Russia's external debt has exceeded $60 billion for the first time in 20 years

The state external debt of Russia as of February 1, 2026 amounted to $ 61.97 billion, according to data published on the website of the Ministry of Finance. This is the highest level since 2006 — according to department statistics, as of January 1, 2006, the figure reached $ 76.5 billion, by January 1, 2007 it dropped to $ 52 billion and in subsequent years did not exceed $ 60 billion.

The Bank of Russia, in turn, estimated the country's total external debt as of January 1, 2026 at $ 319.8 billion. According to the regulator, in 2025 it grew by $ 30 billion, or 10.4%, mainly due to the revaluation of liabilities of banks and other sectors against the background of the strengthening of the ruble, as well as attracting debt financing.

External debt is all the obligations of the country's residents to foreign creditors. It includes debts of the state, banks, companies and other organizations, as well as part of loans. Public debt — obligations of the authorities. It can be internal (to creditors within the country, usually in national currency) and external (to non-residents, more often in foreign currency). Thus, the public external debt is a part of the external debt related to the state, and the external debt is broader and includes the private sector.

In December, Finance Minister Anton Siluanov said on RBC Radio that he expects higher economic growth rates in 2026.

According to him, the acceleration will be associated with a reduction in the key rate of the Bank of Russia and an increase in investment. Siluanov also pointed out that budgetary support measures focused primarily on technological sovereignty should contribute to the fulfillment of economic growth tasks.

Commenting on the impact of a strong ruble on the balance of the budget, the minister noted that the effect will depend on the level of interest rates. He added that the current range of the exchange rate, according to the Ministry of Finance, looks generally balanced and may continue in the future.