16. Borrowings

Borrowings as at 31 December 2014 and 2013 were as follows:

	31 December 2014	31 December 2013
Long-term Borrowings
Non-current portion of long-term borrowings
Bank and corporate loans	112,697	149,393
Bonds	25,000	35,000
Promissory notes	10	9
Vendor financing	46	55
Finance lease liabilities	104	107
Interest payable	14	15
Restructured customer payments	1	21
Total non-current portion of long-term borrowings	137,872	184,600
Current portion of long-term borrowings
Bank and corporate loans	25,721	1,133
Bonds	12,560	5,000
Vendor financing	9	9
Finance lease liabilities	71	61
Restructured customer payments	91	75
Total current portion of long-term borrowings	38,452	6,278
Total long-term borrowings	176,324	190,878
Short-term Borrowings
Bank and corporate loans	12,439	25,399
Promissory notes	-	377
Interest payable	1,251	1,155
Total short-term borrowings	13,690	26,931
Current portion of long-term borrowings	38,452	6,278
Total current borrowings	52,142	33,209
Total borrowings	190,014	217,809

Management believes that the fair value of its financial assets and liabilities approximates their carrying amounts except for the following borrowings:

	December 31,2014
	Fair value	Book value	Difference
Rostelecom 15 bonds	4,800	5,000	(200)
Rostelecom 16 bonds	2,522	2,560	(38)
Rostelecom 17 bonds	9,597	10,000	(403)
Rostelecom 18 bonds	9,193	10,000	(807)
Rostelecom 19 bonds	9,906	10,000	(94)
Bank financing	132,762	140,298	(7,536)
	168,780	177,858	(9,078)

The above amounts exclude accrued interest. The market value of the Group’s Ruble bonds was determined based on MOEX.

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