“Friendly” Countries’ Debt to russian Companies Has Risen by 40%

russian businesses are facing a rapid increase in accounts receivable from foreign counterparties. In June 2026, the liabilities of companies from CIS countries to russian enterprises under direct contracts reached $11.65 billion, which is by 40% more than a year earlier. The largest debts were owed by companies in Kazakhstan – $4.83 billion, belarus – $3.94 billion, Uzbekistan – $984 million, Armenia – $783 million, and Kyrgyzstan – $630 million.

The increase in debt is first of all due to complications in international payments. Longer payment routes and additional bank checks can delay payment for delivered goods by several months.

russian companies are also losing ground in competition with Chinese and Turkish suppliers, who offer lower prices and more flexible payment terms. To retain their sales markets, russian companies are forced to grant buyers longer payment deferrals. In fact, they are extending credit to foreign counterparties using own working capital.

The continued accumulation of debt increases financial risks for russian companies. Funds remain tied up in accounts receivable for longer periods, the need for credit grows, exporters become more dependent on buyers’ solvency and the stability of alternative payment channels.

The rise in debt indicates that russia’s trade with CIS countries is increasingly shifting the financial burden onto russian exporters. Prolonged payment deferrals and delays reduce their liquidity and limit their investment opportunities. For russian businesses, retaining CIS markets increasingly depends not only on product price and quality but also on their willingness to finance their counterparties.