Russia's Foreign Government Debt Has Grown To A 20-year High

The internal one is increasing as well.

As of February 1, 2026, Russia's public external debt reached $61.97 billion, the highest figure in the last 20 years, according to data from the Russian Finance Ministry, writes The Moscow Times.

That is, on January 1, 2006, it was $76.5 billion, but by 2007 it had fallen to $52 billion and in subsequent years did not exceed $60 billion.

External state debt takes into account the government's obligations to non-residents in foreign currency. It is part of the country's total external debt, which also accounts for banks, state and private companies, and various organizations. The Bank of Russia estimated the country's total external debt as of January 1, 2026 at $319.8 billion. According to the regulator, it grew by $30 billion or 10.4% over the past year. This was affected by the revaluation of liabilities due to the strengthening of the ruble, as well as the attraction of additional debt financing.

In addition to external public debt, the government has domestic debt. According to the Ministry of Finance, it increased by 13 trillion rubles in 2023-25 and reached 38.5 trillion rubles. In 2026, the authorities plan to borrow another Rb 3.98 trillion, in 2027 - Rb 3.79 trillion, and in 2028 - Rb 4.57 trillion. Thus, taking into account state guarantees, the total domestic public debt should increase by Rb 15.2 trillion over three years, to 53.7 trillion rubles.

The government has to increase state debt in order to patch up the budget, the deficit of which in 2025 exceeded the original plan 5 times and amounted to 5.7 trillion rubles. This year, the authorities expect to reduce the "hole" in the treasury to Rb 3.8 trillion. At the same time, the Ministry of Finance places bonds on the domestic market for 10 years at 14-15% per annum. As a result, debt interest expenses are close to 1.5% of GDP, according to calculations by Nataliya Orlova, chief economist at Alfa Bank.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail [email protected]