New US sanctions were also aimed at limiting the Russian national debt. In the US, it is assumed that this can cause real damage to Moscow, but experts interviewed by Izvestia believe that Russia’s low public debt, large reserves and a significant share of domestic investors will reduce the estimated damage to a minimum.
It is noted that in recent years the share of foreign currency debts in the structure of government debt has been insignificant. Last year, the external debt grew slightly and amounted to about $ 57 billion, or just over 4 trillion rubles. However, the total national debt is currently about 19 trillion rubles.
At the moment, foreigners own about 23% of the ruble-denominated Federal Loan Bonds (OFZ). The largest foreign players on the market are American and British investors (7% each). Another 5% belongs to banks and other financial institutions from the European Union.
“For 2021, the Ministry of Finance’s borrowing plan is lower: 4 trillion rubles, of which foreign investors buy out only about 25%. Our budget and reserves now do not need any new external loans at all: the latest auctions are more of an image character, calming the market. The Ministry of Finance continues to borrow as long as there is such an opportunity, but it does not do it too willingly, “said the chief analyst of TeleTrade Petr Pushkarev.
Olga Belenkaya, head of the macroeconomic analysis department of Finam Group, said that the market had already partly prepared itself for the imposition of sanctions on the primary public debt in rubles, although at the moment the news was negative for the ruble exchange rate and OFZ yields.
Read more in the article “Izvestia”: “To the proper level: US sanctions target Russian bonds”