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Latest news
Jun 08, 2018
New menu on Sapsan trains designed specifically for 2018 FIFA World Cup Russia™
Jun 08, 2018
Russian Railways takes part in International Level Crossing Awareness Day (ILCAD)
Jun 07, 2018
Loading of grain for export on the network owned by Russian Railways increased by 85% January-May 2018
Jun 07, 2018
Container transportation on the network owned by Russian Railways increased by almost 12% in January-May 2018
Jun 04, 2018
Russian Railways to lay on double and additional Allegro trains for the 2018 FIFA World Cup Russia™
Jun 01, 2018
Passenger traffic on the network owned by Russian Railways increased by 3.7% in May 2018
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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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