Russian banks, firms face big 2008 debt repayments

MOSCOW, May 15 (Reuters) - Russian banks and companies will have to repay a record of over $140 billion in foreign debts in 2008, the central bank said on Thursday amid government calls to monitor or even cap foreign borrowing by state corporates.

Large state-controlled corporates such as oil major Rosneft (ROSN.MM: Quote, Profile, Research) have borrowed billions of dollars abroad in the past years to fund acquisitions and growth at home.

Government officials have warned massive borrowing was one of the reasons behind heavy capital inflows in the country, which in turn made it impossible for the government to meet its inflation targets last year.

Banks will face foreign debt payments of $54.9 billion in 2008, while companies in the non-banking sector will have to pay $85.9 billion.

Banks will have to pay $45.8 billion in debt principal and $9.1 billion in interest on loans this year, and $28.2 billion and $6.5 billion respectively in 2009.

The banks' total outstanding foreign debt is $163.7 billion.

Non-banking sector companies have to repay $76.4 billion in debt and $9.5 billion in interest in 2008 and $34.4 billion and $7.3 billion respectively in 2009.

Their total debt is $249.6 billion.

The highest payments for both banking and non-banking sectors are scheduled for the first and fourth quarters of this year. (Reporting by Dmitry Zhdannikov)