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As of January 1, 2026, Russia's external debt increased by nearly 30 billion US dollars compared with the previous year, according to the press service of the Central Bank of Russia.
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Russian Central Bank
In annual terms, the country's external debt grew by 10.4 percent, reaching 319.8 billion US dollars.
"The dynamics of the indicator were driven primarily by the positive revaluation of liabilities of other sectors and the banking system as a result of the strengthening of the ruble, as well as by the attraction of debt financing,” the regulator explained.
By the end of the third quarter of 2025, Russia's external government debt relative to GDP declined to 14 percent. In April-June, the debt-to-GDP ratio stood at 14.7 percent, meaning the indicator fell by 0.7 percentage points between July and September.
The ratio dropped lower only once in modern history — in the fourth quarter of 2024, when it reached a historic minimum of 13.3 percent.
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