Russia reported a 35% expansion in exports in March, led by a 44% rise in energy revenues on higher oil prices. Shipments to the U.S. increased 53%, the seventh straight month of growth. That helped the Russian trade surplus globally to its highest since June 2015. Russia’s surplus with the U.S. in the 12 months to March 31 reached $10 billion. While a fraction of its peak in 2011, it is still 34% above its recent trough due to energy being 34% of Russia’s exports to America. So far talks between the Trump and Putin administrations have focussed on national security rather than trade. Th...