Russian Central Bank might regulate foreign loans to Russian commercial banks. Ru financial institutions used to borrow up to 50% of passives before the crisis. An average level amongst Russian banks was 15% in the summer of 07. Russians consider 30% foreign money in passives as a warning sign (don’t compare to trillions of US Fed debt to foreign investors…).

We foresee more RU CB defectiveness in a future but current regulations don’t show how this would affect direct investments to Ru enterprises.