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Latest news
Sep 20, 2018
Oleg Belozerov takes part in first meeting of leaders of SCO railway companies
Sep 20, 2018
"We will have to integrate the railways even closer on the basis of joint decisions in the IT field," says Oleg Belozerov
Sep 19, 2018
Oleg Belozerov, CEO of Russian Railways, takes part in Summit of Railway Leaders in Berlin
Sep 19, 2018
Russian Railways and SNCF sign road map to develop cooperation
Sep 19, 2018
Russian Railways signs up to international agreement on creation of UNIFE consortium for quality standardisation
Sep 18, 2018
Russian Railways, Siemens AG and Sinara Group sign agreement to expand fleet of high-speed trains
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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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