Russian Money Piles Up Abroad Amid Trade Payment Troubles

Proceeds from Russian exports are accumulating abroad due to increasing delays in international trade settlements caused by US pressure on financial institutions in countries that remain friendly to the Kremlin.

Foreign financial assets increased by almost $60 billion in the first 11 months of 2024 compared with $43 billion in the same period the previous year, according to Bank of Russia data published Thursday. In November, they increased for the third month in a row.

The central bank has pointed to an increased lag in foreign trade payments as the cause for the buildup in Russian companies’ accounts receivable.

Despite ...