The document said repayments of $15.5 billion were due on the debts of Russia and the former Soviet Union in 1995, equivalent to 40 percent of the state's total budgeted income.
Russia could not afford to pay this much and would weigh up all possible ways around the problem, it said. The document included debt-equity swaps, debt forgiveness and a rescheduling deal beyond 2000 as options to be examined.
"It is important to look at the consequences to the Russian economy of alternative approaches to settling the problem of foreign debts," the document said.
It said Russia would have to carefully examine whether it could afford to repay credits expected from international financial organizations and included in the 1995 budget.
Russia, which took on responsibility for the debts of the former Soviet Union when the superpower fell apart, owes foreign creditors a total of $113 billion, according to the Finance Ministry figures.
Interfax said the Finance Ministry expected these debts to rise to $130 billion by the end of 1995.
The debts outlined in the Finance Ministry report include debts to one-time socialist states and Russia's own foreign obligations of $8.84 billion.
Russia has budgeted for $12.7 billion from international organizations in a 1995 draft, but the Finance Ministry said Russia should assess whether it could afford to repay this much.
Moscow has won a series of rescheduling deals for Soviet debts with the Paris Club of creditor states -- owed $34.82 billion by the old Soviet Union -- and is close to a deal with creditor banks, who are owed $28.34 billion.
Former Deputy Prime Minister Alexander Shokhin, Russia's chief debt negotiator until earlier this month, told reporters Russia's chances of a long-term rescheduling deal with the Paris Club would rise if Moscow won a $4 billion IMF standby loan.
Some Russian officials, including current chief debt negotiator Oleg Davydov, have floated the idea of asking creditors to forgive part of Russia's debts.
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