Page 57 - RusRPTMar20

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
The CBR releases two reports on external debt in February: ​the first provides a sectoral breakdown and the second adds the currency composition.
According to the preliminary estimates, Russia’s external debt increased $26.8bn y/y in 4Q19.
The prior balance of payments report already highlighted that this increase came on the back of more active issuance of Eurobonds, by both the public sector and private corporates.
However, the second report provides a welcome reminder that a significant part of Russian external debt is actually in domestic currency: in 3Q19, out of the $473.7bn total, $134.9bn was liabilities in RUB.
These include, for example, OFZ holdings by non​residents, but also any borrowing in RUB from foreign sources by domestic corporates and banks.
57​ RUSSIA Country Report​ March 2020 ​ ​www.intellinews.com