CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; BANK OVERDRAFT

6 Months Ended

Jun. 30, 2012

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; BANK OVERDRAFT

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; BANK OVERDRAFT

4. CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; BANK OVERDRAFT

        The Company's cash and cash equivalents and short-term investments comprise bank accounts and term deposits. Deposits with an original maturity ranging from 91 to 365 days are classified in short-term investments. Below are breakdowns of cash and cash equivalents and short-term investments:

	December 31, 2011	June 30, 2012
Cash and cash equivalents:
Russian ruble bank accounts	$6,434	$19,930
US dollar bank accounts	$4,479	$4,403
Other	$1,418	$1,475
Total cash and cash equivalents	$12,331	$25,808

	December 31, 2011		June 30, 2012
	Annual interest rate	Amount	Annual interest rate	Amount
Short-term investments:
Ruble-denominated deposits	4.1% - 8.7%	$102,068	5.5% - 8.01%	$87,407
US dollar-denominated deposits	2.1% - 2.2%	15,165	2.4% - 2.6%	10,948
Total Short-term investments		$117,233		$98,355

        Bank overdraft—In October 2011, the Company signed a Ruble-denominated overdraft agreement with Alfa Bank bearing annual interest at 7.2% with a credit limit of approximately $34,000. As of December 31, 2011 the Company had an overdraft position of $16,941, which is presented as a current liability separately on the Company's balance sheets. As of June 30, 2012, the balance of overdraft was $nil. In July 2012, the Company signed a new Ruble-denominated overdraft agreement with Alfa Bank bearing annual interest at variable Mosprime rate +2.21% with a credit limit of approximately $30,000.