National Debt (% of GDP): Russian Federation

Analysis# Russian Federation National Debt (% of GDP) Russia's national debt stands at 24.8% of GDP in 2026, representing a dramatic recovery from the 1998 financial crisis when debt peaked at 135.2% of GDP. The country has reduced its debt burden by 51.8% since 1997, achieving its lowest ratio of 7.4% in 2008 during the commodity boom. The current level remains well below both historical extremes, reflecting Russia's relatively conservative fiscal management over the past two decades. The trajectory shifted notably after 2019, when debt began climbing from 13.7% of GDP. The 2020 pandemic pushed it to 19.2%, and subsequent geopolitical tensions drove further increases through 2026. Forward projections suggest continued upward pressure, with debt expected to reach approximately 24.8% by 2026, though still substantially lower than pre-2008 levels.