Across 2024, Russia’s public debt expanded by 3,446 trillion rubles, accounting for roughly 14.5 percent of GDP and totaling about 29.041 trillion rubles. This assessment comes from an analytical review of the federal budget execution prepared by the Chamber of Accounts for the year. The document outlines how much debt the government carried, how much of that debt was domestic versus foreign, and how currency movements and borrowing structures shaped the total stock of liabilities. For readers in Canada and the United States seeking to understand currency exposure and sovereign risk, the figures illuminate how Russia financed its deficits in 2024 and how the debt load relates to economic activity. They also reveal how debt composition can influence future interest costs and fiscal flexibility as the global financial environment evolves. The numbers reflect the financing choices made during the year and provide a benchmark for comparing Russia’s fiscal trajectory with peers in North American markets. They underscore the role of exchange rates, policy decisions, and market conditions in shaping the debt profile.
The document states that in 2024 the public debt rose by 3,445.6 billion rubles, or 13.5 percent, and stood at 29,040.7 billion rubles, equal to 14.5 percent of GDP. This framing helps readers gauge how much debt was added during the year and how that growth aligns with the overall economy. In North American terms, such shifts are watched closely by credit analysts and investors assessing the sustainability of sovereign funding and the potential implications for budgetary space and financing costs in the near term.
Internal debt grew by 2,929.5 billion rubles, or 14.1 percent, bringing the internal liability total to 23,742.3 billion rubles. At the same time, external debt in currencies other than the ruble increased by about 1.2 billion dollars, which translates to roughly 516.0 billion rubles in ruble terms, a rise of about 2.3 percent in ruble terms and roughly 10.8 percent in dollar terms. The external debt denominated in US dollars reached about 52.1 billion, or approximately 5,298.4 billion rubles. These shifts show how the mix between domestic and foreign borrowings moved through 2024 and how currency dynamics affected the overall exposure of the national balance sheet to foreign creditors.
Debt service costs increased by 604.6 billion rubles, up 35.1 percent from 2023, with total servicing around 2.33 trillion rubles. This growth in debt service indicates higher annual costs to fund the existing liabilities and to roll maturing obligations, a factor that can influence the budgetary space available for public programs in the year ahead. For market watchers in North America, such a rise can signal tighter fiscal settings and potential implications for interest rates, borrowing costs, and the pace of debt consolidation in an environment of global monetary tightening.
As of January 1, 2025, data from the Bank of Russia show foreign debt standing at 290.4 billion dollars. The bank noted that the trajectory was shaped by a reduction in the stock of sovereign securities expressed in both rubles and foreign currencies, reflecting shifts in currency composition and debt instruments used by the sovereign. This development matters for international investors, illustrating how Russia is adjusting its foreign exposure and the potential implications for cross‑border funding and currency risk in the coming months.
Earlier reports indicated that regional authorities carried debt tied to loans from the federal budget, highlighting the shared responsibility and interconnectedness of Russia’s debt framework. The pattern underscores how subnational borrowing interacts with the central budget, influencing the overall debt trajectory and the fiscal maneuvering room available to both regional and federal policymakers as they respond to evolving economic conditions.
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