EAEU External Debt Hits $552.6 Billion Despite Russia's $13.9 Billion Decline
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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.
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