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Dec 18, 2017 07:58
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Latest news
Dec 08, 2017
Head of Russian Railways Oleg Belozerov holds conference call on Company's performance in November 2017
Dec 08, 2017
More than 530,000 tons of Pacific seafood have been shipped since beginning of year
Dec 07, 2017
Russian Railways wins award at "Formula of Motion 2017" for second time
Dec 06, 2017
Russian Railways allocated 5 billion roubles for environmental protection in 2017 as "Year of the Environment"
Dec 05, 2017
100 additional train journeys on top of planned figure laid on for New Year and Xmas holidays
Dec 05, 2017
Passengers can buy tickets 90 days before train departure from 10 December 2017
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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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