Share of Foreign Investors in Russia's National Debt Falls to 3%

The share of non-residents in Russian federal loan bonds at the beginning of July 2026 was 3%, marking a historical low. The volume of foreign investment in national debt serves as an indicator of trust in the country's economy. In comparison, in the USA and Europe, non-residents hold 30-40% of national debt. The exit of foreign capital from Russia began with the aggression against Ukraine: in March 2020, the share was 34.9%, in October 2021 it decreased to 21.6%, in June 2026 it was down to 3.2%, and in July 2026 it reached 3%. The decline in the share of foreign capital indicates a crisis and the threat of economic collapse. Due to asset freezes and the lack of external borrowing, Russia is forced to raise funds in the domestic market, where the Kremlin buys its own bonds, putting pressure on local businesses. The main source of financing has become monetary emission, which has doubled over the past four years from 67 trillion to 135 trillion rubles, of which about 70 trillion rubles are backed by the printing press. The wealthiest Russians have started to withdraw capital, investing in overseas real estate and cryptocurrencies amid a falling stock market.