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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%.

"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."

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"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."

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"By the start of October, the proportion of non-performing loans made up 12.9% of all outstanding unsecured consumer debt."

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