Abstract
Due to the changing geopolitical landscape, Russia has been forced to actively establish new international relationships to create conditions for the sustainable development of its national economy and enhance its sovereignty. To promote the development of Russia's Asian regions, it is particularly significant to strengthen cooperation with rapidly growing Asian countries classified as part of the Far East. Sovereign debt risk is an essential consideration when drafting a plan for long-term partnership. This article analyses public debt burdens and determines the level of sovereign debt risk of the Far East countries, which can be considered as current and potential economic partners for Russia. The study showed that the countries of the Far Eastern region — potential partners of Russia have a moderate level of sovereign debt burden. While the highest debt risk was revealed in Mongolia, taking into account the relatively low level of national debt in absolute terms and the downward trend in the public debt to GDP ratio, the overall situation can be considered as manageable. Japan is the most problematic among the countries of the Far Eastern region in terms of the level of sovereign debt risk. But the paradox lies in the fact that all existing debt monitoring systems are focused on a detailed analysis of developing countries and countries with economies in transition, but within the current model of the world order the growth of debt dependence in the developed countries, which set the rules of the game, is not considered as one of the global problems. The rising debt dependence is a global problem that requires comprehensive, coordinated action from the international community. Appropriate mechanisms to manage the global economy and finance in a manner based on the most countries’ interests in the multipolar world should be developed and implemented by G20+ as the most significant international organization today.