The public debt of the regions of the Russian Federation for the first half of 2026 decreased by 0.9%
Quick Look
The public debt of the regions of the Russian Federation for the first half of 2026 decreased by 30.5 billion rubles (0.9%) to 3.45 trillion rubles, revenues increased by 8.3%, expenses by 5.8%, consolidated budgets were executed with a deficit of 134.2 billion rubles.
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Why It Matters
The Accounts Chamber of the Russian Federation published operational information on the execution of the consolidated budgets of the constituent entities of the Russian Federation for January-June 2026, containing data on public debt, income and expenses of the regions.
The public debt of the regions of the Russian Federation for the first half of 2026 decreased by 30.5 billion rubles, or 0.9%, and amounted to 3.45 trillion rubles, according to the operational information of the Accounts Chamber on the progress of execution of the consolidated budgets of the constituent entities of the Russian Federation for January-June of this year.
“The public debt of the constituent entities of the Russian Federation in January-June 2026 decreased by 30.5 billion rubles (0.9%), amounting to 3.45 trillion rubles as of July 1, 2026,” the document says.
Thus, public debt decreased in 49 regions of Russia (most significantly in the Altai Republic - by 35.7%, Tuva - by 32.6%, Kurgan region - by 32.3% and Kaluga region - by 29%), and increased in 38 regions of Russia (including: in the Chukotka Autonomous Okrug - 2.1 times, in the Vologda region and the Karachay-Cherkess Republic – 1.5 times), noted in the document.
As for the structure of regional debt obligations, it has not changed significantly, the Accounts Chamber noted.
“The share of commercial loans increased by 0.3 percentage points and amounted to 19.7%, the share of budget loans decreased by 0.3 percentage points – to 67%. In 37 regions (as of July 1, 2026), public debt consisted exclusively of debt obligations under budget loans,” the document clarifies.
The Accounts Chamber stated that in comparison with the low base for the execution of consolidated regional budgets in January-June 2025, in the same period in 2026, the growth rate of revenues exceeded the growth of expenses.
“Revenues compared to the same period in 2025 increased by 8.3% and amounted to 12.4 trillion rubles (46.5% of the annual forecast). Expenses increased by 5.8% and amounted to 12.6 trillion rubles (42.4% of the volume envisaged for the year),” the document clarifies.
Based on the results of the first half of 2026, the consolidated budgets of the regions were executed with a total deficit of 134.2 billion rubles. The budgets of 24 regions were executed with a total surplus of 485 billion rubles (the bulk of the surplus was in Moscow - 309.6 billion rubles, or 63.8%), with a total deficit of 619.2 billion rubles - 66 regions.
Open Questions
- What specific measures led to a reduction in public debt in certain regions?
- How will a change in the debt structure (an increase in the share of commercial loans) affect the long-term financial stability of the regions?
- What factors contributed to the growth of public debt in the Chukotka Autonomous Okrug, the Vologda Region and the Karachay-Cherkess Republic?
