This was influenced by the revaluation of obligations due to the strengthening of the ruble, as well as the attraction of additional financing.
As of February 1, 2026, Russia's state external debt reached $61.97 billion. This is the highest figure in the last 20 years, according to data from the Ministry of Finance. On January 1, 2006, it amounted to $76.5 billion, but by 2007 it had decreased to $52 billion and did not exceed $60 billion in the following years.
The external state debt accounts for the government's obligations to non-residents in foreign currency. It is part of the country's total external debt, which also includes banks, state and private companies, as well as various organizations. The Bank of Russia estimated the total external debt of the country at $319.8 billion as of January 1, 2026. According to the regulator, it grew by $30 billion, or 10.4%, over the past year. This was influenced by the revaluation of obligations due to the strengthening of the ruble, as well as the attraction of additional debt financing.
In addition to external state debt, the government has domestic debt. According to the Ministry of Finance, from 2023 to 2025, it increased by 13 trillion rubles, reaching 38.5 trillion rubles. In 2026, authorities plan to borrow another 3.98 trillion rubles, in 2027 - 3.79 trillion, and in 2028 - 4.57 trillion. Thus, taking into account state guarantees, the total domestic state debt is expected to increase by 15.2 trillion rubles to 53.7 trillion.
The government has to increase state debt to patch the budget, the deficit of which in 2025 exceeded the initial plan by five times, amounting to 5.7 trillion rubles. This year, authorities expect to reduce the "hole" in the treasury to 3.8 trillion rubles. Meanwhile, in the domestic market, the Ministry of Finance is placing 10-year bonds at an interest rate of 14–15% per annum. As a result, interest expenses on the debt are approaching 1.5% of GDP, calculated the chief economist of Alfa-Bank, Natalia Orlova.
Russian President Vladimir Putin previously stated that Russia's state debt is about 17.7% of GDP and is one of the lowest in the world. He noted that over the next three years, this figure should not rise above 20%. Meanwhile, the Central Economic and Mathematical Institute (CEMI) of the Russian Academy of Sciences (RAS) proposed to the Russian authorities to "safely" increase the volume of state debt to 90–100% of GDP, or from 38.5 trillion to 217.8 trillion rubles.
Leave a comment