q4, 2016 82 560 101,9 70 876 103,4 11 685 93,6 55 275 108,7 49 393 108,8 5 882 107,6 27 285 21 483 5 802 January 17 157 61,5 14 893 61,2 2 264 63,7 9 854 81,1 8 848 82,4 1 006 70,6 7 303 6 045 1 258 February 20 140 68,5 17 406 69,9 2 734 61,0 12 870 83,5 11 603 83,7 1 267 81,4 7 270 5 803 1 467 March 23 192 70,5 19 901 70,0 3 291 73,4 15 377 90,0 13 815 90,5 1 562 86,0 7 815 6 086 1 729 April 21 759 70,8 18 565 70,7 3 194 71,5 15 128 93,6 13 276 93,7 1 852 92,7 6 631 5 289 1 342 May 22 051 71,9 18 809 70,8 3 242 79,4 14 459 94,6 12 768 96,4 1 691 82,5 7 592 6 041 1 551 June 24 043 79,9 20 568 79,6 3 475 81,6 16 003 98,7 14 127 100,8 1 876 85,1 8 040 6 441 1 599 July 22 450 82,2 19 372 82,9 3 078 77,7 16 212 96,7 14 487 99,1 1 725 80,2 6 238 4 885 1 353 August 23 109 92,3 19 668 92,3 3 441 92,4 18 476 113,8 16 607 116,2 1 869 96,4 4 633 3 061 1 572 September 25 389 96,4 21 857 96,9 3 532 93,0 17 934 106,6 16 106 107,4 1 828 99,7 7 455 5 751 1 704 October 24 747 91,8 20 966 92,4 3 781 88,3 18 191 107,5 16 243 108,0 1 948 103,7 6 556 4 723 1 833 November 26 554 104,6 22 756 106,0 3 798 96,7 17 586 107,0 15 705 107,0 1 881 107,1 8 968 7 051 1 917 December 31 260 108,9 27 155 111,1 4 105 96,1 19 498 111,4 17 445 111,3 2 053 112,2 11 762 9 710 2 052 2017 352 975 125,2 303 014 125,3 49 960 125,1 237 993 124,2 212 753 124,4 25 239 122,8 114 982 90 261 24 721 Q1, 2017 82 588 136,5 72 054 138,0 10 534 127,1 48 108 126,3 42 625 124,4 5 483 143,0 34 480 29 429 5 051 Q2, 2017 83 870 123,6 71 584 123,5 12 286 124,0 58 640 128,6 52 266 130,1 6 375 117,6 25 230 19 318 5 912 Q3, 2017 84 572 119,2 72 380 118,9 12 193 121,3 63 792 121,2 57 286 121,4 6 506 120,0 20 781 15 094 5 687 Q4, 2017 101 944 123,5 86 997 122,7 14 947 127,9 67 453 122,0 60 577 122,6 6 876 116,9 34 491 26 420 8 071 January 25 441 148,3 22 319 149,9 3 122 137,9 13 625 138,3 12 007 135,7 1 618 160,8 11 816 10 312 1 504 February 25 818 128,2 22 424 128,8 3 394 124,1 15 479 120,3 13 710 118,2 1 769 139,6 10 339 8 714 1 625 March 31 329 135,1 27 312 137,2 4 017 122,1 19 003 123,6 16 908 122,4 2 095 134,1 12 326 10 404 1 922 April 26 097 119,9 22 269 120,0 3 828 119,8 18 263 120,7 16 299 122,8 1 964 106,0 7 834 5 970 1 864 May 28 253 128,1 24 230 128,8 4 023 124,1 19 633 135,8 17 442 136,6 2 191 129,6 8 620 6 788 1 832 June 29 520 122,8 25 085 122,0 4 435 127,6 20 745 129,6 18 525 131,1 2 220 118,3 8 775 6 560 2 215 July 24 685 110,0 20 945 108,1 3 740 121,5 20 844 128,6 18 674 128,9 2 170 125,8 3 841 2 271 1 570 August 29 070 125,8 24 997 127,1 4 073 118,4 22 395 121,2 20 237 121,9 2 158 115,5 6 675 4 760 1 915 September 30 818 121,4 26 437 121,0 4 381 124,0 20 552 114,6 18 374 114,1 2 178 119,1 10 266 8 063 2 203 October 31 489 127,2 26 738 127,5 4 751 125,7 21 500 118,2 19 251 118,5 2 249 115,5 9 989 7 487 2 502 November 33 348 125,6 28 521 125,3 4 827 127,1 21 882 124,4 19 564 124,6 2 318 123,2 11 466 8 957 2 509 December 37 107 118,7 31 738 116,9 5 369 130,8 24 070 123,4 21 762 124,7 2 308 112,4 13 037 9 976 3 061 34

Exports of Goods from the Russian Federation by Country Group and Major Trade Partner Country in 2017 Composition, % Growth rates, % of the preceding year outcome Memorandum: Memorandum: 2017 2017 2016 2016 Total 100,0 100,0 125 83 including: CIS 13,4 13,2 126 84 including: EAEU 1 9,4 9,0 129 91 Other 4,0 4,2 120 72 Non-CIS 86,6 86,8 125 83 including: EU 44,7 45,7 122 79 APEC 24,2 23,6 129 86 Other 17,7 17,5 126 92 Memorandum item: OECD* 58,4 58,6 125 79 BRICS 13,3 12,4 135 97 Major trade partner : NETHERLANDS 10,9 9,8 139 98 CHINA 10,0 10,2 122 72 GERMANY 7,2 7,4 121 84 BELARUS 5,2 5,0 129 92 TURKEY 5,1 4,8 134 70 ITALY 3,9 4,2 116 54 KOREA, REPUBLIC OF 3,5 3,5 123 74 KAZAKHSTAN 3,5 3,4 128 89 JAPAN 3,2 3,2 127 95 UNITED STATES OF AMERICA 3,0 3,2 115 98 POLAND 2,9 3,3 112 65 UNITED KINGDOM 2,4 2,4 125 93 FINLAND 2,4 2,3 132 92 UKRAINE 2,2 2,2 125 68 FRANCE 1,6 1,7 122 84 SWITZERLAND 1,1 1,1 128 116 Memorandum: Total exports, billions of US dollars (Federal Customs Service data) 357,1 285,8 * OECD include Latvia from 1 July 2016. Table 2.2 35

Imports of Goods from the Russian Federation by Country Group and Major Trade Partner Country in 2017 Composition, % Growth rates, % of the preceding year outcome Memorandum: Memorandum: 2017 2016 2017 2016 Total 100,0 100,0 124 100 including: CIS 10,8 10,8 125 93 including: EAEU 1 7,7 7,7 125 99 Other 3,1 3,1 122 80 Non-CIS 89,2 89,2 124 101 including: EU 38,3 38,3 124 100 APEC 40,4 40,0 126 105 Other 10,5 10,9 120 90 Memorandum item: OECD* 53,4 53,6 124 97 BRICS 24,1 23,9 126 107 Major trade partner : CHINA 21,2 20,9 126 109 GERMANY 10,7 10,7 125 95 UNITED STATES OF AMERICA 5,5 5,9 117 93 BELARUS 5,2 5,3 121 108 FRANCE 4,5 4,3 129 94 ITALY 4,2 4,7 113 143 JAPAN 3,4 3,7 116 98 KOREA, REPUBLIC OF 3,1 2,8 136 112 POLAND 2,2 2,0 135 76 UKRAINE 2,2 2,1 126 69 KAZAKHSTAN 2,2 2,2 124 97 UNITED KINGDOM 1,8 1,9 118 92 NETHERLANDS 1,7 1,7 129 98 FINLAND 1,6 1,4 149 93 TURKEY 1,5 1,2 157 53 SWITZERLAND 1,0 1,1 113 98 Memorandum: Total imports, billions of US dollars (Federal Customs Service data) 227,0 182,3 * OECD include Latvia from 1 July 2016. Table 2.3 36

Table 2.4 Commodity Composition of Merchandise Trade Balance of the Russian Federation in 2017 (Federal Customs Service data) Commodity groups billions of US dollars Exports % of total exports billions of US dollars Imports % of total imports Balance on trade for commodity group (exports minus imports), billions of US dollars Memorandum: Balance on trade for commodity group in 2016 (exports minus imports), billions of US dollars Foodstaffs and agricultural raw materials (excluding textile) 20,7 5,8 28,8 12,7-8,1-8,0 Mineral products 215,6 60,4 4,4 1,9 211,1 165,9 of which: fuel and energy products 211,4 59,2 2,1 0,9 209,4 164,6 Chemical products, rubber 23,9 6,7 40,3 17,7-16,4-13,0 Leather raw materials, fur and articles thereof 0,3 0,1 1,1 0,5-0,8-0,6 Wood, pulp-and-paper products 11,8 3,3 3,6 1,6 8,2 6,4 Textiles, textile articles and footwear 1,1 0,3 13,6 6,0-12,5-10,1 Construction materials and goods 1,4 0,4 2,5 1,1-1,1-0,9 Precious stones, precious metals and articles thereof 11,0 3,1 0,6 0,3 10,5 8,5 Ferrous metals and articles thereof 22,2 6,2 10,1 4,5 12,1 9,2 Non-ferrous metals and articles thereof 15,0 4,2 5,5 2,4 9,5 8,2 Machinery, equipment and transport means 28,1 7,9 110,3 48,6-82,2-61,6 Other 6,0 1,6 6,2 2,7-0,2-0,6 Total: 357,1 100,0 227,0 100,0 130,1 103,4 37

Table 3.1 External Trade of the Russian Federation in Services within the Extended Balance of Payments Services Classification in 2017 (under Balance of Payments Methodology) Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Services -5 188-5 713 525-7 589-8 122 533-9 710-10 424 714-8 609-9 177 568-31 096-33 436 2 340 Exports 12 354 10 709 1 645 14 768 12 795 1 973 15 384 13 100 2 284 15 312 13 144 2 167 57 818 49 749 8 069 Imports 17 542 16 422 1 120 22 357 20 917 1 440 25 095 23 524 1 570 23 920 22 321 1 599 88 914 83 184 5 729 Manufacturing services on physical inputs owned by others 341 331 10 387 381 5 318 317 1 326 336-10 1 372 1 366 6 Exports 373 333 41 422 384 38 359 321 38 374 343 31 1 529 1 381 148 Imports 32 2 30 36 3 33 41 4 37 48 7 42 157 16 142 Maintenance and repair services 111 109 2-106 -89-17 -36-59 23 50 86-36 20 48-28 Exports 477 432 46 359 309 50 400 344 56 563 512 51 1 800 1 597 202 Imports 366 322 44 464 398 66 436 403 33 513 426 87 1 780 1 549 231 Transport 1 269 1 232 37 1 411 1 372 39 1 391 1 381 11 1 290 1 280 10 5 361 5 266 95 Exports 4 221 3 855 366 5 070 4 635 435 5 262 4 795 467 5 259 4 807 452 19 812 18 092 1 720 Imports 2 953 2 623 330 3 659 3 262 396 3 871 3 415 456 3 969 3 527 442 14 451 12 826 1 625 Passenger services 409 405 4 439 457-19 388 442-54 275 323-48 1 511 1 627-116 Exports 1 321 1 244 77 1 647 1 550 96 1 605 1 507 98 1 465 1 387 77 6 038 5 689 349 Imports 912 839 73 1 208 1 093 115 1 217 1 066 152 1 190 1 065 125 4 527 4 062 464 Freight services 47 3 44 43-23 66 96 27 69 123 42 81 309 48 261 Exports 1 424 1 217 207 1 741 1 494 247 1 869 1 600 269 2 060 1 780 280 7 094 6 090 1 004 Imports 1 377 1 214 163 1 698 1 517 181 1 773 1 573 200 1 937 1 738 199 6 785 6 042 743 Other transport services 813 824-12 930 938-9 907 912-5 892 916-24 3 541 3 591-50 Exports 1 476 1 394 82 1 682 1 590 92 1 787 1 688 99 1 734 1 640 94 6 680 6 313 368 Imports 664 570 94 753 652 101 880 776 104 842 724 118 3 139 2 722 417 Sea transport 296 276 20 265 250 14 307 291 17 265 247 18 1 133 1 064 69 Exports 1 114 1 089 24 1 223 1 203 20 1 273 1 251 22 1 302 1 279 24 4 912 4 822 90 Imports 818 813 4 958 953 6 966 961 5 1 037 1 032 5 3 779 3 758 21 Passenger services 0 0 0-1 -1 0 0 0 0-1 -1 0-2 -2 0 Exports 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 Imports 0 0 0 1 1 0 1 1 0 1 1 0 3 3 0 Freight services -385-385 0-491 -490-2 -506-505 -1-531 -532 1-1 913-1 911-2 Exports 178 174 3 205 202 3 223 220 3 245 241 4 851 838 13 Imports 562 559 3 696 692 4 729 725 4 777 773 3 2 764 2 749 15 Other transport services 681 661 20 756 741 16 813 795 18 797 779 18 3 048 2 977 71 Exports 936 915 21 1 018 1 001 17 1 050 1 031 19 1 057 1 037 20 4 060 3 983 77 Imports 255 254 1 262 260 1 236 235 1 260 258 2 1 012 1 007 6 Air transport 403 347 55 469 415 54 351 315 36 278 233 45 1 501 1 310 191 Exports 2 085 1 901 184 2 653 2 431 222 2 697 2 466 231 2 620 2 384 235 10 054 9 182 872 Imports 1 683 1 554 129 2 184 2 016 167 2 345 2 151 195 2 342 2 151 190 8 553 7 872 681 Passenger services 417 403 14 454 454-1 405 436-31 292 319-27 1 567 1 613-45 Exports 1 291 1 232 59 1 603 1 533 70 1 558 1 487 71 1 430 1 370 59 5 882 5 623 259 Imports 875 829 46 1 150 1 079 71 1 153 1 051 102 1 137 1 052 86 4 315 4 010 304 Freight services -129-196 68-89 -166 77-118 -197 79-84 -180 97-420 -740 320 Exports 394 306 88 580 477 103 565 464 102 693 568 125 2 232 1 815 417 Imports 523 503 20 669 643 26 684 661 23 777 748 29 2 652 2 555 97 Other transport services 115 141-26 105 126-22 65 76-11 69 94-25 354 437-84 Exports 400 363 37 470 421 49 574 515 59 497 446 51 1 940 1 744 196 Imports 285 222 63 365 295 70 509 439 70 427 351 76 1 587 1 307 279 Other transport 531 568-38 596 626-30 608 648-41 589 642-52 2 324 2 484-160 Exports 977 822 156 1 106 915 191 1 159 948 210 1 173 982 191 4 415 3 667 748 Imports 447 253 194 510 290 220 551 300 251 583 340 243 2 091 1 183 908 Passenger services -7 2-9 -14 4-18 -17 6-22 -16 5-21 -55 16-70 Exports 30 12 18 43 17 26 47 20 27 35 17 18 155 66 89 Imports 37 10 27 57 14 44 64 14 50 51 12 39 209 50 160 38

Table 3.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Freight services 522 544-22 541 551-9 596 602-6 580 595-15 2 239 2 291-53 Exports 808 693 114 868 730 139 947 786 161 957 808 149 3 580 3 017 563 Imports 286 149 137 327 179 148 352 184 168 377 213 164 1 341 725 616 Other transport services 16 22-6 69 71-3 29 41-12 26 42-17 140 177-37 Exports 140 116 24 195 168 26 164 143 21 181 157 24 680 585 95 Imports 124 94 30 126 97 29 135 102 34 155 115 41 540 408 133 Space transport 35 35 0 18 18 0 32 32 0 42 42 0 127 127 0 Exports 35 35 0 19 19 0 32 32 0 42 42 0 128 128 0 Imports 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rail transport 14 46-32 42 74-31 15 55-40 30 69-39 101 244-143 Exports 234 169 65 285 204 81 259 180 79 267 194 73 1 045 747 298 Imports 220 124 97 243 131 112 244 124 120 237 124 113 944 503 441 Passenger services -9-2 -7-18 -4-15 -20-2 -18-20 -2-17 -66-9 -57 Exports 21 4 17 31 7 24 33 8 25 23 6 17 108 25 83 Imports 30 6 24 49 10 39 53 10 43 42 8 34 174 34 140 Freight services 18 39-21 30 46-17 18 32-15 41 49-8 107 166-59 Exports 136 108 28 158 124 35 146 110 37 164 126 38 604 467 137 Imports 117 69 49 129 77 51 128 77 51 123 78 46 498 301 197 Other transport services 4 8-4 31 31 0 17 25-8 9 23-15 61 87-27 Exports 77 57 20 96 74 22 79 62 17 80 62 19 333 255 78 Imports 73 49 24 65 43 22 63 37 25 71 38 33 272 168 104 Road transport 50 43 6 24 33-8 84 88-5 48 55-6 206 219-13 Exports 185 135 50 204 147 57 276 209 67 270 206 65 935 696 239 Imports 135 91 44 180 114 66 192 121 71 222 151 71 728 477 252 Passenger services 1 4-2 4 7-3 3 7-4 3 7-4 12 25-14 Exports 8 7 1 12 11 1 14 12 2 12 11 1 47 41 6 Imports 7 4 3 8 3 5 11 5 7 9 4 5 35 15 20 Freight services 54 46 8 27 32-5 88 88 0 53 56-3 223 223 0 Exports 168 121 47 183 129 54 253 191 62 248 188 60 852 629 223 Imports 114 75 39 156 97 59 165 103 62 195 131 63 630 406 223 Other transport services -6-7 1-7 -7 0-7 -7 0-8 -9 0-28 -29 1 Exports 8 6 2 9 7 2 9 6 2 10 7 3 35 26 9 Imports 14 13 2 15 13 2 16 13 3 18 15 2 64 55 9 Pipeline transport 414 424-10 466 454 13 458 449 8 444 448-4 1 782 1 776 7 Exports 469 430 39 508 458 50 516 454 63 503 452 51 1 996 1 793 202 Imports 55 6 49 41 4 37 59 4 55 59 4 55 213 18 196 Other supporting and auxiliary transport services 18 20-2 44 47-3 20 24-4 25 28-3 107 119-12 Exports 54 53 2 90 88 2 76 75 2 91 89 2 312 304 8 Imports 36 32 4 46 41 5 57 51 6 66 61 5 205 185 19 Postal and courier services 39 40-1 82 82 0 125 127-2 158 159-1 403 408-5 Exports 45 43 2 88 85 3 134 130 3 165 162 2 431 421 10 Imports 6 3 3 6 3 3 9 3 5 7 4 3 28 13 15 Travel -3 716-4 233 517-5 813-6 361 547-7 402-8 148 746-5 181-5 849 668-22 113-24 592 2 478 Exports 1 622 906 716 2 313 1 453 860 3 126 2 010 1 116 1 884 961 922 8 945 5 331 3 614 Imports 5 338 5 139 199 8 127 7 814 313 10 528 10 158 370 7 065 6 811 254 31 058 29 922 1 136 Business travel 629 150 479 655 163 491 800 169 631 660 36 624 2 744 519 2 225 Exports 963 458 505 1 038 507 531 1 170 501 669 1 049 390 658 4 220 1 856 2 364 Imports 334 308 26 384 344 40 370 332 38 389 354 35 1 476 1 338 139 Personal travel -4 345-4 383 38-6 468-6 524 56-8 202-8 317 115-5 841-5 886 45-24 857-25 110 253 Exports 659 448 211 1 275 946 329 1 956 1 509 447 835 571 264 4 725 3 474 1 250 Imports 5 004 4 831 173 7 743 7 470 273 10 158 9 826 332 6 676 6 457 219 29 581 28 584 997 Construction -3-5 1 221 204 16 16 65-50 89 87 2 322 352-30 Exports 797 686 110 1 265 1 111 155 1 230 1 094 136 1 477 1 261 216 4 769 4 152 617 Imports 800 691 109 1 045 906 138 1 214 1 028 186 1 388 1 174 214 4 447 3 800 647 39

Table 3.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Total with non-cis with CIS Total with non-cis Construction abroad 126 89 36 114 46 68 69 27 42 40-45 84 348 117 231 Exports 259 159 101 268 127 141 247 136 111 345 168 177 1 118 589 529 Imports 134 69 64 154 81 73 178 109 69 305 213 92 770 471 298 Construction in territiory of the Russian Federation -129-94 -35 107 159-52 -53 38-91 50 132-82 -26 235-261 Exports 538 528 10 998 984 14 983 958 25 1 133 1 093 39 3 651 3 563 88 Imports 666 622 45 891 826 66 1 037 920 117 1 083 961 122 3 677 3 329 349 Insurance and pension services -210-221 11-341 -339-3 -110-131 21-227 -230 3-888 -920 32 Exports 118 103 15 55 48 6 112 86 27 79 71 8 364 308 56 Imports 329 324 4 396 387 9 222 217 5 306 301 5 1 253 1 229 24 Direct insurance 22 23-1 -18-17 -1 14 5 9-17 -17 0 2-6 8 Exports 56 55 1 20 19 1 52 41 12 29 26 3 157 141 16 Imports 33 32 2 38 36 2 38 36 2 46 43 2 155 147 9 Life insurance -6-6 0-4 -5 1-2 -3 1-3 -4 1-15 -18 2 Exports 3 3 0 3 3 1 4 3 1 4 3 1 14 11 3 Imports 8 8 0 8 7 0 6 6 0 7 7 0 29 28 0 Freight insurance 1 1 0 0 0 0 1 2 0 1 1 0 4 5-1 Exports 2 2 0 1 1 0 3 2 0 2 2 0 8 8 0 Imports 1 1 0 1 1 0 1 1 0 1 1 0 4 3 1 Other direct insurance 27 27-1 -13-12 -1 15 6 9-14 -14 0 14 7 6 Exports 50 50 1 16 16 0 46 35 11 23 22 2 136 123 13 Imports 24 23 1 30 28 2 31 29 2 38 36 2 123 115 7 Reinsurance -237-244 6-331 -328-3 -118-128 10-206 -207 1-893 -908 15 Exports 46 37 9 15 11 4 53 39 13 38 34 4 151 122 30 Imports 283 281 3 346 340 7 171 168 3 244 241 3 1 044 1 029 15 Auxiliary services 5 0 5 7 6 1-5 -7 2-5 -6 2 2-7 9 Exports 17 12 5 19 17 2 8 6 2 12 11 2 56 45 10 Imports 12 12 0 12 11 0 13 13 0 17 17 0 54 53 1 Financial services -82-101 20-386 -408 21-258 -284 26-386 -413 27-1 112-1 206 94 Exports 339 309 30 266 232 35 269 228 41 258 220 38 1 132 988 144 Imports 421 410 11 652 639 13 527 512 15 644 633 11 2 244 2 194 50 Explicitly charged and other financial services -2-10 8-274 -281 7-105 -113 8-280 -290 10-661 -695 33 Exports 327 309 18 252 232 20 251 228 23 241 220 22 1 071 988 83 Imports 329 319 11 526 513 13 356 341 15 521 510 11 1 732 1 683 50 Financial intermediation services indirectly measured (FISIM) -79-91 12-113 -127 14-153 -171 18-107 -123 16-451 -512 61 Exports 12 0 12 14 0 14 18 0 18 16 0 16 61 0 61 Imports 91 91 0 127 127 0 171 171 0 123 123 0 512 512 0 Charges for the use of intellectual property -1 135-1 154 19-1 269-1 287 18-1 277-1 293 16-1 558-1 579 21-5 240-5 313 74 Exports 165 142 23 154 131 23 181 159 22 239 209 30 740 642 98 Imports 1 301 1 296 4 1 423 1 418 5 1 458 1 453 6 1 798 1 789 9 5 980 5 955 24 Telecommunications, computer, and information services -135-101 -34-62 -40-23 -83-30 -53-245 -205-40 -526-376 -150 Exports 1 028 935 93 1 155 1 043 112 1 225 1 088 137 1 381 1 254 126 4 789 4 321 468 Imports 1 163 1 036 127 1 217 1 083 135 1 308 1 118 190 1 626 1 459 166 5 315 4 697 617 Telecommunications services -39 6-46 -50-10 -39-56 14-70 -78-15 -63-223 -5-218 Exports 257 203 54 296 233 64 335 247 87 359 297 62 1 247 981 266 Imports 296 197 99 346 243 103 391 233 158 437 312 125 1 470 985 485 Computer services -31-43 11 76 60 16 46 28 17-72 -95 23 19-50 68 Exports 741 704 37 830 785 45 862 816 46 984 923 61 3 417 3 228 189 Imports 772 747 25 754 725 29 816 788 29 1 056 1 019 38 3 398 3 278 121 Information services -65-65 0-89 -89 1-72 -72 0-96 -95 0-322 -322 0 Exports 30 28 2 29 25 3 29 25 3 37 33 4 125 112 13 Imports 95 93 2 118 115 3 101 98 3 133 129 4 446 434 12 with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS 40

Table 3.1 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Other business services -1 257-1 270 13-1 239-1 266 26-2 002-2 017 15-2 306-2 326 21-6 803-6 879 76 Exports 2 936 2 749 187 3 371 3 151 220 2 865 2 645 220 3 390 3 135 256 12 562 11 680 882 Imports 4 193 4 019 174 4 610 4 416 194 4 867 4 662 205 5 696 5 461 235 19 365 18 558 807 Research and development services 80 80 0 74 75-1 81 82-1 66 72-6 301 309-8 Exports 102 100 2 105 103 2 112 110 2 111 109 2 430 422 8 Imports 21 20 2 31 28 3 31 28 3 45 37 8 129 113 16 Professional and management consulting services 171 177-7 278 278 0-165 -156-9 39 59-20 322 358-35 Exports 1 332 1 288 44 1 430 1 374 55 1 381 1 337 44 1 585 1 537 48 5 727 5 536 191 Imports 1 161 1 110 51 1 152 1 097 55 1 546 1 493 53 1 546 1 478 68 5 405 5 178 227 Legal services -8-8 0-17 -19 2-14 -14-1 -73-73 0-112 -114 2 Exports 112 108 4 119 112 7 120 117 4 134 130 4 485 466 19 Imports 120 117 3 136 131 5 135 130 5 207 202 4 597 580 17 Accounting, auditing, bookkeeping, and tax consulting services 34 33 1 33 29 4 33 31 2 41 42-1 141 135 6 Exports 86 81 5 77 70 7 80 75 4 102 99 4 345 325 20 Imports 52 48 4 44 41 3 47 44 3 61 57 4 204 190 13 Business and management consulting and public relations services -114-129 15-180 -192 12-256 -265 9-182 -195 13-731 -781 50 Exports 392 369 23 379 358 21 391 372 18 440 418 22 1 602 1 517 84 Imports 506 498 8 559 550 9 646 637 9 622 613 9 2 333 2 298 35 Advertising, market research, and public opinion polling 258 282-24 442 461-18 72 91-19 252 284-32 1 024 1 117-93 Exports 742 729 13 855 835 20 790 773 18 909 891 18 3 296 3 227 69 Imports 484 447 36 413 374 39 718 682 36 657 607 50 2 272 2 110 162 Technical, trade-related, and other business services -1 508-1 527 20-1 591-1 618 27-1 918-1 942 25-2 410-2 457 47-7 427-7 545 119 Exports 1 503 1 362 140 1 836 1 673 163 1 372 1 198 174 1 695 1 489 206 6 405 5 722 683 Imports 3 010 2 890 121 3 427 3 291 136 3 290 3 140 150 4 105 3 946 159 13 832 13 267 564 Operating leasing services -658-669 11-811 -821 10-863 -860-3 -903-904 1-3 234-3 254 20 Exports 178 145 33 223 182 41 210 182 28 221 185 36 831 694 137 Imports 835 814 22 1 033 1 003 30 1 073 1 042 31 1 124 1 089 35 4 065 3 948 117 Architectural, engineering, and other technical services -581-599 18-555 -570 16-728 -752 24-1 006-1 070 63-2 870-2 991 121 Exports 738 684 54 988 939 49 546 481 65 781 673 109 3 054 2 776 278 Imports 1 319 1 283 37 1 543 1 509 33 1 274 1 233 42 1 788 1 742 45 5 924 5 767 157 Waste treatment and depollution, agricultural and mining services -293-318 26-250 -287 38-336 -379 42-498 -518 20-1 377-1 502 125 Exports 188 156 32 212 164 48 198 141 57 206 174 32 804 634 170 Imports 480 474 7 462 451 11 534 519 15 704 691 13 2 181 2 135 45 Other business services 24 59-35 24 60-36 9 48-39 -3 34-37 54 201-147 Exports 399 378 21 413 389 25 418 394 24 486 457 29 1 716 1 618 98 Imports 375 319 56 389 328 61 408 346 62 489 423 66 1 662 1 417 245 Personal, cultural, and recreational services -215-223 8-202 -226 24-181 -190 9-348 -361 12-947 -1 000 53 Exports 90 79 11 129 99 30 135 119 16 139 119 20 493 416 77 Imports 305 301 3 331 325 6 317 309 7 487 480 8 1 440 1 415 24 Audiovisual and related services -89-96 6-133 -142 9-109 -116 7-178 -185 8-509 -539 30 Exports 36 28 8 47 34 12 52 40 12 65 52 13 200 154 46 Imports 125 123 2 180 176 4 161 156 5 243 237 5 709 693 16 Other personal, cultural, and recreational services -125-127 2-69 -84 15-73 -74 1-171 -175 5-438 -460 23 Exports 54 51 3 82 65 18 83 79 4 74 67 7 293 262 31 Imports 179 178 1 151 149 3 156 153 3 245 242 2 731 722 9 Government goods and services, not included elsewhere -154-77 -77-189 -66-122 -86-35 -51-112 -2-110 -542-181 -361 Exports 187 180 7 209 199 9 219 210 9 268 252 16 883 841 42 Imports 341 257 84 398 266 132 306 245 60 380 254 126 1 424 1 022 402 41

Table 3.2 External Trade of the Russian Federation in Services by Country Group in 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Turnover Exports of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Imports of services Balance Total 29 895 12 354 17 542-5 188 37 125 14 768 22 357-7 589 40 479 15 384 25 095-9 710 39 232 15 312 23 920-8 609 146 732 57 818 88 914-31 096 including: CIS 2 765 1 645 1 120 525 3 413 1 973 1 440 533 3 855 2 284 1 570 714 3 766 2 167 1 599 568 13 799 8 069 5 729 2 340 including: EAEU 1 1 584 882 702 180 1 939 1 075 864 211 2 183 1 195 989 206 2 195 1 180 1 015 166 7 901 4 332 3 569 763 Other 897 631 266 365 1 094 739 355 385 1 345 920 425 495 1 165 800 365 435 4 500 3 090 1 410 1 680 Services not allocated by country 285 132 152-20 380 158 222-64 327 170 157 12 407 187 219-32 1 398 647 751-103 Non-CIS 27 130 10 709 16 422-5 713 33 713 12 795 20 917-8 122 36 624 13 100 23 524-10 424 35 466 13 144 22 321-9 177 132 933 49 749 83 184-33 436 в том числе: EU 12 951 4 696 8 255-3 559 16 683 6 087 10 596-4 509 18 246 5 901 12 345-6 444 16 475 5 770 10 704-4 934 64 355 22 454 41 901-19 447 APEC 4 429 1 742 2 687-945 5 090 2 221 2 869-648 5 348 2 576 2 772-196 6 049 2 495 3 554-1 059 20 917 9 035 11 882-2 847 Other 5 179 2 537 2 643-106 6 624 2 574 4 051-1 477 7 617 2 742 4 875-2 134 7 257 2 982 4 275-1 293 26 677 10 833 15 844-5 010 Services not allocated by country 4 571 1 734 2 837-1 103 5 315 1 914 3 402-1 488 5 413 1 882 3 531-1 650 5 685 1 897 3 788-1 891 20 984 7 426 13 558-6 132 Memorandum: OECD 15 975 6 257 9 718-3 461 20 726 7 890 12 836-4 947 22 582 7 797 14 785-6 988 21 147 7 845 13 302-5 457 80 430 29 789 50 641-20 852 BRICS 1 235 637 598 39 1 445 699 746-48 1 633 967 666 301 1 671 790 881-90 5 984 3 093 2 891 202 42

Table 3.3 Exports of Services of the Russian Federation under the Travel Item by Principal Region in 2011-2017 2011 2012 2013 2014 2015 2016 2017 Total exports of services 11 328 10 759 11 988 11 759 8 420 7 785 8 945 including to: CIS 5 017 4 096 4 281 4 365 3 830 2 899 3 614 % of the total 44% 38% 36% 37% 45% 37% 40% including: EAEU* 1 683 1 275 1 445 1 538 1 658 1 336 1 564 % of the total 15% 12% 12% 13% 20% 17% 17% Non-CIS 6 311 6 663 7 707 7 394 4 590 4 886 5 331 % of the total 56% 62% 64% 63% 55% 63% 60% including: EU 3 762 4 041 4 757 4 582 2 676 2 651 2 745 % of the total 33% 37% 39% 39% 32% 34% 31% APEC 1 504 1 459 1 661 1 584 994 1 118 1 410 % of the total 14% 14% 14% 14% 12% 15% 16% Other 1 045 1 162 1 289 1 228 919 1 117 1 176 % of the total 9% 11% 11% 10% 11% 14% 13% * Until 1 January 2015 EurAsEC. 43

Table 3.4 Imports of Services by the Russian Federation under the Travel Item by Principal Region in 2011-2017 2011 2012 2013 2014 2015 2016 2017 Total imports of services 32 295 42 082 52 773 49 300 34 098 23 451 30 496 including from: CIS 3 044 3 695 3 753 1 955 1 494 1 355 1 146 % of the total 9% 9% 7% 4% 4% 6% 4% including: EAEU* 742 943 985 994 818 830 769 % of the total 2% 2% 2% 2% 2% 4% 3% Non-CIS 29 252 38 387 49 020 47 344 32 604 22 096 29 350 % of the total 91% 91% 93% 96% 96% 94% 96% including: EU 14 989 18 550 24 775 23 526 15 893 12 473 14 736 % of the total 46% 44% 47% 48% 47% 53% 48% APEC 4 437 5 672 7 216 6 867 4 411 4 082 5 388 % of the total 14% 13% 14% 14% 13% 17% 18% Other 9 826 14 165 17 029 16 951 12 300 5 541 9 226 % of the total 31% 34% 32% 34% 36% 24% 30% * Until 1 January 2015 EurAsEC. 44

Supplement 3.1 REVIEW OF EXPORTS AND IMPORTS OF TRAVEL RELATED SERVICES 1 IN 2017 International transactions related to travel are significant components of the balance of payments under the Services part. Their turnover in 2017 totaled $40.0 billion (representing 27.3% of total trade in services turnover). In 2016, a similar aggregate stood at $31.7 billion (accounting for 25.4%). Exports of travel related services amounted to $8.9 billion which exceeded by 14.9% the 2016 outcome. Services provided to the CIS and non-cis residents increased by 24.7% and 9.1% respectively. Exports of Travel Services in 2011 2017 (billions of US dollars) 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 2011 2012 2013 2014 2015 2016 2017 Non- CIS CIS Exports Exports (seasonally adjusted) In 2017, the share of services exports to non-cis in total services exports declined year-onyear by 3.2 percentage points (to 59.6%). 1 Exports and imports of travel related services represent expenses incurred by residents of one country during their stay in the territory of another country. This component encompasses all goods and services acquired for personal needs or for transfer to other persons without quid pro quo. 45

Supplement 3.1 Exports of Travel Services by Country Group in 2011-2017 (% of the total) 56% 62% 64% 63% 55% 63% 60% 44% 38% 36% 37% 45% 37% 40% 2011 2012 2013 2014 2015 2016 2017 Non-CIS CIS Within exports distribution by economic zones, the overwhelming part of transactions continued to be accounted for by the European Union with 30.7% of total travel related services exports (against 34.1% in 2016). Exports of Travel Services by Geographic and Economic Zones (% of the total) 2016 2017 17% 20% 17% 23% 14% 13% 15% 34% 16% 31% EAEU Other CIS EU APEC Other EAEU Other CIS EU APEC Other 46

Supplement 3.1 Top spenders in the territory of the Russian Federation in the reporting period, like in 2016, were citizens of Ukraine, Kazakhstan, Germany, China, and Poland. Countries Major Counterparty - Countries for Exports of Travel Services of the Russian Federation in 2017 Exports, millions of US dollars 2017 as % of 2016 Country share in total exports volume in 2017, % Memorandum item: Share of visitors from the country in the total number of visitors, % Ukraine 898 123 10 26 Kazakhstan 862 105 10 12 Germany 723 108 8 2 China 610 118 7 6 Poland 311 101 3 2 In 2017, business trips represented 47.2% of total travel related services exports (against 43.6% in the preceding year) and 52.8% was the share of personal trips (against 56.4%). At the same time, for the CIS this proportion was 65.4% (against 57.2%) to 34.6% (against 42.8%) respectively, while for non-cis it was 34.8% (against 35.5%) to 65.2% (against 64.5%). The annual dynamics of personal trips and that of business trips of nonresidents to Russia in the course of 2017 differed: in the first half of the year total volume of travel exports was supported by increasing volume of personal trips whilst business trips declined simultaneously. However, starting with the second half of the year, the reduction of the number of trips made by foreign citizens to the territory of Russia both on personal and business purposes had a negative effect on the total volume of travel exports. Growth Dynamics of Travel Services Exports in 2017 (% of corresponding previous year period s outcome) 140,0 138,5 130,0 120,0 125,0 121,2 125,0 123,2 100,0 109,0 110,4 109,3 106,5 102,0 101,9 Q1 Q2 Q3 Q4 Business trips Personal trips Total trips 47

Supplement 3.1 100% Exports of Travel Services by Purpose of Trips in 2011-2017 (% of the total) 90% 80% 70% 31 43 54 46 29 38 46 33 33 44 52 37 41 49 57 47 50 53 63 49 46 57 67 46 41 55 63 44 60% 50% 40% 30% 20% 69 57 46 54 71 62 54 67 67 56 48 63 59 51 43 53 50 47 37 51 54 43 33 54 59 45 37 56 10% 0% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2011 2012 2013 2014 2015 2016 2017 Business Personal Exports of Travel Services by Purpose of Travel in 2016-2017 Millions of US dollars 2017 2016 Total Business Personal Total Business Personal Exports of services - total 8 945 4 220 4 725 7 785 3 394 4 392 including to of: CIS 3 614 2 364 1 250 2 899 1 658 1 241 Non-CIS 5 331 1 856 3 474 4 886 1 735 3 151 Imports of Travel Services by Country Group in 2011 2017 (% of the total) 49% 55% 55% 55% 49% 51% 44% Business 51% 45% 45% 45% 51% 49% 56% 37% 27% 23% 29% 41% 28% 26% Personal 63% 73% 77% 71% 59% 72% 74% 2011 2012 2013 2014 2015 2016 2017 Non-CIS CIS 48

Supplement 3.1 Imports of Travel services in 2017 amounted to $31.1 billion, which represented an outcome of $30.5 billion (a gain of 30.0% on the 2016 outcome) net of durable goods acquired by household owners of foreign real estate for own needs in the host country without importing them in the territory of the Russian Federation 2. Imports of Travel Services by Region In 2011-2017 (billions of US dollars) 20,0 18,0 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 2011 2012 2013 2014 2015 2016 2017 Non-CIS CIS Imports Imports (seasonally adjusted) In 2017, the combined volume of imported travel related services was traditionally dominated by non- CIS destinations which recovered to the highest level of 96.2% registered in 2014-2015. 2 In accordance with the methodology set out in the sixth edition of the IMF s Balance of Payments and International Investment Position Manual (BPM6), the Travel item includes durable goods acquired abroad by households owning foreign real estate for their own needs in the host country without importing them in the territory of the Russian Federation. Further analysis of Travel services imports excludes the value of the foregoing goods. 49