Russian automaker OAO GAZ Group (GAZA.RS) has received state guarantees of up to RUB20 billion ($635 million) for its loans, people familiar with the matter told Dow Jones Newswires Tuesday.

The issue of state support for the indebted automaker was discussed Tuesday at the government's anti-crisis commission meeting. There was no official confirmation of the decision.

GAZ is controlled by Russian tycoon Oleg Deripaska's holding company Basic Element.

One person familiar with the situation said that Deripaska, who also controls aluminum giant United Company Rusal, discussed the issue of GAZ with Russia's Prime Minister Vladimir Putin late Monday. The person couldn't provide further details of the meeting.

GAZ, which was hit hard by the sharp drop in demand for cars in Russia, has already received RUB4 billion state guarantees for loans.

GAZ made about a $108 million loss in 2008 under Russian accounting standards. As of the end of March, its debt stood at about RUB45 billion

GAZ has teamed up with Russian state-controlled OAO Sberbank (SBER.RS) and Canadian auto supplier Magna International Inc. (MGA) in a bid to buy Adam Opel GmbH, the German unit of General Motors Corp.(GM)

-By Alexander Kolyandr, Dow Jones Newswires; +44 20 7842 9410; alexander.kolyandr@dowjones.com