Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

UES in Rail-Debt Deal

The Railways Ministry has agreed to reduce its debt to national power grid Unified Energy Systems by 2 billion rubles ($72 million) before April 1, 2001, Interfax reported UES head Anatoly Chubais as saying Thursday.

As part of its program to encourage debtors to pay up, UES has cut power to several of the nation’s regional railway enterprises in recent weeks.

Chubais spoke after a meeting with Railways Minister Nikolai Aksyonenko, who said railroads were short of cash due to debts incurred after coal companies failed to pay the ministry, Interfax reported. Railroads will assign these debts to UES.