BOFIT Viikkokatsaus / BOFIT Weekly 2019/04

Russians owed roughly 450 billion dollars to foreign (non-resident) entities at the start of this year. Russia’s foreign debt, measured in dollars, fell by 12 % in 2018.

While half of Russia’s foreign debt is denominated in dollars and a quarter in rubles, nearly two-thirds of government foreign debt is denominated in rubles. Measured in dollars, the debt has decreased due to debt repayment and depreciation of the ruble. Foreigners have reduced their investment positions, especially in ruble-denominated government debt.

The government accounts for 10 % of the country’s foreign debt, banks another 19 % and non-bank corporates nearly 70 %. Especially banks’ foreign liabilities are counterbalanced by their assets held abroad and receivables from abroad.

Besides foreign debt, the stock of direct investments that have flowed from abroad into Russian firms (incl. banks) was about 520 billion dollars at the beginning of October.