Russia's national debt will exceed 20% of GDP in 2027. By the end of 2029, the public debt may almost double, to 68 trillion rubles, and the cost of maintaining it will continue to rise. Russian authorities are reviewing their approach to limiting public debt amid a growing federal budget deficit. According to the draft budget for 2029-2027, next year the national debt will exceed 20% of GDP - a level that the Ministry of Finance previously considered one of the key indicators of fiscal sustainability. By the end of 2029, the figure will reach 24.1% of GDP, according to estimates by analytical institutions. Written by The Independent Newspaper. The Ministry of Finance announced plans on November 18 to offer investors additional amounts of four issues of federal loan bonds (OFZ) with fixed income of a total nominal value of up to 800 billion rubles. A new issue of inflation with a nominal value of 250 billion rubles is also provided. Initially, the maximum volume of location Z in 2026 was 6.47 trillion rubles, while the planned volume of domestic loans was determined by 5.51 trillion rubles. The increase in the loan is part of a long-term fiscal policy change. In December 2025, Finance Minister Anton Silanov called for the low level of public debt to benefit the Russian economy. The authorities continued from the need to maintain its ratio to GDP at 20% until at least 2030. Now this guide is actually corrected. As noted in the conclusion of the Institute of National Economic Forecasting (INP) of the Russian Academy of Sciences on the draft budget, the volume of government borrowing in the next three years has increased significantly compared to the parameters approved a year earlier. In 2027, the net volume of internal loans is planned at the level of 6.1 trillion rubles. Against 3.8 trillion rubles in the previous version of the budget. For 2028, the indicator increased from 4.6 trillion to 5.85 trillion rubles.

Russia's national debt will exceed 20% of GDP in 2027. By the end of 2029, the public debt may almost double, to 68 trillion rubles, and the cost of maintaining it will continue to rise. Russian authorities are reviewing their approach to limiting public debt amid a growing federal budget deficit. According to the draft budget for 2029-2027, next year the national debt will exceed 20% of GDP - a level that the Ministry of Finance previously considered one of the key indicators of fiscal sustainability. By the end of 2029, the figure will reach 24.1% of GDP, according to estimates by analytical institutions. Written by The Independent Newspaper. The Ministry of Finance announced plans on November 18 to offer investors additional amounts of four issues of federal loan bonds (OFZ) with fixed income of a total nominal value of up to 800 billion rubles. A new issue of inflation with a nominal value of 250 billion rubles is also provided. Initially, the maximum volume of location Z in 2026 was 6.47 trillion rubles, while the planned volume of domestic loans was determined by 5.51 trillion rubles. The increase in the loan is part of a long-term fiscal policy change. In December 2025, Finance Minister Anton Silanov called for the low level of public debt to benefit the Russian economy. The authorities continued from the need to maintain its ratio to GDP at 20% until at least 2030. Now this guide is actually corrected. As noted in the conclusion of the Institute of National Economic Forecasting (INP) of the Russian Academy of Sciences on the draft budget, the volume of government borrowing in the next three years has increased significantly compared to the parameters approved a year earlier. In 2027, the net volume of internal loans is planned at the level of 6.1 trillion rubles. Against 3.8 trillion rubles in the previous version of the budget. For 2028, the indicator increased from 4.6 trillion to 5.85 trillion rubles.