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Feb 20, 2018 12:44
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Latest news
Feb 09, 2018
OJSC Russian Railways and Argentina’s Administration of Railway Infrastructure agree on cooperation
Feb 09, 2018
Changes to current timetable of train No. 24/23 Paris - Moscow
Feb 08, 2018
CEO of OJSC Russian Railways Oleg Belozerov sets task of ensuring unconditional transport safety during 2018 World Cup
Feb 08, 2018
Transportation of containers on network of Russian Railways increased by 11% in January 2018
Feb 06, 2018
Shevket Shaydullin, Deputy Managing Director of Russian Railways and Head of the Department Operational Safety, receives a state award from the Republic of Armenia
Feb 03, 2018
Ulaanbaatar Railways to become part of the Russia - Mongolia - China economic corridor
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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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