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CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS
3 Months Ended
Mar. 31, 2014
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS  
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS

4. CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS

        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,
2013
  March 31,
2014
 

Cash and cash equivalents:

             

Russian ruble bank accounts

  $ 16,616   $ 21,363  

US dollar bank accounts

    12,754     12,916  

Other

    1,204     3,460  
           

Total cash and cash equivalents

  $ 30,574   $ 37,739  
           
           


 

 
  December 31, 2013   March 31, 2014  
 
  Annual interest rate   Amount   Annual interest rate   Amount  

Short-term investments:

                     

Ruble-denominated deposits

  6.3 - 9.0%   $ 178,937   7.0 - 9.0%   $ 130,663  

US dollar-denominated deposits

  0.27%   $ 1,400   0.75 - 1.40%   $ 30,000  
                   

Total Short-term investments

      $ 180,337       $ 160,663  
                   
                   

        Other non-current assets—On March 20, 2014, the United States imposed sanctions on Bank Rossiya, a Russian open joint stock company, and Bank Rossiya was placed on the Specially Designated Nationals ("SDN") and Blocked Persons List of the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC"). On April 28, 2014, LLC IC Abros, a holding company related to Bank Rossiya, was also designated an SDN. More than 50% of the voting capital of Telcrest Investments Limited ("Telcrest"), one of the Company's principal stockholders, is beneficially owned, directly or indirectly, by Bank Rossiya and LLC IC Abros, and therefore Telcrest is also considered to be a target of sanctions.

        On March 5, 2014, the Company's Board declared a dividend to stockholders of record as of March 19, 2014. The Company paid the declared dividends on March 28, 2014, however, dividends of $6.9 million otherwise payable to Telcrest were blocked pursuant to the U.S. sanctions described above and paid into a separate interest-bearing bank account for the benefit of Telcrest, but to which Telcrest will not have access while either Bank Rossiya or LLC IC Abros remain an SDN.