Page 85 - RusRPTMay21

$309.2bn, likely attributable to $12.8bn in principal payments.
Public debt (including the CBR) declined $2.0bn to $76.5bn due to the weaker ruble and the selloff in the OFZ market by nonresidents. Meanwhile, banking-sector debt climbed $1.5bn to $73.7bn.
Going forward, a weaker ruble in the second quarter of 2021 will likely mean lower ruble-denominated public external debt. According to the redemption schedule, nonfinancial companies will pay back about $9.7bn of principal in the second quarter of 2021, while banks will redeem $3.4bn. Thus, we expect external debt to further contract.
Both the corporate sector and the state have paid down their debt.
Squeezed by sanctions, Russian firms shed liabilities: since 2014, non-financial firms have reduced the amount of debt owed to foreign creditors by 25%. Banks cut theirs by 65%. The government ran budget surpluses in 2018 and 2019. Even after some deficit spending during the pandemic, its debt is equivalent to around 20% of GDP; only one-fifth is held by foreigners.
85 RUSSIA Country Report May 2021 www.intellinews.com