Russia has ceased to be credited in the West

The most active domestic business takes in China, but Asian markets overestimate the capital should not be - companies will have to live within our means and to reduce net debt

How do I find “The News”, the Russian business in the run-up to the summer of banking sanctions the West has sharply reduced the amount of borrowing in Europe and the United States. Thus, according to the latest data of the Central Bank, the balance of foreign borrowing (difference between the involved and canceled by means of Russian companies, except banks, and the population) in the United States declined from $ 139 million in the I quarter of 2013 to $ 44 million in the I quarter of 2014. Indicators of borrowing in Europe, which have been the traditional capital markets for domestic companies, are rapidly declining - dozens of times, the balance of a number of European countries was negative. Companies already in the beginning of the year started to look for new sources of borrowing. Choice mainly fell on China - where Russian business in the I quarter of 2014 raised $ 13.16 billion, compared to $ 32 million for the same period last year. The main borrowers in China were “Rosneft”, “Gazprom”, they accounted for about 90% of that amount.

According to the Bank, in whole surplus on foreign borrowings for the year decreased by more than eight-fold - from $ 48.1 billion in the I quarter of 2013 to $ 6 billion in the I quarter of 2014. The volume of loans fell from $ 78 billion to $ 41.9 billion, the amount of redemptions over the same period increased from $ 29.9 billion to $ 35.9 billion. China came in first place in the ranking of countries with the most active Russian companies raise funds. Also in the top three most attractive countries for Russian companies included Luxembourg (balance - $ 652 million) and Japan (the balance of $ 435 million). And if the balance of loans in Luxembourg for the year decreased from $ 4.2 billion in the I quarter of 2013 (net but nevertheless remained positive), then in Japan - a significant increase (the balance in the I quarter of 2013 - $ 10 million).

Borrowing in countries traditionally credited Russian business reduced. For example, the balance of loans in the Netherlands in the I quarter of 2013 reached $ 11.2 billion, and this year the figure is negative (minus $ 1.3 billion). Negative balance in the I quarter of 2014 observed and borrowing in the UK (minus $ 4.6 billion against $ 10.8 billion plus in January - March 2013). In relation to Ireland, the same picture (the balance in the I quarter of 2014 - down $ 1.4 billion in the same period last year, the surplus reached $ 10 billion). Borrowing in Switzerland balance changed polarity - from $ 173 million to minus $ 2 million in Canada - from $ 147 million to minus $ 23 million.

Borrowing in Cyprus preserved surplus ($ 395 million in the I quarter of 2014), but in the same period last year the figure was $ 5.53 billion - a dip in the 14 times. In Finland, the surplus fell from $ 217 million to $ 23 million ………

19 August 2014

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