Kazakh companies owe Russian businesses over 2 trillion tenge

September 14, 2026 at 12:57 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Companies from CIS countries owed Russian businesses 967 billion rubles (over 5.2 trillion tenge) as of June 2026, up 40% year-on-year. Kazakhstan accounted for 41.5% of the total, or 401.3 billion rubles (about 2.16 trillion tenge). Russian companies owed CIS businesses about 506 billion rubles (over 2.7 trillion tenge) over the same period, up 25%.

Key Facts

Kazakh companies owed Russian businesses 401.3 billion rubles (about 2.16 trillion tenge) as of June 2026, the largest share among CIS countries.
Total CIS debt to Russian businesses reached 967 billion rubles (over 5.2 trillion tenge), up 40% year-on-year.
Belarusian companies owed 327.3 billion rubles, Uzbek companies 81.7 billion rubles, Armenian companies 65 billion rubles, and Kyrgyz companies 52.3 billion rubles.
Russian companies owed CIS businesses about 506 billion rubles (over 2.7 trillion tenge) as of June 2026, up 25% year-on-year.
Overdue debt exceeded 43 billion rubles, or about 4.5% of the total 967 billion rubles.

Debt Breakdown by Country

Kazakhstan led with 401.3 billion rubles, or 41.5% of the total CIS debt to Russian businesses. Belarus followed with 327.3 billion rubles, Uzbekistan with 81.7 billion rubles, Armenia with 65 billion rubles, and Kyrgyzstan with 52.3 billion rubles. Ukrainian companies accounted for 3.5 billion rubles, tied to old contracts whose collection is currently blocked. Overdue debt exceeded 43 billion rubles, or about 4.5% of the total 967 billion rubles.

Drivers of Rising Debt

Trade growth with CIS partners contributed to the increase, with Russia's first-half turnover with Belarus up 12.5% to about $28.5 billion, with Uzbekistan up 15.7% to $7 billion, and with Kazakhstan up 7% to $13.2 billion, according to Freedom Global analyst Natalia Milchakova. Stricter US sanctions led CIS banks to introduce additional checks, slowing transactions and leaving delivered goods unpaid for months, said Alexey Begaev, founder of Insek Group and member of Delovaya Rossiya's general council. Competition from China and Turkey, which offer lower prices and flexible payment terms, forced Russian suppliers to extend payment deferrals, according to Oleg Abelev, head of analytics at Ricom-Trust. Abelev warned that if Russian companies fail to provide convenient settlement terms, CIS buyers may turn to alternative suppliers, potentially eroding Russian positions in competitive segments.