According to new data released by Russia’s central bank and reported on by RIA Novosti on Tuesday, over the second quarter of 2023 Russia’s external debt continued to diminish, falling below 15% for the first time.

The report showed the nation’s external debt has been steadily declining for the past few years. In 2020, it declined to 31%, and then declined further to 26.2% by the end of 2021. In 2022, it declined to 16.6% and over the first quarter of 2023, it had fallen to 15.45%.

RIA wrote, “In the second quarter of 2023, debt obligations continued to decline, reaching a total of 14.96%.”

Both government and corporate gross external financial debt was estimated at roughly 29.9 trillion rubles ($318 billion).

The Russian central bank also posted figures showing the external debt per capita, derived from the results of the second quarter of 2023, which revealed that it had declined 4% to $2,300. According to the data that is the lowest figure for that statistic since 2006 when Russian external debt per capita was $2,200.