🇷🇺 Russia
Public Sector Debt · 2026
Total Debt
41.9%
of GDP
Global Rank
#143
of 192
S&P Rating
CCC-
Credit rating
SOE Debt
+17.1%
2 categories
Sovereign Wealth
7%
of GDP in SWF assets
5yr Change
+4pp
rising
Where the Debt Sits
Central Government
Energy SOEs
Other
Central Government: 24.8%Energy SOEs: 5.6%Other: 11.5%
Who Holds This Debt
Holder Breakdown
Domestic 95%
Domestic: 95%Foreign: 5%
Currency Denomination
Local 82%
Foreign 18%
Local currency: 82%Foreign currency: 18%
Full Debt Breakdown
Central Government24.8% of GDP
Central GovernmentIMF WEO — General Government Debt
24.8%Other11.5% of GDP
Hidden war debt (defense contractor bank loans)Craig Kennedy / Navigating RussiaEst. 20T rubles in preferential bank loans to defense manufacturers since 2022. Potential bailout cost = half of federal budget.
11.5%Energy SOEs5.6% of GDP
GazpromForbes Russia via Moscow TimesNet debt ~6T rubles. Largest state gas company globally.
3.5%RosneftForbes Russia via Moscow TimesNet debt ~3.6T rubles. Major upstream oil producer.
2.1%Total Corporate Debt82.0% of GDP
Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025SOEs ~50-60% of all NFC debt (~40-50% GDP). Gazprom, Rosneft, RZhD.
82.0%Household Debt21.2% of GDP
Household debtBIS Credit Statistics Q3 2025Low. Limited mortgage market.
21.2%Unfunded Pension Liabilities80.0% of GDP
Pension Fund of Russia unfunded (est.)OECD Russia; IMF Art IV; PFR dataFunded pillar frozen since 2014. 43M pensioners. Federal transfers ~2-3% GDP.
80.0%All Layers Total225.1%
Credit Ratings
S&P
CCC-
Moody's
Ca
Fitch
C
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202624.8% GDP
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