National Interests: Priorities and Security

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Specific aspects of Russia's external debt management in modern conditions

Vol. 15, Iss. 4, APRIL 2019

Received: 22 January 2019

Received in revised form: 10 February 2019

Accepted: 28 February 2019

Available online: 15 April 2019


JEL Classification: E44, F21, G15, G24, K34

Pages: 695–709

Zvonova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article addresses the optimization of Russia’s external debt management from the perspective of identified institutional contradictions and sectoral sanctions introduced against Russian participants of the international financial market.
Objectives The purposes of the study are to analyze institutional contradictions and problems related to external debt management in the international and domestic financial market under the sectoral sanctions of developed countries imposed on Russia, to design a new concept of external debt management given the geo-economic challenges and threats.
Methods Using the methods of comparative and statistical analysis, I explored the specific aspects and system contradictions of the existing structure of Russia's foreign debt, the place of Russia in the cross-border capital flows, main forms of Russian capital employment in the international financial market.
Results The study revealed a high degree of mismatch of Russian external assets and liabilities. At present, Russia acts as a net creditor in the international financial market. The paper presents a new concept of external debt management and offers practical measures for mobilization of capital to the Russian financial market. Furthermore, it includes a road map to streamline the external debt management for 2019-2025.
Conclusions Russia should develop a comprehensive program with practical measures for mobilization of capital to the Russian financial market.

Keywords: external debt, mobilization of capital, international assets, debt deleveraging, financial market


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