Since September 2022, Russia has sharply reduced its holdings of American government bonds. Data from the US Treasury Department, reported by RIA News, shows a significant drop in Russian investments in US debt securities over this period. The latest figures indicate a total exposure of about 28 million dollars, with a rise of roughly 3 million dollars by November 2023. By comparison, September 2022 saw holdings around 73 million dollars. The current portfolio’s structure lists approximately 25 million dollars in long-term instruments and about 3 million dollars in short-term bonds. This evolution highlights a pronounced shift in risk posture and currency management in response to evolving geopolitical and financial pressures.
In terms of international peers, Japan leads as the largest holder of US government debt with about 1.127 trillion dollars, followed by China at around 782 billion dollars and the United Kingdom at roughly 716.2 billion dollars. All three nations expanded their purchases during 2023, while Beijing has started to scale back its acquisitions of American government securities as part of a broader strategy to reduce exposure. This dynamic mirrors the global rebalancing seen in sovereign portfolios during a period of monetary normalization and shifting geopolitical alignments.
Russia faced a dramatic constraint in March 2022 when access to its gold and foreign exchange reserves, estimated near 300 billion dollars, was curtailed by sanctions imposed by the United States and the European Union. Analysts at the time and in subsequent reviews weighed the possibility that Moscow could regain access to some or all of these reserves, depending on the evolution of international policy and potential negotiations. The consequences of those events continue to influence Russia’s external liquidity management, its currency strategy, and its ability to engage with global debt markets as it navigates ongoing economic pressures and sanctions regimes.