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Russian companies to repay around $60-70 bln worth of foreign debt in 2015 — official

June 19, 2015, 15:17 UTC+3 ST. PETERSBURG
Deputy Finance Minister Maxim Oreshkin says debt redemption will potentially trigger the trend of decreasing negative impact of sanctions’ extension on the Russian economy
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© ITAR-TASS/Stanislav Krasilnikov

ST. PETERSBURG, June 19. /TASS/. Russian companies and banks will repay around $60-70 bln of foreign debt in 2015, Deputy Finance Minister Maxim Oreshkin told TASS on Friday.

He added that debt redemption will potentially trigger the trend of decreasing negative impact of sanctions’ extension on the Russian economy.

"Even without extension of sanctions and keeping them in the current regime their negative impact will be subsiding each year. Sanctions first of all affected the financial account of payment balance: access to international markets closed, which made Russian companies and banks repay their foreign debts. As debt is being repaid its volume is decreasing, which will positively impact the whole situation," he said.

According to Central Bank’s estimates, till the end of 2015 payments on external corporate debt with account of refinancing will stand at around $40 bln. All in all, for the whole 2015 the volume of external payments will equal to $70 bln. Hereafter, the volume of redemption will decrease to around $40 bln in 2016 and $20 bln in 2017.

Redemption of external debt by companies and banks will be the main reason for capital outflow from Russia till 2018.

Russia reduced its state debt by third in 2014. Currently it stands at around $52 bln, or around 5% of GDP.

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