Russia Sets 15-Year Record for External Debt Reduction

Russia has achieved its fastest reduction in external debt in 15 years, with the total owed to foreign creditors dropping by $2.2 billion in March 2026, according to data from the Russian Ministry of Finance. The overall external debt now stands at $58.9 billion, a sharp decline from $61.1 billion recorded at the end of the previous month.

The reduction marks the most rapid decrease in external debt in at least the last 15 years, experts say. The last comparable drop occurred in July 2018, when the debt fell by $3.6 billion. The ministry's figures were cited by the Russian state news agency RIA Novosti.

Finance Minister Anton Siluanov, speaking at the St. Petersburg International Economic Forum (SPIEF), stated that Russia's external debt currently stands at about 10% of GDP and predicted it would be fully paid off in the near future. Meanwhile, Deputy Chief of Staff of the Presidential Administration Maxim Oreshkin claimed that the Russian economy has grown by 10% over the past three years, compared to the European economy's growth of 3% during the same period.

This development comes amid ongoing Western sanctions and reflects Russia's efforts to reduce its reliance on foreign borrowing. The rapid deleveraging underscores the country's strong fiscal position, driven by energy revenues and import substitution policies.