Russia’s External Debt Increases in Q4 2023, Currency Repricing Plays Key Role

Russia’s external debt rose in the final quarter of 2023, marking the first uptick since mid-2022 after a review of data from the Central Bank of Russia reported by RIA News. In the October–December period, the country’s foreign debt increased by 1.3 percent, adding 4.3 billion dollars to reach 326.6 billion dollars. This uptick highlights how currency movements and quarterly repricing can move a country’s external exposure even when overall credit conditions are stable. The new figures reflect a mix of public, non-financial, and banking sector liabilities shifting in response to shifting exchange rates and debt composition during the quarter. For analysts and policymakers in North America, the change underlines the importance of monitoring how external borrowings translate into dollar terms amid fluctuating currencies and global risk appetite.