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Latest news
Mar 21, 2017
Allegro double formation train to depart from St. Petersburg to Helsinki on 29 April 2017
Mar 18, 2017
Oleg Belozerov discusses cooperation on railway sector with Deputy Chairman of China's National Development and Reform Commission
Mar 17, 2017
Russian Railways to automate orders for freight transportation within Russia by end of 2017
Mar 17, 2017
President of Russian Railways Oleg Belozerov voted Newsmaker of the Year by Russian Union of Industrialists and Entrepreneurs
Mar 15, 2017
RZD Holding to provide free travel for veterans and invalids of the Great Patriotic War from 1 to 10 May 2017
Mar 15, 2017
Oleg Belozerov takes part in meeting with the Russia-France Business Cooperation Council and the French business community
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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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