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- To get rid of debt: the authorities will study the external loans of companies with state participation
To get rid of debt: the authorities will study the external loans of companies with state participation
The Ministry of Finance has taken care of foreign loans from state-owned companies. The agency has marked up a contract to carry out research on this topic, Izvestia found out. Although external borrowings decreased by 13% last year, their volumes still remain high — $200 billion, or 20 trillion rubles. For comparison, the internal debt of the largest organizations is about 36 trillion rubles. Despite the sanctions, companies continue to take out new loans in dollars, euros, yuan and dirhams, for example, in friendly Belarus, where the key interest rate is lower. This carries risks of non-payment of debts due to difficulties with transactions, and as a result can lead to negative consequences for companies and the state as their main shareholder.
Why do companies take loans abroad
The Ministry of Finance has posted on the public procurement portal a contract for information and analytical work related to the management of public financial assets, government debt and support for sovereign credit ratings. Izvestia studied the tender. In particular, the Ministry of Finance wants to monitor the external borrowings of Russian non-financial companies and banks, including those with a significant share of state participation.
The winner of the bidding has already been determined — the Center for Macroeconomic Analysis and Short-term Forecasting (CMACP) has become the winner. The contract amount was 7.9 million rubles. Izvestia sent a request to the Ministry of Finance and the CMAKP.
Due to the sanctions restrictions of recent years, the external corporate debt of Russian enterprises has been decreasing: in 2024 alone, it decreased by 13%, to $209 billion (or about 20 trillion rubles), according to the estimates of the CMACP, which they previously cited in the February monitoring. However, this amount still remains quite high: for comparison, according to the Central Bank, according to the results of the first half of 2024 (the most recent information), the internal debt of the largest organizations is 36 trillion rubles.
Nevertheless, Russian companies continue to borrow money abroad, experts interviewed by Izvestia said. In particular, loans continue to be made in dollars, euros and yuan.
— In modern conditions, Russian companies can theoretically receive loans in rupees and reais as well. But the most realistic possibility is to borrow in yuan and dirhams," concluded Mikhail Khachaturian, Associate Professor of Strategic and Innovative Development at the Higher School of Management of the Financial University under the Government of the Russian Federation.
They take out loans, for example, in the UAE, Belarus, Cyprus. This may be more profitable, since in those countries the key rate is much lower (4%, 9% and 3.6%, respectively) than in Russia. In our country, the indicator is at a record high of 21%, which significantly reduces the demand for corporate loans.
Companies can still borrow in foreign currency from Russian subsidiaries of foreign banks, for example, in the Hungarian OTP, and loans are also provided by the Asian Development Bank. In addition, Sberbank has started offering companies to take out loans in Belarus, where it operates a subsidiary. The rate abroad allows banks to issue cheaper, albeit foreign currency loans, from the balance of local subsidiaries.
— External lending for large companies is a confirmation of the stability of their external economic image. This factor is especially important for state-owned enterprises. After all, in this way funds are indirectly given to the state as the main owner," Mikhail Khachaturian explained.
External loans are usually attracted for the implementation of some major projects as an additional source of financing, he added. Loans make it possible to raise funds for business development, the implementation of large projects and the maintenance of liquidity, said Vladimir Eremkin, senior researcher at the IPEI Structural Research Laboratory at the Presidential Academy.
"At the same time, the currency risks in such loans, for example for exporting companies, are moderate," he said.
Risks of foreign borrowings for state-owned companies
Currently, Russian enterprises are facing sanctions restrictions on borrowing in the European, American, Japanese, and Canadian markets. In addition, financial activity is limited by the credit ratings that investors rely on, and they are not currently being issued to domestic companies, said Mikhail Khachaturian from the Financial University.
Nevertheless, the government has reasons to at least study and maybe take measures to limit external lending to state-owned companies, experts say.
— For many firms, currency risks may be unacceptable. For example, because of the sanctions, some foreign banks refuse to service payments from Russian companies, which makes it more difficult to obtain and repay loans. In addition, due to increased sanctions risks, lenders may raise interest rates, which makes loans less profitable," stressed Mikhail Khachaturian.
According to him, now the most common sources of external borrowing can be not only bank loans directly, but also the placement of bonds in friendly jurisdictions or the use of trade finance mechanisms (for example, settlements on export contracts may include deferred payments), the expert said.
For legal entities, loans in dollars or euros against the background of the risks of a weakening ruble can significantly worsen financial performance, and above all net profit, as it will be negatively affected by losses from exchange rate differences, said Natalia Milchakova, a leading analyst at Freedom Finance Global.
In addition, if, theoretically, Russian companies are completely cut off from foreign exchange transactions, it is possible that they may face a technical default on such loans, she said. And if the state is a shareholder of such enterprises, then in such a case it will be necessary to spend funds from the budget or the National Welfare Fund to recapitalize those in trouble, Natalia Milchakova concluded.
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