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Latest news
Apr 01, 2020
Loading volumes on network owned by Russian Railways amounted to 106.6 million tons in March 2020
Apr 01, 2020
Long-distance passenger numbers down nearly 20% in March 2020
Mar 27, 2020
Clarification of temporary procedure when crossing Abkhazia’s border
Mar 27, 2020
New RZD Holding rail service connects Scandinavia and China
Mar 25, 2020
Russian Railways sets up Emergency Response Centre for cooperating with transport market participants
Mar 21, 2020
Temporary changes to travel conditions for passengers transiting Lithuania en route to Kaliningrad
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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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