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Dec 19, 2017 01:17
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Latest news
Dec 13, 2017
Oleg Belozerov sums up preliminary results of the work of Russian Railways in 2017
Dec 11, 2017
Russian Railways launches passenger services on Zhuravka - Millerovo line
Dec 09, 2017
Russia and China establish Research Centre for development of high-speed trains
Dec 08, 2017
Head of Russian Railways Oleg Belozerov holds conference call on Company's performance in November 2017
Dec 08, 2017
More than 530,000 tons of Pacific seafood have been shipped since beginning of year
Dec 07, 2017
Russian Railways wins award at "Formula of Motion 2017" for second time
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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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