Msocow:Russia's foreign debt has continued to decline in the first quarter of 2023, following a significant drop of over $100 billion in 2022, as reported by the Bank of Russia (CBR). 

The data released on Friday indicates a decrease of $25.9 billion, or 6.8%, in the first three months of the year, bringing the total foreign debt down to $357.9 billion by the end of the quarter.

The reduction in Russia's foreign debt is attributed to a decline in all its components, including obligations across various sectors of the economy and liabilities on sovereign securities, according to the CBR. This downward trend in foreign debt can be traced back to July 1, 2014, when it reached its historic high at $732.8 billion. Since then, the debt has steadily declined due to Western sanctions and the withdrawal of capital by non-residents. 

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The situation was further intensified by Russia's military operation in Ukraine, which led to a sharp acceleration in the reduction of external debt.

Maxim Osadchy, the head of the analytical department at BKF Bank, highlighted that the decline in foreign debt during the first quarter of 2023 aligns with a long-term trend that is expected to persist. 

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Osadchy predicts that the reduction will continue in the future, indicating a sustained effort by Russia to manage and decrease its external debt.

The decreasing foreign debt of Russia not only signifies a positive economic development but also demonstrates the country's ability to navigate through challenging circumstances, such as sanctions and geopolitical tensions. 

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By managing its debt levels, Russia aims to enhance its economic stability and resilience in the global financial landscape