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Русский Mar 23, 2019 17:57
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Latest news
Mar 21, 2019
Head of Russian Railways Oleg Belozerov discusses progress on reconstruction of Sakhalin’s railway infrastructure with Acting Governor Valery Limarenko
Mar 20, 2019
Russian Railways Holding to monitor promising construction technologies for implementation in infrastructure projects
Mar 20, 2019
“We have to remove technological and legal barriers at the interface of the main railway systems,” says Alexander Misharin
Mar 20, 2019
Heads of Russian Railways and OBB discuss bilateral cooperation
Mar 20, 2019
“Rail transport has every chance of winning the competition for transit freight flows,” says Oleg Belozerov
Mar 19, 2019
International Railway Congress 2019 opens in Vienna
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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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