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Nov 21, 2017 14:49
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Latest news
Nov 11, 2017
Tickets for carriages with reserved seats and general carriages go on sale on 17 November 2017
Nov 09, 2017
Russian Railways and Galaktika Corporation to cooperate on software import substitution
Nov 09, 2017
First Vice-President of Russian Railways Alexander Misharin and Chairperson of VR Group Ltd Rolf Jansson discuss bilateral cooperation
Nov 09, 2017
Transportation of containerised freight on Russian Railways’ network in 10 months already exceeds 2016 level
Nov 07, 2017
Russian, Chinese and Mongolian Railways agree to simplify procedures for transfer of freight cars in foreign trade
Nov 03, 2017
Russian Railways enjoys better borrowing conditions on international markets than other Russian companies
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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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