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Русский Jan 16, 2019 17:43
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Latest news
Jan 10, 2019
Passenger numbers on the infrastructure owned by Russian Railways increased by 3.4% in 2018
Jan 10, 2019
Freight loading volumes on Russian Railways network increased by 2.2% in 2018
Dec 26, 2018
Moscow – Nice timetable in Italy to change from 27 December 2018
Dec 26, 2018
Serbia and Russian Railways to expand cooperation
Dec 22, 2018
Moscow – Odintsovo in just 21 minutes on new city train
Dec 18, 2018
“The importance of energy saving encourages transport companies to introduce new technologies,” says Head of Russian Railways Oleg Belozerov
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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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