Blog Post

Whose is Russia’s external debt?

Data from the Central Bank of Russia show that, as of 1st Quarter of 2014, 90% of the country’s external debt was attributable to banks and other (non-government) sectors, whereas government debt accounted for about 7.5% of the total.

By: Date: October 7, 2014 Topic: Global economy and trade

Note: for Banks, “loans” includes also debt liabilities to direct investors and to direct investment enterprises

Data from the Central Bank of Russia show that, as of 1st Quarter of 2014, 90% of the country’s external debt was attributable to banks and other sectors, whereas government debt accounted for about 7.5% of the total. However, given that publicly-owned banks and companies are not singled out in this data, the actual government share is most likely higher. For both banks and other sectors’ external debt, loans and liabilities to direct investors are the biggest component.

And when is this debt coming due?

54% of Russia’s external debt has maturity of over two years (unspecified); 10% is between 1 and 2 years whereas about 23% has maturity of 1 year or less. For part of the external debt, the schedule is not available or inexistent (debt without schedule). Of that part of debt that is coming due within 1 year, the biggest redemptions will be in December 2014 – with 32 USD billions of banks and other sectors’ debt coming due – and Q5-2015, with 28 billion.

 


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External Publication

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Letter published in Science.

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European governance

Fiscal support and monetary vigilance: economic policy implications of the Russia-Ukraine war for the European Union

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Working Paper

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