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CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS
12 Months Ended
Dec. 31, 2014
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; 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 as short-term investments. Below are breakdowns of cash and cash equivalents and short-term investments:

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2013

 

2014

 

Cash and cash equivalents:

 

 

 

 

 

 

 

Russian ruble bank accounts

 

$

16,616 

 

$

30,672 

 

US dollar bank accounts

 

 

12,754 

 

 

5,861 

 

Other

 

 

1,204 

 

 

1,303 

 

​  

​  

​  

​  

Total cash and cash equivalents

 

$

30,574 

 

$

37,836 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2013

 

2014

 

 

 

Annual
interest rate

 

Amount

 

Annual
interest rate

 

Amount

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ruble-denominated deposits

 

 

6.3–9.0

%

$

178,937 

 

 

 

 

$

 

US dollar-denominated deposits

 

 

0.27 

%

$

1,400 

 

 

0.55–3.9

%

$

103,800 

 

​  

​  

​  

​  

Total short-term investments

 

 

 

 

$

180,337 

 

 

 

 

$

103,800 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

        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, April 29, 2014, July 25, 2014 and October 27, 2014, the Company's Board declared a dividend to stockholders. The Company paid the declared dividends on March 28, 2014, June 26, 2014, September 25, 2014 and December 23, 2014, however, dividends totaling $27,684 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.

        In addition, as of December 31, 2014, other non-current assets included advance payments to RTRS towards the construction of the digital infrastructure in the 50– coverage regions of approximately $6.9 million. See Note 17, Commitments and Contingencies "—Purchase Commitments"