Russia’s public debt increased by 21% in 2025, or by 6.1 trillion rubles, according to a report by the Accounts Chamber.
It rose from 29.04 trillion rubles to 35.135 trillion rubles entirely due to domestic borrowing: internal debt increased by 29.1% to 30.7 trillion rubles, while external debt, measured in ruble terms, fell by 15.4%.
Spending on debt servicing amounted to 3.2 trillion rubles, and its share in total budget expenditures rose from 5.8% in 2024 to 7.5% in 2025.
Revenues of the consolidated budgets of Russia’s regions totaled nearly 26 trillion rubles. Over the year, they increased in 71 regions, mainly due to tax and non-tax revenues, as well as gratuitous transfers.
The public debt of regional budgets grew to 3.87 trillion rubles, while their revenues stood at 25.86 trillion rubles.
A notable feature of regional budget execution in 2025 was that expenditure growth (109.9%) outpaced revenue growth (105%). In 68 regions, budgets were executed with spending growth exceeding revenue growth. The consolidated budgets of the regions ended 2025 with a deficit of 1.538 trillion rubles.
The regions also saw a sharp increase in debt owed to credit institutions, which rose from 227.5 billion rubles to 675.95 billion rubles, nearly tripling. Debt in the form of government securities also increased, from 385.1 billion rubles to 409.9 billion rubles, or by 6.4%.
