Russia’s national debt surges by $37.6 billion in 2025

Russia’s national debt has risen sharply by 2.9 trillion roubles ($37.6 billion), or 10.1%, during the first three quarters of 2025, reaching a total of 31.98 trillion roubles ($414.0 billion), according to a recent report by the Audit Chamber on the implementation of the federal budget.

The report, which details fiscal developments through September, revealed that domestic debt saw a significant increase of 3.6 trillion roubles ($46.6 billion), marking a rise of 15.2%, Caliber.Az reports via Russian media.

As of October 1, 2025, Russia's domestic debt stood at 27.3 trillion roubles ($353.5 billion). Meanwhile, Russia’s external debt decreased by 667.8 billion roubles ($8.6 billion), falling by 12.6% to 4.6 trillion roubles ($59.6 billion).

Additionally, the Accounts Chamber noted that the costs associated with servicing Russia's national debt amounted to 2.3 trillion roubles ($29.8 billion), which represents 73% of the country's consolidated budget.

While Russia’s public debt remains relatively small in proportion to its economy, concerns are growing over the increasing burden of debt servicing.

Russian Finance Minister Anton Siluanov has previously stated that the government views the size of the national debt as manageable, with a target to keep public debt under 20% of the country's GDP. However, he acknowledged that the rising cost of debt servicing poses a significant challenge for the federal budget.

By Sabina Mammadli