Russia's balance of payments just posted a record $12.2 billion in "net errors and omissions" for Q2 2026 — the largest unexplained hole since records began in 1994.

Intelligence summary

Russia's balance of payments just posted a record $12.2 billion in "net errors and omissions" for Q2 2026 — the largest unexplained hole since records began in 1994. The previous record was $8.3 billion in 2009. It jumped from $1.4 billion the quarter before — an 8.7x increase. In plain terms: $12.2 billion left Russia and nobody can officially account for where it went. That's roughly 10% of quarterly export revenue and a third of the trade surplus. The central bank