Estimate of External Debt of the Russian Federation as of December 31, 2025

According to the Bank of Russia estimate, external debt of the Russian Federation as of December 31, 2025 totaled $319.8 billion, having increased by $30.0 billion, or by 10.4%, since the end of 2024. This dynamics was mainly influenced by the positive revaluation of liabilities of other sectors and the banking system resulting from the ruble’s appreciation, as well as the raising of debt financing.