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Русский Nov 13, 2019 15:44
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Latest news
Nov 12, 2019
First container train from China to Europe on single transport document arrives by multimodal route at Baltiysk
Nov 09, 2019
Chinese payment system Sendy now available on Sapsan trains
Nov 08, 2019
Russian Railways sees increased interest in joint projects on the international market
Nov 08, 2019
Allegro train passenger traffic up 12.6% in October
Nov 07, 2019
Oleg Belozerov, CEO of Russian Railways, met Suren Papikyan, Armenia’s Minister of Territorial Administration and Infrastructure
Nov 01, 2019
Loading volumes on the network owned by Russian Railways increased by 1% in October
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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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