Russia continues to be the country with the largest external obligations, followed by Kazakhstan and Belarus. In turn, Kyrgyzstan and Armenia have the lowest external debt figures; however, the growth rates of borrowing in these countries significantly outpace the others.
Data on the external debt of EAEU countries:
- Russia — $308 billion;
- Kazakhstan — $171 billion;
- Belarus — $37 billion;
- Armenia — $18 billion.
As of October 1, 2025, Kyrgyzstan's external debt amounted to $12.8 billion, increasing by 10.1 percent over the year.
In terms of the growth rate of external debt, Kyrgyzstan ranks among the leaders among EAEU countries. The bulk of the debt obligations amounts to $5.2 billion, highlighting the importance of state borrowing for financing the economy of the republic.
The structure of external debt is generally long-term in nature: 85 percent of obligations have a maturity of over one year, which reduces short-term risks for the balance of payments.
However, the debt structure varies between countries. In Armenia, Belarus, and Kyrgyzstan, a significant portion consists of debt from government entities. In Kazakhstan, obligations related to direct investments, including intercompany lending, prevail. In Russia, a large part of the external debt is attributed to various sectors of the economy, primarily large companies.
Long-term trends also differ. Since 2010, Armenia's external debt has increased by 2.8 times, Kyrgyzstan's by 2.6 times, Belarus's by 1.3 times, and Kazakhstan's by 1.4 times. At the same time, Russia has been consistently reducing its external debt since 2014, and as of October 1, 2025, its volume is 63.1 percent of the 2010 level.
From the perspective of financial stability, an important indicator is the ratio of external debt to international reserves. Here, Russia stands out, as the volume of its reserves exceeds its external debt by more than two times (231.5 percent). In other EAEU countries, this indicator is significantly lower, ranging from 24.1 percent in Armenia to 58.3 percent in Kyrgyzstan.
At the same time, according to EEC data, compared to the previous year, the level of coverage of external debt by reserves has increased in all countries of the union, indicating an overall improvement in macro-financial positions.
