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May 26, 2018 16:37
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Latest news
May 17, 2018
Railways results from CIS and Baltic states in 2017 and 1Q 2018
May 14, 2018
During 2018 FIFA World Cup Russia™ passenger movement at a number of stations to be changed
May 14, 2018
Russian Railways and Sakha (Yakutia) sign agreement on cooperation
May 11, 2018
Preliminary preparation stage for concession on Northern Latitudinal Railway completed
May 08, 2018
Passenger traffic on the network of Russian Railways up by almost 4% in April 2018
May 08, 2018
Head of Russian Railways discusses closer cooperation on railway transport with Tatarstan’s President
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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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