Russian Foreign Debt Shrank by Fifth as Sanctions Shut Markets

Russian’s foreign debt burden shrank by almost a fifth last year as sanctions over the conflict in Ukraine prevented sovereign and corporate borrowers from refinancing abroad.

Outstanding debt fell to $599.5 billion by the end of 2014 from $728.9 billion a year earlier, according to central bank estimates today. That compares with a 15 percent increase in overall foreign liabilities in the year-earlier period. Banks and companies account for about 90 percent of total debt, the data show.