The cost of servicing the state debt of Russia exceeded 1 trillion rubles

Expenses for servicing the Russian public debt increased by 237 billion over the nine months of this year, to 1.018 trillion rubles, which is 5.2% of total budget expenditures as of October 1. This was reported Vedomosti with reference to report of the Accounts Chamber of the Russian Federation on the execution of the federal budget for January-September 2022.

Over the nine months, the cost of servicing domestic debt increased by 238.7 billion, to 921 billion rubles, while the cost of servicing external public debt decreased by 1.5 billion and amounted to 96.4 billion rubles, the agency reports. It follows from the report that the main reduction in costs affected the servicing of Russia-2030 Eurobonds. As of October 1, 2021, Russia spent 780.5 billion rubles on servicing the public debt, which accounted for 4.8% of the budget, according to a note from the supervisory authority.

At the same time, over nine months, the public debt decreased by 1.4 trillion rubles. and as of October 1, amounted to 14.6% of the projected GDP, according to the Accounts Chamber. External debt decreased by 1.2 trillion, to 3.2 trillion rubles, and domestic debt by 257.6 billion, to 16.2 trillion rubles, follows from the note. Ministry of Finance of the Russian Federation since the beginning of the year attracted through the placement of Federal Loan Bonds 1.56 trillion rubles.

According to law on the federal budget for 2023–2025, the state debt of the Russian Federation will increase in 2023 to 25.4 trillion rubles, in 2024 to 27.7 trillion, in 2025 to 29.9 trillion rubles.

Erdni Kagaltynov