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Nov 21, 2017 14:49
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Latest news
Nov 11, 2017
Tickets for carriages with reserved seats and general carriages go on sale on 17 November 2017
Nov 09, 2017
Russian Railways and Galaktika Corporation to cooperate on software import substitution
Nov 09, 2017
First Vice-President of Russian Railways Alexander Misharin and Chairperson of VR Group Ltd Rolf Jansson discuss bilateral cooperation
Nov 09, 2017
Transportation of containerised freight on Russian Railways’ network in 10 months already exceeds 2016 level
Nov 07, 2017
Russian, Chinese and Mongolian Railways agree to simplify procedures for transfer of freight cars in foreign trade
Nov 03, 2017
Russian Railways enjoys better borrowing conditions on international markets than other Russian companies
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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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