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Aug 23, 2017 20:22
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Latest news
Aug 18, 2017
Temporary changes regarding train No. 453/24 Paris-Moscow
Aug 17, 2017
More than 50 long-distance trains equipped with removable gangways for safe and convenient passenger transfer from platform to carriage
Aug 08, 2017
Summer Internet activity at railway stations sets new record since launch of free access to high-speed Wi-Fi network
Aug 08, 2017
Russian Railways to lay on additional evening runs of Sapsan trains from 4 October 2017
Aug 08, 2017
Russian railway workers celebrate professional holiday with charity race
Aug 04, 2017
Chinese now included in navigation system at Leningrad Station in Moscow
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Investor Relations
Debt and Lender Information
Risk Management
Liquidity risk

Liquidity risk

Liquidity Planning

Russian Railways manages its long, medium and short-term cash flows according to its budget, its monthly balance of payments and the daily payment calendar. Based on its current position and the requirements of its existing contracts and agreements, the Company draws up the payment calendar for the next month, broken down day-by-day. In order to monitor the Company’s solvency, a daily payment position is established which, together with the approved balance of payments, is used to meet the financing needs of subsidiaries and affiliates.

To fund ongoing needs for working capital, Russian Railways has open credit lines with leading Russian banks. Counterparty banks provide a wide range of products, from overnight loans to long-term loans.

Placing Remaining and Attracting Short-Term Loans

Short-term financing is used when required and is borrowed under the existing credit lines. Idle cash is placed on deposit within the internally defined credit limits for each financial institution. Such limits are calculated based on the relevant methodology and approved for each counterparty by the Risk Management Comittee. Russian Railways is improving the structure of its debt portfolio and reducing the portion of short-term borrowings, as well as the average cost of borrowed funds.

The Company has concluded general agreements with banks, which act as framework agreements. All subsequent transactions are executed via separate confirmations containing information about the transaction amount, date of execution and other important details. This standardized practice of establishing relations between the parties is convenient and simplifies the process of transactions approval.

Administering the transactions has been simplified as far as possible through the use of Reuters Dealing to conclude them.

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