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Russia Plans $80.8 Billion Bond Issuance to Cover Soaring War Budget in 2026
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Russia’s Finance Ministry is preparing to raise up to about $80.8 billion in domestic bond issuance in 2026 as the government looks to cover widening wartime budget pressures, according to The Moscow Times on December 19.
The Russian government has set a ceiling for 2026 placements of federal loan bonds at approximately $80.8 billion, based on the Bank of Russia’s official rate as of December 19, and has also capped foreign-currency bond placements at $1 billion.
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The Finance Ministry has separately stated that the planned volume of domestic borrowing in the 2026 budget program is approximately $68.8 billion, while warning that the program can be adjusted, according to The Moscow Times.
The borrowing plan comes as draft budget materials have shown that most defense and security spending remains classified, with The Moscow Times adding that planned national defense spending was about $157 billion for 2026, while separate Finance Ministry documents said Russia’s debt-servicing costs would rise 22.5% in 2026 due to increased borrowing and high interest rates.
Earlier, it was reported that Russia’s long-term budget outlook envisions sharply rising state debt and increasingly structural domestic borrowing as oil and gas revenues decline and reserve buffers thin.
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