Page 81 - RusRPTFeb23

w6.2 Debt
Russia's external debt shrank by $100.4bn over the course of 2022, dropping to $381.8bn as of January 1, 2023, reports Sberbank CIB.
The decline was attributable to debt redemptions, as the revaluation of ruble and euro debt actually added $2.6bn to the overall debt figure.
Corporates redeemed the most ($64.9bn, likely including prepayments), reducing their external debt load to $239.4bn. The banking sector (including the CBR) reduced its external debt by $18.6bn to $95.9bn. The government's debt declined $16.9bn to $46.5bn.
Total external debt dropped by $52.3bn over 4Q22 alone. However, around $22bn of this decline owed to revaluation, as the ruble weakened by almost 20% against the dollar over the quarter, while the euro strengthened by 11% versus the greenback. The remaining portion of the decline ($30.4bn) was due to debt redemptions.
“In 2023, Russia will continue to redeem its foreign debt. We expect external debt redemptions this year to total around $50bn. We do not foresee any problems with foreign debt payments, as we would expect to see a current
81 RUSSIA Country Report February 2023 www.intellinews.com