Subject. The article deals with the debt policy of modern Russia. Objectives. The aim is to characterize the debt policy of modern Russia. Methods. The research is based on the application of general scientific and special economic and mathematical methods. Results. The paper reveals Russia's active policy of attracting domestic borrowings through the issuance of Federal loan bonds. At the same time, the banking and financial sectors play a key role in public debt allocation, replacing the private sector participation. This enables the government to support the budget deficit financing and economic development. Foreign investors are losing interest in Russian government securities. The exchange rate volatility creates risks of increasing the cost of imported components and raw materials and reducing export revenue. Russia is actively increasing its presence in the international financial market by investing in foreign assets, including placing money on deposits in foreign banks, issuing loans to foreign businesses and governments. The study shows that a balanced debt strategy ensures sustainable public debt management through an optimal combination of internal and external loans, reducing financial risks and maintaining the financial stability in the face of global challenges. Conclusions. The findings guide public authorities towards effective implementation of debt policy in modern Russia through integrated approach to financial resource management, consideration of internal and external environment, and active participation in global processes.
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