The Legal Regulation of Public Debt in the Context of Russian Debt Policy for 2017-2019

Abstract

The paper deals with the issues related to the RF public debt regulation. The study carried out by the author has revealed that the current debt policy is central to the functioning of Russia public debt, as it lays the main lines for the development of debt relations that imply determination of types of loans, the structure of creditors and the strengthening of the state's credit rating. It is established that the Russian Federation currently has a ratio of public debt to gross domestic product of 17.7 per cent according to the International Monetary Fund, which does not constitute any threat to the national security of the State. Therefore, the RF Ministry of Finance is planning to increase the share of borrowed funds in the Russian budget revenue sources from 20% in 2016 to 91% in 2019. Russia allocated two tranches of mediumterm Eurobonds that have been purchased by investors from Great Britain, France, Switzerland, and, partly, from Asia and the USA. In addition, it is planned to issue federal loan bonds nominated in Chinese Yuan and directed at investors from the PRC.