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Aug 21, 2017 11:17
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Latest news
Aug 18, 2017
Temporary changes regarding train No. 453/24 Paris-Moscow
Aug 17, 2017
More than 50 long-distance trains equipped with removable gangways for safe and convenient passenger transfer from platform to carriage
Aug 08, 2017
Summer Internet activity at railway stations sets new record since launch of free access to high-speed Wi-Fi network
Aug 08, 2017
Russian Railways to lay on additional evening runs of Sapsan trains from 4 October 2017
Aug 08, 2017
Russian railway workers celebrate professional holiday with charity race
Aug 04, 2017
Chinese now included in navigation system at Leningrad Station in Moscow
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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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