If it's being accounted for by the blockchain as circulating supply, then it is "printed", and it is added as a debt to be paid.

It might be locked and not moving, but it is accounted for, and it does have an influence on the debt ratio value.

And as you said, it definetly shouldn't be included on the supply until it is unlocked.

And 200k/7M is 2.8%, wich isn't insignificant if you consider that the external market debt ratio is around 0.5%-2% over 10%.

So yeah, the way this is accounted for does have a significant impact on the debt ratio.