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Foreign debt to Russia is expected to increase by about 9% in 2022, according to RBK, citing statistics from the World Bank’s annual International Debt Report (IDR).
According to the data, 37 states owed $28.9 billion to Russian creditors last year, representing a $2.3 billion (or 8.7%) rise from 2021. The figures include any debt owed by citizens of these countries to residents of Russia, repayable in any currency, products, or services.
Belarus ($8.24 billion), Bangladesh ($5.86 billion), India ($3.75 billion), Egypt ($1.82 billion), and Vietnam ($1.39 billion) were among Russia’s top debtors at the end of 2022. According to data, India, Bangladesh, and Egypt were among the countries that increased their debt to Russian creditors.
Most of the debt represented long-term state-guaranteed liabilities, including loans from the Russian government and its agencies. Debt to private Russian creditors, including commercial banks, was relatively small, with the report containing data about the existence of such liabilities only in Argentina (around $8 million), Ivory Coast ($41 million) and Türkiye ($50 million).
The IDR provides external debt statistics and analysis for 122 low- and middle-income countries that report to the World Bank Debt Reporting System (DRS) and is traditionally based on figures provided by ministries of finance and central banks of these countries. The IDR does not provide data on the external debts of Cuba and Venezuela.
Russia’s Finance Ministry does not provide precise information about the country’s debtor countries. The Bank of Russia last published data on non-residents’ debt to Russian government agencies in January 2022, when it was expected to be around $49 billion. According to RBK forecasts, Russia would be the fifth largest sovereign creditor to developing countries in 2021.
Russia declared in July of this year that it had written off $23 billion in debts owed by African countries. President Vladimir Putin stated during the Russia-Africa conference in St. Petersburg that the action satisfied 90% of African countries’ liabilities to Russia, with the exception of certain minor financial obligations.
