The external debt of Eurasian Economic Union (EAEU) member states fell by 4.9% in 2025, amounting to a total reduction of $26 billion, according to a new report published by the Eurasian Economic Commission (EEC).

Russia and Belarus were the primary contributors to the decline, recording decreases of 8.8% and 4.4%, respectively. Meanwhile, other member countries experienced growth in external debt—4.7% in Armenia, 0.7% in Kazakhstan, and 12.8% in Kyrgyzstan, as reported by Sputnik Armenia.

In Armenia and Kazakhstan, the debt increase was particularly notable in the banking sector, with rises of 16.7% and 17.2%, respectively. The report also highlights significant differences in the structure of external debt across EAEU countries. As of January 1, 2025, public sector debt dominated the external debt composition in Armenia, Belarus, and Kyrgyzstan.