Russia’s trade surplus widened to $11.74 billion in August 2026, up from $7.27 billion a year earlier, marking the largest surplus for that month since 2022. Exports jumped 27.8% year-on-year to $40.93 billion, driven by stronger foreign demand for energy commodities. A blockade of tankers departing the Persian Gulf triggered a surge in global oil and fuel prices, boosting Asian demand for Russian oil as an alternative. However, energy exports are set to be curtailed from September onward, after Ukrainian drone strikes on Russian refineries prompted Moscow to ban diesel exports. Imports also increased, but at a more moderate pace, rising 17.9% to $29.19 billion.