CIS countries' debt to Russian businesses has increased by nearly half, according to intelligence reports
In June 2026, the debt owed by companies from CIS countries to Russian enterprises under direct contracts reached $11.65 billion. Over the past year, this figure has risen by 40%, which is increasing the financial burden on Russian businesses.
The largest amounts were owed by companies from Kazakhstan, Belarus, Uzbekistan, Armenia, and Kyrgyzstan.
As of June 2026, the total amount of obligations owed by companies from CIS countries to Russian enterprises under direct contracts stood at $11.65 billion.
The largest debtors are:
- Kazakhstan – $4.83 billion;
- Belarus – $3.94 billion;
- Uzbekistan – $984 million;
- Armenia – $783 million;
- Kyrgyzstan – $630 million.
Thus, companies in Kazakhstan and Belarus account for the largest share of the accumulated debt.
One of the main reasons cited for the increase in accounts receivable is the growing complexity of international payments.
Longer payment routes and additional bank checks can result in payments for already delivered products being delayed by several months.
At the same time, Russian companies are facing increased competition from Chinese and Turkish suppliers, who can offer lower prices and more flexible payment terms.
To maintain their positions in the CIS markets, Russian businesses are forced to extend payment terms for buyers.
In effect, this means that Russian exporters are extending credit to foreign counterparties using their own working capital, expecting payment only after the goods have been delivered.
The continued accumulation of accounts receivable increases financial risks for Russian companies.
Funds remain tied up in transactions for longer periods, increasing businesses’ need for additional financing. At the same time, exporters are becoming more dependent on buyers’ solvency and the stability of alternative payment channels.
The growth in accounts receivable indicates that Russia’s trade with CIS countries is increasingly shifting the financial burden onto Russian exporters themselves.
Prolonged payment deferrals and delays reduce companies’ liquidity and may limit their capacity for investment and development.
This was reported by the Foreign Intelligence Service of Ukraine.
