EAEU External Debt Hits $552.6 Billion Despite Russia's $13.9 Billion Decline
This digest was compiled by AI from multiple sources — links to the originals are below.
External debt of the Eurasian Economic Union reached $552.6 billion as of April 1, 2026, a 0.5% increase from a year earlier, according to the Eurasian Economic Commission. Russia reduced its external liabilities by $13.9 billion, while Armenia, Kazakhstan, Belarus, and Kyrgyzstan all increased borrowing, with Armenia posting the fastest growth at 17%.
Divergent National Trends
Russia’s external debt fell by 4.5% to $299.1 billion, the largest absolute reduction in the union and nearly offsetting increases elsewhere. Kazakhstan’s debt rose 7.5% to $182.8 billion, while Belarus added 2.9% to reach $38.3 billion. Kyrgyzstan’s external liabilities grew 1.4% to $12.4 billion, and Armenia recorded the fastest relative increase at 17%, with debt hitting $20 billion.
Debt Composition
In Kazakhstan, almost half of external debt—$87.4 billion—is inter-company lending tied to foreign direct investment. Russia’s largest components are liabilities of other sectors ($118 billion) and the banking sector ($106.1 billion). Kyrgyzstan’s debt is more evenly split, with $5.2 billion held by the public sector, $4.4 billion by other sectors, and $1.9 billion in inter-company loans.
What's Next
The Eurasian Economic Commission is expected to release updated debt figures for the second quarter in October. Whether Russia will maintain its current pace of deleveraging amid ongoing Western sanctions and shifting trade flows remains uncertain.
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EAEU External Debt Hits $552.6 Billion Despite Russia's $13.9 Billion Decline
