In EAEU countries, companies have started lending less to each other — growth only in Belarus

Intercompany lending has declined in the countries of the Eurasian Economic Union. This is evidenced by data on the structure of external debt as of October 1, 2025.

According to statistics, the volume of direct investment in the form of intercompany loans decreased in all EAEU countries, with the exception of Belarus, where the indicator, on the contrary, showed growth.

Thus, across the union as a whole, the volume of intercompany lending decreased from $156.3 billion in October 2024 to $149.5 billion in October 2025.

The decline was recorded in the following countries:

• Russia — from $57.8 billion to $54.6 billion;
• Kazakhstan — from $92.1 billion to $88.7 billion;
• Kyrgyzstan — from $1.9 billion to $1.8 billion;
• Armenia — from $2.2 billion to $2 billion.

The only country where the indicator grew was Belarus. The volume of intercompany loans there increased from $2.26 billion to $2.33 billion.

Intercompany lending reflects the volume of loans between related companies — for example, between parent companies and subsidiaries. This is an important indicator of investment activity.