Russia continues to hold a leading position in terms of external obligations, followed by Kazakhstan and Belarus. Kyrgyzstan and Armenia have the lowest debt figures in absolute terms, but there is a significant increase in borrowing in these countries.
Structure of external debt of EAEU states:
- 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, which is 10.1 percent more compared to last year.
In terms of the growth rate of the debt burden, the republic occupies one of the leading positions within the union. The majority of obligations fall on the public sector, which amounts to $5.2 billion, highlighting the importance of budget loans for financing the economy.
The debt structure is predominantly long-term: 85 percent of obligations are due for repayment in more than one year, which helps reduce short-term risks for the balance of payments.
However, the debt structure varies. In Armenia, Belarus, and Kyrgyzstan, the debt of government bodies predominates. In Kazakhstan, the main share consists of obligations related to direct investments, including intercompany lending. In Russia, a significant portion of external debt is concentrated in other sectors of the economy, primarily among large companies.
Long-term trends also show heterogeneity. 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 only 63.1 percent of the level in 2010.
From the perspective of financial stability, an important indicator remains the ratio of external debt to international reserves. In this aspect, Russia stands out, as the volume of reserves exceeds external debt by more than two times (231.5 percent). In the other EAEU countries, this indicator is significantly lower, ranging from 24.1 percent in Armenia to 58.3 percent in Kyrgyzstan.
According to EEC data, the level of external debt coverage by reserves has increased compared to last year in all countries of the union, indicating an overall improvement in macro-financial positions.
