Russia is Better Off, Thank You

Compared against $385.1 billion on January 1 2023, Russia’s external debt fell by $68.2 billion (17.7 percent) in a year to $316.8 billion, the lowest in 17 years since January 1 2007, according to a statement released by Russia's Central Bank on Monday.

People waving Russian flags fill Moscow's Red Square during a commemoration of the 10th anniversary of the annexation of Crimea to Russia on March 18, 2024 (Photo: MTI/EPA/Sergey Ilnyitsky)

Russia’s external debt decreased by $101.8 billion in 2022, rose by $14.5 billion in 2021, fell by $23.8 billion in 2020 and then increased again by $36.4 billion in 2019.  

Figures released by the country’s Central Bank show that the external debt of the so-called other sectors of the economy fell the most last year, by $55.4 billion (22.6 percent) to $189.4 billion. The external debt of state administrative institutions dropped by $13.4 billion (29.1 percent) to $32.7 billion.

The external debt of the banking sector (including banks and the Central Bank) increased by $600 million (0.6 per cent) to $94.7 billion.

Cover photo: People waving Russian flags fill Moscow’s Red Square during a commemoration of the 10th anniversary of the annexation of Crimea to Russia on March 18, 2024 (Photo: MTI/EPA/Sergey Ilnyitsky)