External and Internal Debts of Russia

DOI

10.2991/icemw-18.2018.21How to use a DOI?

Keywords

anti-Russian sanctions, еxternal and internal debts, the policy of Russia

Abstract

To implement the new May decrees of the Russian president, a significant breakthrough in the social and economic development of our country will require huge financial resources - more than 35 trillion rubles over the next 6 years. The state budget does not yet have sufficient funds, so the new government intends to attract not only foreign and domestic investments into the economy and social sphere, but also resort to external and internal borrowings. The Russian Federation, one of the richest countries in the world in terms of natural resources, is the largest debtor. Despite the annual production and sale of large volumes of oil, gas, gold, diamonds, non-ferrous metals and other natural resources, our country, due to certain economic policy mistakes, has accumulated external debt in the amount exceeding 700 billion US dollars by the year 2014[1]. Since 2014, thanks to Western sanctions that limit the external borrowing of the Russian Federation, the country's debts have declined significantly. Thus, according to the Central Bank of Russia, the country’s foreign debt as of April 1, 2018, i.e. four years later, amounted to 524.9 billion dollars [2], having decreased by 25%. Public debt is an important component of public finances. Identification of problem aspects of the state's debt policy as well as of directions for its improvement requires a detailed analysis of public debt. The article analyzes the reasons for the aggregate external debt, the main one of which, according to the authors, is an incorrect economic strategy, a bet on a raw, and not an innovative way of development. It also provides an objective assessment of the state and dynamics of Russia's public debt in recent years.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - V.V. Moiseev
AU  - Zh.N. Avilova
AU  - E.A. Karelina
AU  - I.V. Kirova
PY  - 2018/08
DA  - 2018/08
TI  - External and Internal Debts of Russia
BT  - Proceedings of the International conference "Economy in the modern world" (ICEMW 2018)
PB  - Atlantis Press
SP  - 110
EP  - 116
SN  - 2352-5428
UR  - https://doi.org/10.2991/icemw-18.2018.21
DO  - 10.2991/icemw-18.2018.21
ID  - Moiseev2018/08
ER  -