Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

State Wants More Domestic Liability

ST. PETERSBURG -- The government plans to tap the domestic market more to reduce the share of foreign debt in the country's overall liabilities, Deputy Finance Minister Bella Zlatkis said Thursday.

State debt stood at $143 billion at the start of the year and 85 percent of that was the country's foreign liabilities.

"We must achieve a ratio of at least 50-50 over several years," Zlatkis told an investors conference held in Russia's second city.

Russia is seeking to issue more and longer-term domestic treasuries to avoid spikes in its ruble-denominated debt redemption schedule, and smooth servicing of the country's foreign debt, which peaks at $17.3 billion this year.

Zlatkis said Russia's domestic debt stood at about 700 billion rubles ($23.04 billion) and was expected to almost double to 1.2 trillion rubles to 1.3 trillion rubles by 2006, with much of it landing in portfolios of pension funds.