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Latest news
Sep 20, 2018
Oleg Belozerov takes part in first meeting of leaders of SCO railway companies
Sep 20, 2018
"We will have to integrate the railways even closer on the basis of joint decisions in the IT field," says Oleg Belozerov
Sep 19, 2018
Oleg Belozerov, CEO of Russian Railways, takes part in Summit of Railway Leaders in Berlin
Sep 19, 2018
Russian Railways and SNCF sign road map to develop cooperation
Sep 19, 2018
Russian Railways signs up to international agreement on creation of UNIFE consortium for quality standardisation
Sep 18, 2018
Russian Railways, Siemens AG and Sinara Group sign agreement to expand fleet of high-speed trains
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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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