The Russian Ministry of Finance is not preparing to issue new debt in either domestic or international markets in the coming year. That stance was communicated in an interview with Izvestia by Anton Siluanov, the head of the department.
“We do not plan to enter the domestic or foreign markets this year. It would be financially unwise because the cost of such borrowing would be astronomical,” Siluanov stated.
He explained that the country has shifted its budgetary approach, ensuring that all revenues received by the treasury, including income from oil and gas, are designated for debt servicing. In this framework, foreign borrowing becomes less necessary given the current fiscal structure and macroeconomic environment.
Siluanov noted that, given the present circumstances, Russia does not need to seek external funds. The freeze of gold and foreign currency reserves by Western countries has undermined confidence in the dollar and the euro, reinforcing the government’s focus on domestic financing options and internal resilience.
Looking ahead, the minister did not rule out the possibility of borrowing in the future, but stressed that any future borrowing would prioritize funding from domestic investors first, preserving financial stability and market confidence within Russia.
In recent remarks, Siluanov condemned the freezing of Russian gold and foreign exchange reserves by Western authorities, calling the move a real act of theft and a serious disruption to usual financial flows. He suggested that such actions have lasting implications for how Russia manages its monetary reserves and interacts with international credit markets, reinforcing a more cautious and home-centered debt strategy.