According to the Central Bank, incoming payments through the Bank of Russia payment system fell 3.4% in July compared to the Q2 average, but excluding extraction and public administration, they rose 1.4%.
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Financial flows in July fell 3.4% compared to the average level of Q2 2026, according to a commentary from the Central Bank of Russia.
Excluding extraction, petroleum products, and public administration, incoming payments processed through the Bank of Russia payment system rose 1.4% in July, driven by consumer demand sectors.
Receipts in external demand sectors fell 9.3% in July compared to the Q2 average. The main driver of the decline was payments in crude oil and natural gas extraction, as well as extraction of other minerals. "The decrease in receipts in this group of sectors is linked to lower foreign currency revenue relative to the high base of April-May," the Central Bank notes. Support for payment dynamics in this segment came from metal ore extraction and metallurgy.
Financial flows in consumer demand sectors increased by 1.5%, while those in government demand sectors fell 15.4%, investment demand sectors declined 2.1%, and intermediate demand sectors decreased 0.9%.
The Central Bank earlier reported that in June 2026, financial flows increased 5.7% compared to the Q1 2026 average (in Q2, they rose 5.7%). Excluding extraction, petroleum products, and public administration, incoming payments in June fell 1.5% (in Q2, they fell 1.1%).
Context
What happened before
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High base of foreign currency revenue, affecting the decline in receipts in July
Financial flows increased 5.7% compared to the Q1 2026 average
Financial flows fell 3.4% compared to the Q2 2026 average
Excluding extraction, petroleum products, and public administration, incoming payments rose 1.4%
Receipts in external demand sectors fell 9.3% compared to the Q2 average