In 2013–2016, the Ministry of Finance of the Russian Federation faced new challenges in implementing the public debt management policy. Both internal and external conditions of government borrowing changed fundamentally. Economic slowdown brought about a significant decline in the federal budget's revenues and required the use of all available sources to cover its deficit. Foreign countries restricted trade and investment, blocking access to the international capital markets for many Russian corporate borrowers. These conditions and rising geopolitical tensions led to a significant rouble depreciation, inflation acceleration, lower prices for Russian assets, and loss of an investment grade credit rating by the country and local corporate issuers.[...]