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In order to eliminate the negative-sequence and harmonic currents in the high-speed train traction systems with three-phase V/V transformers, a compensation strategy based on the railway static power conditioners (RPC) is proposed in this paper. An RPC contains two converters that are connected back to back by sharing the same dc link. In this paper, the structure and principle to compensate negative-sequence currents for the RPC with a three-phase V/V transformer are explained, and a strategy to provide the compensation references for negative-sequence and harmonic currents is proposed. Also, a method to separate active current, reactive current, and harmonic current references from the total negative-sequence and harmonic current references is given. Moreover, a controller is proposed to maintain the dc-link voltage and to compensate the negative-sequence and harmonic currents. Simulation and experimental results are provided to demonstrate that the proposed strategy is very effective.