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Apr 30, 2017 04:16
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Latest news
Apr 28, 2017
Russian Railways announces FY2016 results according to IFRS
Apr 25, 2017
Railways of Russia, China, Mongolia, Kazakhstan, Belarus, Germany and Poland agree to develop container transportation
Apr 21, 2017
Oleg Belozerov took part in Session of OSJD Managing Directors' Conference
Apr 20, 2017
President of Russian Railways Oleg Belozerov: "By offering passengers a comfortable atmosphere and new services, we are creating a favorable environment for the development of railway tourism"
Apr 19, 2017
RZD Holding completes construction work on X Trans-European Corridor in Serbia
Apr 18, 2017
Russian Railways' President Oleg Belozerov sums up Company's performance in January-March 2017
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Investor Relations
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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