Russia’s exports expanded 28% on a year earlier, but lagged a 36% increase in imports in May. That resulted in a goods trade surplus below economists’ expectations and the first current account deficit since 2013 in the second quarter. Export growth has been broad based, but led by a 28% increase in fossil fuel exports and 38% in iron/steel. Together they accounted for 64% of exports in May. Fossil fuel exports may be threatened by the Trump administration’s LNG export and oil import policies. The future for metals exports is also uncertain, with U.S. reviews of both steel and aluminum i...