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Russia’s foreign debt at decade low, as economy shifts away from neo-liberal order (Video)

Russia’s foreign debt at decade low, as economy shifts away from neo-liberal order (Video)

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris take a look at how Russia continues to aggressively disengage from the dollar dominated neo-liberal world order. The Russian government has announced that it has cut its foreign debt to decade lows, while boosting national reserves.

Meanwhile the Russian economy moves ever closer to China, in economic and geopolitical spheres.

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Via RT

Russia’s external debt has fallen by $64.4 billion or 12.4 percent from the beginning of last year, amounting to $453.7 billion as of January 1, 2019 – the lowest level since April 2009, according to Central Bank of Russia data.

All institutional sectors dropped their debts last year, the Central Bank of Russia announced on Monday, adding that other sectors contributed “the most to the country’s external debt contraction,” reducing their indebtedness by $32.3 billion.

The foreign debt has been dropping since mid-2014, when it reached its peak of around $733 billion in the wake US and EU sanctions. Since then, Russia managed to reduce debt by nearly $280 billion to reach the ten year minimum. In the fourth quarter of 2018 alone, the external debt was reportedly reduced by more than $16 billion or some 3.5 percent.

According to macro-statistical data, total external debt payments of non-financial institutions, including principal and interest, in the fourth quarter of 2018 and in the first quarter of 2019 will total $21.8 and $10.7 billion respectively.

The regulator said that Russia is expected to repay more than $4.8 billion in debt of 40 of the largest non-financial corporate borrowers in the first quarter of 2019. $800 million dollars is expected to be paid off in January, $772 million in February, and $3.3 billion in March.

Earlier this year, the Central Bank reported that foreign exchange reserves surged for the third consecutive year, boosted by 8.3 percent over the 12 months as of the beginning of 2019. Reserves saw growth of over $468 billion from $432 billion at the beginning of last January.

Moscow has been consistently eliminating its reliance on the greenback. The Central Bank’s latest quarterly report shows Russia has significantly cut the share of the US currency in foreign reserves to a historic low after it converted nearly $100 billion to euros, the Japanese yen and the Chinese yuan.

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Olivia KrothMarcusJohn NolanhoyeruNormski1 Recent comment authors
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Olivia Kroth
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Very pleasant, good news about Russia, thank you.

Normski
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Normski

I’ll bet this really pisses off the yanks!.

John Nolan
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John Nolan

What we are witnessing is the end of the evil economic plan, for world domination, through the Green Back, as Amazia has, sunk ever lower, into a debt level which is impossible to repay. Chump did offer a logical, workable financial resolution, but the Rot-childs, and their banker mates, who are really pulling the western world’s economic strings, quickly, through their demonic media indoculation, reprogrammed you, the suckers, into believing their lies about economics. There is no evidence, anywhere, that gives bankers the right to claim ownership of our money! To create it out of nothing, loan it to our… Read more »

hoyeru
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hoyeru

is that that fake karate guy known as Steve Segal in the background? hate to break it to Putin but he is just an actor.

Marcus
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Marcus

Good informative synopsis, thank you. My wish would be that Russia/Putin (perhaps some of this is being done and I’m just uninformed) would provide access to their alternative payment system and framework (Mir and whatever) to countries on a voluntary basis to provide a parallel financial settlement system. Iran, Venezuela, Syria, even North Korea come to mind. A system that is not driven by the vagaries of American/western liberal whims and is just a straight up system that facilitates the exchange of products, services and wealth no matter who you are. I understand that there will be a hue and… Read more »

Olivia Kroth
Guest

The Russian Federation is doing very well economically and this weekend commemorated “75 years after the Leningrad Blockade” by Nazi Germany that wished to extinguish the Soviet Union. Russians never forget and never forgive:

Olivia Kroth
Guest

“Eternal Memory”: Parade in Saint Petersburg in commemoration of survival, 75 years after the Leningrad Blockade by Nazi Germany. President Vladimir Putin’s elder brother Victor died in the Blockade.

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