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Dec 30, 2017
Attention!
Dec 18, 2017
Over 26,000 passengers carried on international trains Nos. 13/14 Strizh Moscow-Berlin in first year
Dec 16, 2017
Registration now open for special trains for 2018 World Cup fans
Dec 15, 2017
Russian Railways assigned highest rating by RAEX (Expert RA)
Dec 14, 2017
Russian Railways’ new tariff policies attracted more than 6 million tons in additional freight
Dec 13, 2017
Revenues of Russian Railways Holding from foreign business could exceed 468 billion roubles in 2017
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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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