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Jun 28, 2017 22:21
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Latest news
Jun 08, 2017
Russian Railways, JSC NC Kazakhstan Temir Zholy and Belarusian Railways sign memorandum on cooperation within framework of Eurasian Economic Union
Jun 08, 2017
"The volume of international freight shipments along the East-West Corridor could exceed 127 million tons by 2020" says President of Russian Railways Oleg Belozerov
Jun 08, 2017
RZD Holding is working to create a unified information system which combines different modes of transport
Jun 07, 2017
"Russian Railways has formed a portfolio of competencies to open up international markets," says Oleg Belozerov
Jun 05, 2017
Mobile app RZD Passengers for iOS platform now uses Apple Pay technology
Jun 03, 2017
RZD Holding, JSC Sinara Group and Siemens sign agreement of intent to create new Lastochka modifications
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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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