Page 57 - RusRPTAug19

6.2 Debt
Russia - External debt 2012 2013 2014 2015 2016 2017 Jan-Jun ‘18
Budget: external debt (USD bn)
2,363.52 2,844.56 2,729.43 2,169.01 2,073.22 2,096.24 1,005.41
Budget: external debt (% GDP)
29.02 31.73 29.07 37.89 39.83 32.84 /
source: CEIC, CBR
Russian foreign debt increased slightly in the first quarter. The debt increase mainly concerned government debt to foreigners. Russia's foreign debt, which is mainly held by companies, banks and the state, remains significantly below the 2014 peak.
However, total external debt was $482bn or about 15% of GDP and with gross reserves up to $530bn as of the end of July the government can easily cover every dollar of debt with cash.
In mid-2014, the debt was about $733bn, but at the end of March 2019 it was about $468bn. Since the peak of 2014, both sanctions and weak economic development in Russia have reduced foreign debt largely due to debt repayments. The weak economic situation reduced Russia's foreign debt also in the context of the 2009 financial crisis, but then the debt level quickly recovered after the crisis broke out. The impact of sanctions is reflected, in particular, in the continued decline in foreign debt of Russian banks, as Russia's largest banks, incl. Sberbank and VTB do not receive new long-term funding from the EU and US.
57 RUSSIA Country Report August 2019 www.intellinews.com