The total external debt of the Eurasian Economic Union (EAEU) member states exceeded $2.5 trillion as of October 1 of last year. The Eurasian Economic Commission’s express information says.
Russia continues to hold the largest external debt, followed by Kazakhstan and Belarus. Kyrgyzstan and Armenia have the smallest external debt in absolute terms, but their borrowing dynamics are significantly higher.
The external debt of the EAEU member states:
- Russia — $308 billion;
- Kazakhstan — $171 billion;
- Belarus — $37 billion;
- Armenia — $18 billion.
The external debt of the Kyrgyz Republic as of October 1, 2025, amounted to $12.8 billion, an increase of 10.1 percent over the year.
In terms of debt growth, the republic is one of the leaders among the union’s countries. The majority of the funds are owed to the public sector—$5.2 billion—reflecting the key role of budget borrowing in financing the economy.
The debt structure remains predominantly long-term: 85 percent of liabilities have maturities longer than one year, mitigating short-term risks to the balance of payments.
At the same time, the debt structure varies significantly. In Armenia, Belarus, and Kyrgyzstan, government debt predominates. In Kazakhstan, direct investment liabilities, including intercompany lending, account for the majority. In Russia, a significant part of external debt is owed to other sectors of the economy, primarily large companies.
Long-term dynamics are also uneven. Since 2010, Armenia’s external debt has increased 2.8 times, Kyrgyzstan’s — 2.6 times, Belarus’s — 1.3 times, and Kazakhstan’s — 1.4 times. Russia, by contrast, has been consistently reducing its external debt since 2014, and as of October 1, 2025, its volume was 63.1 percent of the 2010 level.
In terms of financial stability, the ratio of external debt to international reserves remains a key indicator. Russia stands out here, with reserves exceeding external debt by more than two times (231.5 percent). In the other EAEU countries, this figure is significantly lower: from 24.1 percent in Armenia to 58.3 percent in Kyrgyzstan.
At the same time, according to the Eurasian Economic Commission (EEC), the ratio of external debt to reserves has increased in all member states compared to last year, indicating an overall improvement in macro-financial positions.
