As of June 2026, the debt of foreign organizations reached a record 967 billion rubles (9.95 billion euros), having grown by more than 40% over the year. This is shown by the “Izvestia” newspaper’s analysis of “Rosstat” data.
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The largest debts are held by companies from Kazakhstan (401.3 billion rubles, about 4.13 billion euros), Belarus (327.3 billion, about 3.4 billion euros), and Uzbekistan (81.7 billion, about 840 million euros).
One of the reasons for the increase in debt is difficulties in settlements. Aleksey Begayev, founder of the “Insek” group of companies and member of the General Council of “Delovaya Rossiya,” recalled that after the US tightened sanctions, banks in the Commonwealth of Independent States (CIS) countries introduced additional checks.
According to him, due to restrictions on direct transactions, companies cannot settle directly, so they work through intermediaries, which can result in payments for goods being delayed for several months.
Another factor is competition with China and Turkey, noted Oleg Abeliev, head of the analytical department of the investment company “Rikom-Trust.”
To retain buyers, Russian companies are forced to agree to longer payment deferrals, explained O. Abeliev, adding that even losing one client in the so-called “friendly” countries can be critical for business.
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So far, the increased debts of partners do not pose a fundamental risk to Russian companies but complicate their situation amid high interest rates and rising taxes, said Arturas Lejeras, president of the Exporters and Importers Association.
According to Vasily Kutin, analytics director at “Ingo Bank,” Russian exporters have to more carefully assess the creditworthiness of customers and set limits on payment deferrals.
The business task is not only to maintain export volumes but also to create such settlement and financing conditions that working with foreign clients remains profitable, explained V. Kutin.
At the same time, the debt of Russian companies to business representatives from friendly countries is also growing. According to “Rosstat” data, this indicator increased by a quarter over the year and reached almost 506 billion (5.2 billion euros). Russia trades with friendly states mainly in the fuel and energy sectors, metallurgy of ferrous and non-ferrous metals, fertilizers, and the food industry, noted “Rikom-Trust” representative O. Abeliev.
