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Latest news
Nov 19, 2018
Russian Railways and National Railway Museum of York sign cooperation agreement
Nov 15, 2018
RZD Holding organises container shipments from China’s Shandong province to Moscow Region
Nov 12, 2018
Russian government reviews Russian Railways’ 2019-2021 investment programme and financial plan
Nov 02, 2018
Loading volumes on the network of Russian Railways increased by 0.3% in October 2018
Nov 02, 2018
Passenger traffic on the Russian Railways’ network increased by 3.2% in October 2018
Nov 01, 2018
Head of Russian Railways and Deputy Chairman of Vietnamese government discuss project to build light-rail line in Ho Chi Minh City
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Debt and Lender Information
Risk Management
Market risks: exchange rates, interest rates and price

Market risks: exchange rates, interest rates and price

Russian Railways pays particular attention to market variables, which volatility could lead to significant changes in the Company's expenditures and revenues, in particular, floating rates on loans, cash flows in foreign currencies and fuel prices.

Hedging with Derivatives

Russian Railways uses derivatives to hedge currency, interest and price risks. Transactions are concluded with Russian and banks and the subsidiaries of largest international banks and are based on Russian ISDA. Our risk management policy excludes speculative risk management tools, as well as operations with unreliable counterparties. The risk management policy’s main aim is to reduce the volatility of budgeted indicators of the Company’s performance.

Open Currency Position

The significance of the Company’s currency risk and further definition of respective currency risk management tool are based on the size of the open currency position, which is defined as the difference between the inflows and outflows of the cash denominated in foreign currency.

The Company carries out regular monitoring and analysis of cash inflows and outflows in foreign currency to calculate its open currency position.

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