Russia’s state external debt reached $61.97 billion as of February 1, 2026, surpassing the $60 billion mark for the first time in nearly two decades.

The last time the figure exceeded that level was in 2006. On January 1 of that year, Russia’s external public debt stood at $76.5 billion, The Caspian Post reports via Russian media.

However, by January 1, 2007, it had dropped sharply to $52 billion - and in the years that followed, it remained below $60 billion.

Debt Still Within Official Limits

Finance Minister Anton Siluanov has repeatedly stressed that Russia’s total public debt should not exceed 20 per cent of GDP, calling the relatively low debt burden a key advantage of the national economy.

In December 2025, President Vladimir Putin said during the annual “Results of the Year” program that Russia’s public debt remains one of the lowest among developed economies. It currently stands at about 17.7 per cent of GDP and is not expected to exceed 20 per cent over the next three years.

Why It Matters

While the latest figures show a symbolic return above the $60 billion threshold, Russian officials maintain that the overall debt-to-GDP ratio remains under control and significantly lower than in many Western economies.

The updated numbers come amid ongoing budget adjustments and shifting global financial conditions, as Moscow continues to navigate sanctions pressure and changing export revenues.

Despite the increase, authorities emphasize that Russia’s debt load remains moderate by international standards - and within the limits set by the government’s fiscal policy framework.