OREANDA-NEWS. July 08, 2009. According to CBR data, Russian foreign debt was up US24.3 bln for the 2Q09, reaching US 475.1 bln. While Russian banks were repaying their debt (which decrased US 4 bln over the quarter to US 142.4 bln), Russian companies increased their foreign debt obligations by US 20.1 bln to US 294.1 bln., reported the press-centre of OTKRITIE Financial Corporation.

View: The rise in Russian corporate debt is not yet a signal that international markets are open for Russian borrowers. Firstly, US 9.3 bln of the rise in corporate debt is increase in obligations to direct investors, which implies that companies' shareholders are suporting their local businesses from offshore.

Secondly, overall foreign debt has been growing, because leverage in the oil and gas sector has been increasing (a function of earlier agreements).