Russia has a budget problem. Borrowing its way out won’t be so simple.
28 September 2026
Russia’s government debt stands at about 19% of gross domestic product.
Russia’s debt-to-GDP ratio is far below the levels seen in major economies and that low debt ratio gives Russia some room to borrow.
But high interest rates, sanctions and a limited pool of domestic buyers make using that room an expensive option.
Russia’s debt-to-GDP ratio is far below the levels seen in major economies and that low debt ratio gives Russia some room to borrow.
But high interest rates, sanctions and a limited pool of domestic buyers make using that room an expensive option.