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Latest news
Sep 19, 2019
"Russian Railways is ready to expand cooperation with the railway administrations in the SCO," says Oleg Belozorov
Sep 19, 2019
Container traffic on Trans-Siberian increased by a quarter from January to August 2019
Sep 17, 2019
"The creation of joint ventures is a key format for cooperation across the 1520 Space" says Dmitry Pegov, Deputy Managing Director of Russian Railways
Sep 11, 2019
Allegro passenger numbers increased by more than 16% in January-August 2019
Sep 05, 2019
Oleg Belozorov: "Russian Railways plans to reduce delivery times from Japan to Europe via Trans-Siberian to 14 days"
Sep 05, 2019
Russia and Japan to create Russian-Japanese Centre for Preventive Medicine and Diagnostics
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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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