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Latest news
Jun 08, 2019
OJSC Russian Railways, CJSC Sinara Group and Siemens Mobility GmbH to create engineering centre
Jun 08, 2019
OJSC Russian Railways, Siemens and CJSC Sinara Group agree on supply and maintenance of 13 Sapsan trains
Jun 08, 2019
Feasibility study of high-speed Indian rail stretch should be completed by autumn 2019
Jun 06, 2019
Russian Railways and Global Ports sign Cooperation Agreement
Jun 06, 2019
Russian Railways and Intesa Sanpaolo Group sign Memorandum of Understanding
Jun 06, 2019
Russian Railways and Russia’s Ministry of Economic Development agree on development of green financing in Russia
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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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