Russia"s recent announcement of London Club...

Profil magazine, which released its February issue on Monday, said Russia presently had no debts owed either to the Paris Club of creditor nations or the London Club of commercial lenders, suggesting the country was turning into a borrower with a good credit story, allowing the country to borrow abroad on more favorable terms.

Russia will have to resort to borrowing on world capital markets in 2010 for the first time in 10 years, with a budget deficit projected at 6.8% of GDP this year.

"It is a well-known fact that Russia will have to return to the market for money as it may need $17.8 billion in 2010-2012 in line with its three-year budget. If forecasts fail, it may have to borrow more," Profil said.

Russia"s announcement of debt repayment to London Club of commercial lenders came on January 25, just two days before the start of the Davos World Economic Forum, which is considered to be one of the best places to look for potential creditors and hold a series

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