Total public debt of the Russian Federation. Russia's external debt

The Russian Federation belongs to the category of states that are also a major global creditor , and the debtor. Although she is still very far away. Let's look at what Russia's external debt is, what its condition, structure, and maintenance are.

Russia's external debt

The Budget Code of the Russian Federation, or more specifically, Article 6 of the document, defines the external Russian debt as obligations of the state arising in foreign currency.

By external we usually mean the total external debt of all legal entities - residents of the Russian Federation, that is, both government and business structures.

At the same time, Russia’s state external debt includes the following obligations:

• federal authorities;
• subjects of the federation;
• Central Bank RF

The official source of information on the current state, structure, history, payment plans for Russia's external public debt is the Central Bank of the Russian Federation. See a separate article on the functions of the Central Bank. Current debt indicators, as well as a preliminary assessment of its status as of a certain date - for example, on April 12, an approximate estimate was given for April 1 - are published in the “External Sector Statistics” section of the Central Bank of the Russian Federation web resource: http://www.cbr.ru/statistics/?PrtId=svs .

Detailed official background information on Russian external debt is also available on the website Russian Ministry of Finance: https://www.minfin.ru/ru/perfomance/public_debt/external. In particular, the department publishes repayment schedules external public debt by type of debt obligations of the Russian Federation.

History of the public debt of the Russian Federation

State debt The Russian Federation was actually formed in 1991 - immediately after the collapse of the USSR, when Russia, as its successor, completely assumed the debts of the Soviet Union. The former Soviet republics that had fallen away from the center paid for this by renouncing their share in Soviet foreign assets. The debt history data below is collected from messages from the Central Bank and the Ministry of Finance.

The 1990s were a period of difficult economic crisis- Russia practically stopped paying off the debt of the USSR and began to acquire new ones debentures. Accordingly, their volume grew and after 1998 reached the then local maximum of 188 billion USD. Part of the money was borrowed from:

After the peak of the crisis reached in 1998 and the passage of default, Russian external debt began to decrease - in the early 2000s, thanks to the growth oil prices Russia began its economic strengthening. By the end of the summer of 2006, after lengthy negotiations, Russia repaid $22.5 billion in Paris Club loans ahead of schedule.

Then a new phase of debt growth began - straightening financial situation made foreign loans available in the country in the 2000s. As a result, having fallen to 146 billion USD by 2002, Russian external debt grew again by 2008 to almost 0.5 trillion USD.

The volume of Russian foreign loans slowed down in the same 2008 due to. But just a year later, the indicator of the external public debt of the Russian Federation again showed growth and continued its ascent.

In 2013, payments were made on the debt of the USSR to the Czech Republic, Finland and Montenegro in a total amount of 3.65 billion USD. However, against the background of the total external debt, this amount amounted to only 0.5%. On August 8, 2017, Russia completed settlements with the creditors of the Union, paying $125.2 million to Bosnia and Herzegovina.

A new (not yet surpassed) maximum of Russian external debt - over 700 billion USD - was noted in the summer of 2014. After that, it began to fall rapidly due to Western sanctions imposed on Russian state due to the annexation of Crimea and the conflict with Ukraine. Western financial institutions were deprived of the opportunity to continue lending to residents of the Russian Federation.

In the winter of 2014-2015, peak payments were made on Russian foreign debt - more than $100 billion in several months. This led to a currency crisis in Russia and the fall of the ruble, as well as a significant reduction in gold and foreign exchange reserves states. During the year of the moratorium on lending, the volume of the Russian Federation’s external debt decreased by almost 200 billion USD.

It may seem surprising, but Russia's current public debt to GDP is only 12.6% - only four countries in the world have a lower figure. The TOP 10 global debtors have a ratio of more than 100%, while Japan has a ratio of about 250%. In terms of absolute value, the undisputed leader is the United States with an indicator of more than 20 trillion. $.

Comparison of external and internal debt of the Russian Federation

This is what the dynamics of the external debt of the Russian Federation looks like compared to the state internal debt:

Current state of the internal debt of the Russian Federation: https://www.minfin.ru/ru/perfomance/public_debt/internal. Because the domestic debt on the Ministry of Finance website it is measured in national currency(rubles), then comparison with external debt in dollars with a floating exchange rate It is better to do it at the end of each year. At the end of 2017, external debt was 3.75 times greater than internal debt.

The difference in the graphs is obvious - since there cannot be sanctions on internal debt, there has been a noticeable increase in it over the past 10 years - during the period 2007-2017, the internal debt of the Russian Federation increased 8 times. External debt- less than double. The most stable period in both cases was in 2000-2005, when oil revenues covered all government needs without the need for internal and external loans. Current volume of debt of the Russian Federation, billion rubles (external + internal, quarterly):

Current external debt of Russia

As of January 1, 2018, Russia’s external debt amounted to $529.1 billion. According to the Central Bank, the 2017 figure was exceeded by 2.9%. The Bank of Russia explained the increase in external debt by two factors:

1. the growing interest of foreign investors in Russian government securities, which they are allowed to buy;

2. attracting debt financing from structures located abroad Russian companies

According to the financial mega-regulator, the external debt of Russian banking organizations, on the contrary, has dropped to its lowest level over the past decade.

Earlier, the Ministry of Finance stated that in the event of new Western sanctions hitting Russian government bonds, the government will find other sources of financing the federal budget.

Structure of Russian external debt

Russia's external debt includes:

• the actual public debt of the Russian Federation is the obligations of the federal authorities;
• external debt of the Central Bank of the Russian Federation;
• duty banking sector(commercial banks - private and state property);
• debt of “other sectors” - Russian companies, organizations, enterprises.

Over the past year, the federal authorities increased the Russian debt from $39.178 to a new figure of $55.629 billion, or by 42%:

• liabilities in foreign currency increased by 27%, from $11.662 to a new value of $14.882 billion;
• securities in rubles - by 54%, from 25.032 to a new number of 38.708 billion USD (equivalent).

The external debt of the Central Bank increased - from 12.334 to a new figure of 14.974 billion USD, or by 21%.

The debt of the banking sector decreased from 119.395 to a new figure of 104.518 billion in US currency, by 12%.

Corporate debt of Russian companies increased from $343.225 to a new value of $353.963 billion, by 3%, remaining the largest among liabilities of all sectors.

Nowadays, we often hear such a phrase, but we have no idea what it is. In simple words, sovereign debt is the external debt of a country, and it is external because it is not dealt with in one’s own state, but with another country, with a more developing economy.

Now let's look at it in more detail. The government takes out a loan at a certain interest rate and term from another country. The borrowing country issues government bonds and sells them to everyone who wants to buy them. The money raised can go anywhere; for development banking system, Agriculture, industry of the country, etc.

If the state cannot meet its debt obligations, then it can choose two ways: either how to reduce this debt and extend the terms, or how to get rid of it for good, thereby ruining its reputation.

In the first case, restructuring is carried out. This is a negotiation process where issues regarding changes in terms and interest rates are resolved. long-term loan, either by partial debt write-off, or by exchanging debt for a share of property (for example, part of a block of shares owned by the state).

In the second case, the state declares default. This is the inability to pay one's debts, in other words, the bankruptcy of the borrower. That is why in 1998 Russia declared a default, since it could not meet its debt obligations.

As for the present time, the debt Russian Federation there is, but it is constantly paid, despite the fact that the situation in the country is not easy.

Public debt are debt obligations of the Russian Federation to individuals and legal entities, foreign states and international organizations.

External debt- these are obligations to non-residents in foreign currency.

Domestic debt- obligations to residents in rubles.

The national debt is secured by federal ownership.

Debt obligations of the Russian Federation exist in the form of:

credit agreements signed on behalf of the Russian Federation with credit organizations, foreign states and international financial organizations;

state valuable papers;

agreements on the provision of state guarantees;

re-registration of debt obligations of third parties into public debt.

The national debt may be short-term(up to one year), medium term(from one year to five years) and long-term(from five to thirty years).

The public debt is repaid within the terms established by the terms of the loans, but these loans cannot exceed 30 years.

Public debt management is carried out by the Government of the Russian Federation.

The Russian Federation is not responsible for the debt obligations of the constituent entities of the Russian Federation and municipalities if they were not guaranteed by the federal government.

Maximum volumes of government internal and external debts are determined by the law on the federal budget for another year. In accordance with Article 106 of the Budget Code of the Russian Federation, the maximum volume of government external borrowings should not exceed the annual volume of payments for servicing and repaying government external debt.

Law on federal budget for the next one fiscal year The Program of State External Borrowings is approved. This program is a list of external borrowings from the federal budget for the next financial year, indicating the purpose, sources, repayment deadlines and the total volume of borrowings. It covers all loans and government guarantees that exceed the equivalent of $10 million.

The decision to issue government securities is taken by the government accordingly in accordance with the maximum volumes of the budget deficit and public debt established in accordance with the budget law, as well as the Domestic Borrowing Program.

The decision on the issue of government securities reflects information about the issuer of the securities, the volume and conditions of the issue.

State guarantee is a method of ensuring legal obligations, by virtue of which the Russian Federation, as a guarantor, gives a written obligation to be responsible for the fulfillment by the person receiving the guarantee of his obligations to third parties.

The law on the federal budget for the next year determines maximum size amounts state guarantees. total amount state guarantees expressed in rubles are included in the state internal debt.

The total amount of government guarantees denominated in foreign currency is included in the government external debt.

In accordance with Article 118 of the Budget Code of the Russian Federation budgetary institutions do not have the right to take loans from credit institutions. But they have the right to receive loans from budgets and government off-budget funds. The register of debt of state unitary enterprises is maintained by the Treasury.

State books of internal and external debt of the Russian Federation are maintained by the Ministry of Finance of the Russian Federation.

IN State debt book information is entered on the volume of debt obligations of the Russian Federation, constituent entities of the Federation and municipalities on issued securities.

Information on borrowings is entered by the issuer into the State Debt Book of the Russian Federation within a period not exceeding three days from the moment the corresponding obligation arises.

Can be used to reduce debt burden debt restructuring. It means the repayment of previous debt obligations with the simultaneous implementation of new borrowings in the amount of repaid debt obligations and the establishment of new conditions for debt servicing.

The following public debt management tools are also used:

consolidation- combining several loans into one longer-term loan with a change in the interest rate;

government loan conversion- change original conditions loan related to profitability. Most often, during the conversion, the government reduces the interest rate;

external debt conversion- a means of reducing external debt by fulfilling debt obligations to creditors by transferring to them bills and shares in national currency;

innovation- replacement of the original obligation between the parties with another obligation between the same parties, providing for a different method of execution.

In 1985, the external debt of the USSR amounted to 22.5 billion dollars, in 1991 - 65.0 billion dollars. The external debt of Russia, including the debt of the USSR, amounted to 124.5 billion dollars as of January 1, 2003. To fully repay it within 30 years, along with interest payments, at least $300 billion will have to be paid.

Table 6 Dynamics of public external debt of the Russian Federation (billions of US dollars)

Concept and structure of external financing and external debt

External financing of the state is a consequence of the objective need to attract additional sources to finance government spending and the state budget deficit when all possible sources of mobilizing monetary resources within the country have been exhausted.

External funding attracted by the state to finance its expenses and the state budget deficit when it is impossible to mobilize these funds within the country. In other words, international financing used when public finance have a high deficit and need to finance expenses. External financing is attracted in two directions: state And private (according to sources)(Fig. 50).

Rice. 50. Structure of external financing by source

External funding also varies by form. It is carried out both in the form of free financing, and in the form of a return lending(Fig. 51).

Rice. 51. Structure of external financing and lending by form

International financing is structured and by timing(in terms of lending) for short-term (up to 1 year), medium-term (from 1 to 7 years) and long-term.

Public debt management

System state loan creates system government debts : internal and external

System debt service requires the creation of a system debt management.

The public debt system requires the creation of a debt management system. Servicing public debts, internal and external, includes in stages: repayment of interest; repayment of the capital amount of the debt and its refinancing if necessary.

If the conditional debt of the state is 100 thousand units. and it is presented at 20% per annum (the usual percentage on the international loan capital market for states - dubious borrowers) for 4 years with a one-year grace period (the period when only interest is repaid), and the amount of the debt is not repaid, then to the real amount of the debt (100 thousand units) you need to add 80 thousand units. percent (80% per annum multiplied by 4 years). Then the schedule for servicing such a debt will look like this (Fig. 52): 180 thousand. units in 4 years.

Rice. 52. State debt servicing schedule (with a term of 4 years at 20% per annum)

Thus, the simplest scheme for servicing public debt illustrates the sufficient complexity of managing it. Due to the high cost of public debts, the debt management system includes negotiations on changing the terms of debts, the mechanism of debt refinancing itself, and monitoring indicators of the volume and level of debt, and comparing them with other indicators of public finances (GDP, state budget, etc.).

Debt refinancing is a whole mechanism (another name is restructuring) (Fig. 53).

Public debt management is one of the main directions of state financial policy.

Debt refinancing- this is a system of measures to change the terms of loans: terms, volumes, cost (interest).

Rice. 53. Methods of refinancing public debt

Cancellation implies complete cancellation debt (applies only in case of complete bankruptcy of the state as a debtor).

Prolongation- This is an extension of debt terms and interest repayments.

Securitization is the resale of government bonds on the open market (stock exchange).

Capitalization- this is the restructuring of government bonds into private shares through their resale on the stock exchange.

Public debt and methods of public debt management

The government internal debt of the Russian Federation consists of debt from past years and newly arising debt. The state internal debt of the Russian Federation is secured by all assets at the disposal of the Government of the Russian Federation.

Debt obligations of the Russian Federation can be in the form of:

loans received by the Government of the Russian Federation;

government loans carried out through the issue of securities on behalf of the Government of the Russian Federation;

other debt obligations guaranteed by the Government of the Russian Federation.

The procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation are determined by the Government of the Russian Federation. This activity is called: public debt management.

Servicing of the state internal debt of the Russian Federation is carried out Central Bank of the Russian Federation and its institutions, unless otherwise established by the Government of the Russian Federation, and is carried out through operations for the placement of debt obligations of the Russian Federation, their repayment and payment of income in the form of interest on them or in another form.

Control over the state of public debt is carried out by representative and executive bodies of state power.

Under government internal debt management refers to the totality of government measures to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation.

To the main public debt management methods should include:

Refinancing- repayment of old government debt by issuing new loans.

Conversion- change in loan yield, for example, decrease or increase interest rate income paid by the government to its creditors.

Consolidation- increasing the validity period of already issued loans.

Unification- combining several loans into one.

Deferment of loan repayment is carried out in conditions where further active development of operations to issue new loans is not effective for the state.

Debt cancellation- refusal of the state from debt obligations.

Debt restructuring- repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of repaid debt obligations with the establishment of other conditions for servicing debt obligations and the timing of their repayment. IN Budget Code The Russian Federation notes that debt restructuring can be carried out with a partial write-off (reduction) of the principal amount.

Public debt are debt obligations of the Russian Federation to individuals and legal entities, foreign states and international organizations.

• External debt— these are obligations to non-residents in foreign currency.
• Domestic debt— obligations to residents in rubles.

The national debt is secured by federal ownership.

Debt obligations of the Russian Federation exist in the form of:

• credit agreements signed on behalf of the Russian Federation with credit organizations, foreign states and international financial organizations;
• government securities;
• agreements on the provision of state guarantees;
• re-registration of debt obligations of third parties into public debt.

The national debt may be short-term(up to one year), medium term(from one year to five years) and long-term(from five to thirty years).

The public debt is repaid within the terms established by the terms of the loans, but these loans cannot exceed 30 years.

Public debt management is carried out by the Government of the Russian Federation.

The Russian Federation is not responsible for the debt obligations of the constituent entities of the Russian Federation and municipalities if they were not guaranteed by the federal government.

Maximum volumes of government internal and external debts are determined by the law on the federal budget for another year. In accordance with Article 106 of the Budget Code of the Russian Federation, the maximum volume of government external borrowings should not exceed the annual volume of payments for servicing and repaying government external debt.

The Law on the Federal Budget for the next financial year approves the Program of State External Borrowings. This program is a list of external borrowings from the federal budget for the next financial year, indicating the purpose, sources, repayment deadlines and the total volume of borrowings. It covers all loans and government guarantees that exceed the equivalent of $10 million.

The decision to issue government securities is taken by the government accordingly in accordance with the maximum volumes of the budget deficit and public debt established in accordance with the budget law, as well as the Domestic Borrowing Program.

The decision on the issue of government securities reflects information about the issuer of the securities, the volume and conditions of the issue.

State guarantee is a method of ensuring legal obligations, by virtue of which the Russian Federation, as a guarantor, gives a written obligation to be responsible for the fulfillment by the person receiving the guarantee of his obligations to third parties.

The law on the federal budget for the next year determines the maximum amount of state guarantees. The total amount of government guarantees expressed in rubles is included in the government internal debt.

The total amount of government guarantees denominated in foreign currency is included in the government external debt.

In accordance with Article 118 of the Budget Code of the Russian Federation, budgetary institutions do not have the right to take loans from credit institutions. But they have the right to receive loans from budgets and state extra-budgetary funds. The register of debt of state unitary enterprises is maintained by the Treasury.

State books of internal and external debt of the Russian Federation are maintained by the Ministry of Finance of the Russian Federation.

IN State debt book information is entered on the volume of debt obligations of the Russian Federation, constituent entities of the Federation and municipalities for issued securities.

Information on borrowings is entered by the issuer into the State Debt Book of the Russian Federation within a period not exceeding three days from the moment the corresponding obligation arises.

Can be used to reduce debt burden debt restructuring. It means the repayment of previous debt obligations with the simultaneous implementation of new borrowings in the amount of repaid debt obligations and the establishment of new conditions for debt servicing.

The following public debt management tools are also used:

• consolidation- combining several loans into one longer-term loan with a change in the interest rate;
• government loan conversion— change in the initial terms of the loan regarding profitability. Most often, during the conversion, the government reduces the interest rate;
• external debt conversion— a means of reducing external debt by fulfilling debt obligations to creditors by transferring to them bills and shares in national currency;
• innovation- replacement of the original obligation between the parties with another obligation between the same parties, providing for a different method of execution.

In 1985, the external debt of the USSR amounted to 22.5 billion dollars, in 1991 - 65.0 billion dollars. The external debt of Russia, including the debt of the USSR, amounted to 124.5 billion dollars as of January 1, 2003. To fully repay it within 30 years, along with interest payments, at least $300 billion will have to be paid.

In order to ensure its foreign policy and foreign economic interests, Russia provides loans to foreign countries. The program for providing such loans is approved by the law on the federal budget for the next year. This program consists of a list of loans indicating the purpose of their provision, recipients and amount. Agreements on debt restructuring or write-off of debt of foreign states to the Russian Federation must be ratified by the State Duma.

Concept and structure of external financing and external debt

External financing of the state is a consequence of the objective need to attract additional sources to finance government spending and the state budget deficit when all possible sources of mobilizing monetary resources within the country have been exhausted.

External funding attracted by the state to finance its expenses and the state budget deficit when it is impossible to mobilize these funds within the country. In other words, international financing is used when public finances have high deficits and need to finance expenditures. External financing is attracted in two directions: state And private (according to sources)(Fig. 50).

External funding also varies by form. It is carried out both in the form of free financing, and in the form of a return lending(Fig. 51).

International financing is structured and by timing(in terms of lending) for short-term (up to 1 year), medium-term (from 1 to 7 years) and long-term.

Public debt management

The system creates public debt system: internal and external

System debt service requires the creation of a system debt management.

The public debt system requires the creation of a debt management system. Servicing public debts, internal and external, includes in stages: repayment of interest; repayment of the capital amount of the debt and its refinancing if necessary.

If the conditional debt of the state is 100 thousand units. and it is presented at 20% per annum (the usual percentage on the international market loan capital for states - doubtful borrowers) for 4 years with a one-year grace period(the period when only interest is repaid), but the amount of the debt is not repaid, then 80 thousand units must be added to the real amount of the debt (100 thousand units). percent (80% per annum multiplied by 4 years). Then the schedule for servicing such a debt will look like this (Fig. 52): 180 thousand. units in 4 years.

Rice. 52. State debt servicing schedule (with a term of 4 years at 20% per annum)

Thus, the simplest scheme for servicing public debt illustrates the sufficient complexity of managing it. Due to the high cost of public debts, the debt management system includes negotiations on changing the terms of debts, the mechanism of debt refinancing itself, and monitoring indicators of the volume and level of debt, and comparing them with other indicators of public finances (GDP, state budget, etc.).

Debt refinancing is a whole mechanism (another name is restructuring) (Fig. 53).

Public debt management is one of the main directions of state financial policy.

Debt refinancing is a system of measures to change the terms of loans: terms, volumes, cost (interest).

Cancellation implies a complete cancellation of the debt (applies only in the event of complete bankruptcy of the state as a debtor).

Prolongation- This is an extension of debt terms and interest repayments.

Securitization is the resale of government bonds on the open market (stock exchange).

Capitalization— this is the restructuring of government bonds into private shares through their resale on the stock exchange.

Public debt and methods of public debt management

The government internal debt of the Russian Federation consists of debt from past years and newly arising debt. The state internal debt of the Russian Federation is secured by all assets at the disposal of the Government of the Russian Federation.

Debt obligations of the Russian Federation can be in the form of:

• loans received by the Government of the Russian Federation;
• government loans carried out through the issue of securities on behalf of the Government of the Russian Federation;
• other debt obligations guaranteed by the Government of the Russian Federation.

The procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation are determined by the Government of the Russian Federation. This activity is called: public debt management.

The servicing of the state internal debt of the Russian Federation is carried out by the Central Bank of the Russian Federation and its institutions, unless otherwise established by the Government of the Russian Federation, and is carried out through operations for the placement of debt obligations of the Russian Federation, their repayment and the payment of income in the form of interest on them or in another form.

Control over the state of public debt is carried out by representative and executive bodies of state power.

Under government internal debt management refers to the totality of government measures to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation.

To the main public debt management methods should include:

• Refinancing— repayment of old government debt by issuing new loans.
• Conversion- a change in the size of the loan's profitability, for example, a decrease or increase in the interest rate of income paid by the state to its creditors.
• Consolidation— increasing the validity period of already issued loans.
• Unification- combining several loans into one.
• Deferment of loan repayment is carried out in conditions where further active development of operations to issue new loans is not effective for the state.
• Debt cancellation— refusal of the state from debt obligations.
• Debt restructuring— repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of repaid debt obligations with the establishment of other conditions for servicing debt obligations and the timing of their repayment. The Budget Code of the Russian Federation states that debt restructuring can be carried out with a partial write-off (reduction) of the principal amount.

An analysis of Russia's external debt over the years shows that the country is borrowing less and less from abroad. This applies to both public and private debt. Today we will tell you at what level the country’s external debt is, who does Russia owe, how will payments be made?

In our work, we rely only on official data from the Central Bank of the Russian Federation and the Ministry of Finance. Thus, according to the regulator’s estimates, as of April 1, 2018, external debt public sector The Russian Federation in the expanded definition amounted to $255.3 billion.

This figure includes not only the direct debts of government bodies, but also the debt of the Central Bank, as well as banks and other corporations with a government presence in the capital of more than 50%. In fact, they account for a significant portion of the debt. Of this amount, no more than $60 billion applies specifically to government agencies.

External public and private debt of Russia (Central Bank of the Russian Federation)

As can be seen from the table, the public external debt of the Russian Federation was actively growing until 2014. However, after changes in the geopolitical situation in the world, the amount of debt began to decline. This was a consequence of limited access of domestic companies to external financing.

If you look only at the debt of government bodies of the Russian Federation without taking into account the debts of the Central Bank and state-owned companies, it is also noticeable that Russia abruptly stopped borrowing after 2014 and returned to international market capital only in 2017. Experts believe that this step was necessary to cover the country’s budget deficit and at the same time check whether foreign investors buy the government debt of the Russian Federation under the conditions of sanctions restrictions against the Russian Federation.

External debt of government bodies of the Russian Federation only (Central Bank of the Russian Federation)

It should be noted that foreigners buy Russian government debt very willingly; demand sometimes even exceeds supply. And all because there is no actual ban on owning public debt. But everything may change in the coming months after a bill was developed in the United States proposing to impose sanctions on the Russian government debt. If the bill is adopted, foreigners will not be able to buy new issues of Russian government bonds. Also, the new rules may affect the assets of the largest state banks of the Russian Federation in the United States.

When comparing the external debt of Russia and the United States, one must take into account the debt per capita. If in the Russian Federation it is 3.5 thousand dollars, then in the USA every resident, including infants and pensioners, bears the burden of an external debt in the amount of 64 thousand dollars. In 2018, the total US foreign debt exceeded $21 trillion, representing 106% of GDP. And this despite the US President’s promises to reduce the national debt. Another remarkable fact on this topic. The first 10 trillion US dollars were accumulated over 2 centuries, but the second ones were accumulated in just 8 years.

External debt per capita

But we are returning home. Here we are interested in Russia's upcoming payments on its external debt. Traditionally, the largest payments are recorded at the end of the year. See the external debt repayment schedule for principal and interest.

Repayment schedule for the external debt of the Russian Federation by month: principal debt (Central Bank of the Russian Federation)

Large volumes of payments on external debt can have a negative impact on the ruble exchange rate, which is why many specialists who are professionally involved in forecasting exchange rates mandatory pay attention to the schedule of payments on external debt.

Payment schedule for the external debt of the Russian Federation: interest (Central Bank of the Russian Federation)

As for the holders of Russia’s external government debt, back in 2017 Russia paid off the last debt of the USSR, paying Bosnia and Herzegovina $125.2 million. In the years after the collapse of the Union, Russia consistently paid off its external debt, transferring a total of $100 billion. Today, if you look at it from the point of view of government loans, Russia owes South Korea alone about $0.5 billion. As officials promise, the debt will be repaid as planned until 2025.

Repayment schedule for the external debt of the Russian Federation by type of debt (Ministry of Finance)

From the repayment schedule of the external debt of the Russian Federation it is clear that today Russia mainly services bond loans, the holders of which can be: government agencies, so private banks, corporations, investors from different countries peace, etc. But the share of loans from states and international organizations in the total volume of repayments is already a tiny fraction and continues to steadily creep down. If you want to compare the external debt of the Russian Federation and the internal one, then you need to know that, according to the Ministry of Finance, as of August 1, 2018, the country’s public internal debt amounts to almost 7.6 trillion rubles. In foreign currency terms, this is approximately $111.7 billion.

The country's external debt is under control, but Russians' debts to banks and microfinance organizations are growing rapidly, which forces some experts to make negative forecasts. Citizens cannot live without borrowed money, regularly registering more and more new ones. Although in some cases it is possible to take, in the general situation the picture does not change much.