Russia’s External Public Debt Surpasses $60 Billion for the First Time in Two Decades
- Russia’s Debt Hits Highest Level Since 2006
- Moscow Claims Its Debt Ratio Remains Low
- FAQs: Russia’s Rising Debt and Economic Outlook
Russia's external public debt has exceeded $60 billion for the first time in 20 years, reaching $61.9 billion as of February 1, 2026. This milestone comes amid ongoing economic pressures from the Ukraine conflict and Western sanctions. While Moscow touts its debt-to-GDP ratio as one of the lowest among developed nations, analysts warn of potential risks tied to currency fluctuations and increased borrowing. This article delves into the factors driving this surge, its implications for Russia’s economy, and how it compares historically. --- ###
Russia’s Debt Hits Highest Level Since 2006
Russia’s sovereign debt to foreign creditors has soared to its highest point in two decades, fueled by the costly war in Ukraine and sweeping Western sanctions. Official data from the Ministry of Finance reveals that the country’s external debt climbed to $61.9 billion by early February 2026—a threshold last crossed in 2006, when it peaked at $76.5 billion. After dropping to $52 billion in 2007, the debt remained below $60 billion until this recent spike. For context, in 2011, it stood at just $39.7 billion, according to Forbes Russia.
External public debt includes obligations owed by the federal government, local authorities, and public institutions to foreign states, banks, and international organizations (excluding private-sector liabilities). The Central Bank of Russia (CBR) estimates the nation’s total external debt at $319.8 billion as of January 2026, marking a 10.4% increase since 2025. This growth is partly attributed to the rouble’s appreciation and rising corporate borrowing, as noted by Kommersant.
--- ###Moscow Claims Its Debt Ratio Remains Low
Prime Minister Mikhail Mishustin emphasized in December 2025 that Russia’s debt-to-GDP ratio is “among the lowest in the developed world,” enabling the government to fund social programs and military operations without straining the economy. Finance Minister Anton Siluanov echoed this, projecting that public debt won’t exceed 20% of GDP in the medium term—currently hovering around 15%.
Experts like Alexander Abramov, director of the Laboratory for Financial Market Analysis at Russia’s Academy of Sciences, downplayed concerns: “The increase in foreign-currency debt isn’t critical.” He cited the Finance Ministry’s yuan-denominated bond issuances as a key driver. Anton Tabakh, chief economist at Expert RA, added that Russia’s economic expansion over the past two decades has kept debt levels manageable compared to other major economies.
--- ###FAQs: Russia’s Rising Debt and Economic Outlook
Why has Russia’s external debt surged?
The $61.9 billion figure reflects higher borrowing to offset war expenses and sanctions, alongside currency revaluations.
How does Russia’s debt compare to other countries?
Its debt-to-GDP ratio (~15%) is lower than most developed nations, but the absolute value is at a 20-year high.
What risks does this pose?
Exchange-rate volatility and reliance on non-Western creditors (e.g., China) could create long-term vulnerabilities.
