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Oct 21, 2017 02:22
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Latest news
Oct 19, 2017
Russian Railways successfully placed Rouble Eurobond
Oct 14, 2017
Loading of export freight from ports increases by almost by 6% in 3 quarters of 2017
Oct 12, 2017
Freight container transportation on Russian Railways’ network increased by 24.4% in first three quarters of 2017
Oct 09, 2017
Shipment volumes of Pacific seafood by accelerated trains increases 1.4 times in first three quarters of 2017
Oct 02, 2017
Passenger traffic on Russian Railways’ network up 6.1% in September 2017
Oct 02, 2017
Loading on the network of Russian Railways increased by 1.8% in September 2017
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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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