Last 2020, against the background of increasing borrowing, the structure of the Russian government debt began to make a threatening character. To this conclusion, the Accounts Chamber came, the relevant report was published on the office website.
It is about increasing the share of bonds with a variable coupon, that is, where payments depend on the level of inflation, the key rate of the Central Bank or the money market rate. During the reporting period, this share has grown from 18.4 percent to 33.5 percent, although a level of 25 percent is considered safe.
Another problem that auditors found was a decline in interest in the public debt from non-residents and subsidiaries. In January 2020, their share among buyers accounted for 52 percent, in October it collapsed to 4.1 percent.
In fact, this means that money from abroad, the bonds of the federal loan (OFZ) were bonded to the country, only Russian organizations bought bonds. By the end of the year, the situation improved somewhat, the share of foreigners at auctions in December increased to 21.3 percent, which is still 2.5 times lower than a year ago.
Earlier, the Central Bank indicated that 4.3 percent of the Russian public debt belongs to foreigners. This is a relatively small magnitude, but half of these bonds own American funds. If the United States implements a threat and impose sanctions against the Russian State Democratic Party nominated in rubles, then the OFZ threatens a new sale that will lead to the osel of the ruble.
The increase in the public debt in 2020 is associated with the records of the consolidated budget of Russia for the entire modern history of the consolidated budget of Russia, which had to go due to the coronavirus pandemic.