The Bell
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The Bell is the leading independent media covering Russia's economy. Founded in 2017 by a team of experienced editors, The Bell's experts write two newsletters per week with analysis of the most important economic news out of Russia: https://en.thebell.io/
By 2025, Russia was spending nearly the same share of its budget on debt service as the UK — even though Russia’s overall debt load was far smaller, at 17.67% of GDP versus more than 100% in the UK.
November 18, 2025 at 11:50 AM
By 2025, Russia was spending nearly the same share of its budget on debt service as the UK — even though Russia’s overall debt load was far smaller, at 17.67% of GDP versus more than 100% in the UK.
By world standards, Russia’s state borrowing is genuinely low. It stands at 38.6 trillion rubles ($475 billion), just 17.7% of GDP, this year and is set to rise to 43.7 trillion rubles ($537 billion), 18.6% of GDP, next year. By comparison, the average debt-to-GDP ratio in the Eurozone is 81.8%.
November 18, 2025 at 11:50 AM
By world standards, Russia’s state borrowing is genuinely low. It stands at 38.6 trillion rubles ($475 billion), just 17.7% of GDP, this year and is set to rise to 43.7 trillion rubles ($537 billion), 18.6% of GDP, next year. By comparison, the average debt-to-GDP ratio in the Eurozone is 81.8%.
The Bell's Alexandra Prokopenko and Alexander Kolyandr take a closer look: Is Russia facing a debt crisis? Free to read on our new Substack:
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...
Is Russia facing a debt crisis?
This week we detail growing concerns about the health of the financial sector, and look at how the cumulative impact of sanctions is weighing on many parts of the economy.
thebellio.substack.com
November 17, 2025 at 7:05 AM
The Bell's Alexandra Prokopenko and Alexander Kolyandr take a closer look: Is Russia facing a debt crisis? Free to read on our new Substack:
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...
"The corporate sector has its own problems, mentioned by the central bank in a document published last week summarizing its latest decision on the key rate."
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...
November 17, 2025 at 7:05 AM
"The corporate sector has its own problems, mentioned by the central bank in a document published last week summarizing its latest decision on the key rate."
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...
"Similar issues are playing out with mortgages issued from mid-2023 to mid-2024, when Russians rushed to buy property before the cancellation of state-subsidized mortgages."
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...
November 17, 2025 at 7:04 AM
"Similar issues are playing out with mortgages issued from mid-2023 to mid-2024, when Russians rushed to buy property before the cancellation of state-subsidized mortgages."
thebellio.substack.com/p/is-russia-...
thebellio.substack.com/p/is-russia-...