Nonresidents' share in Russian OFZ bonds remains low at 3.5 percent
Nonresidents' share in Russian Federation domestic bonds (OFZ) stood at 3.5 percent in February 2026. This marks a significant decline from pre-2022 levels, when holdings exceeded 30 percent of the market.
Foreign holdings stabilize at low levels
Nonresidents' share in Russian Federation domestic bonds (OFZ) stood at 3.5 percent in February 2026, a slight increase from 3.4 percent in January.
Total nonresidents' holdings amounted to 1,071 billion roubles, while the overall OFZ market size reached 30,930 billion roubles.
This latest figure represents a period of relative stability for foreign participation, with the share fluctuating narrowly between 3.3 and 4.0 percent throughout 2025 and early 2026.
This contrasts sharply with the pre-2022 period, when nonresidents' market share consistently exceeded 15 percent, reaching a peak of 34.9 percent in February 2020.
The current low level signifies a profound structural shift in the ownership of Russian government debt, reflecting geopolitical developments and capital controls.
A decade of declining foreign presence
The dramatic reduction in nonresidents' OFZ market share began in early 2022.
From 19.1 percent in January 2022, the share plummeted to 11.1 percent by December 2022, and further to 7.4 percent by December 2023.
This downward trend continued into 2024, with the share falling to 4.0 percent by December 2024.
The data illustrates a sustained and significant withdrawal of foreign investors from the Russian sovereign debt market over the past two years.
This shift has transformed foreign participation from a substantial component of the market to a marginal one, fundamentally altering the investor base for Russian government bonds.