Russia's largest mobile phone operator, which took advantage of a strong rouble and low global interest rates by borrowing aggressively abroad before the recession, has said it has no plans to change its debt level in 2010. MTR claims it is comfortable with its current burden of gross debt, which stands at 1.8 times OIBDA.

"We are not planning to raise it above two (times OIBDA) but are not planning to cut it either," Mikhail Shamolin, head of the company, told Reuters at the World Economic Forum in Switzerland. "We need to use our balance sheet's potential to invest."

According to Shamolin, MTR has plans for capital expenditure at 20 per cent of sales this year: "On the whole we have a very good cash position and we do not need new debt to finance this investment."

During the second half of last year, the company is believed to have secured around $1.8 billion in "vendor financing". Shamolin suggests his firm's current debt profile works as long as the rouble remains within a corridor of 30-33 to the dollar.

This week, the rouble appreciated 0.2 per cent to 30.30 per dollar - its first increase since 14 January.