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Sep 20, 2017 03:18
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Latest news
Sep 09, 2017
Russian Railways’ President Oleg Belozerov holds conference call on the Company's August performance
Sep 07, 2017
Freight transport between Russia and China up 16% in 1H 2017
Sep 06, 2017
Prospects for cooperation on railway transport between Russia and India discussed in Vladivostok
Sep 06, 2017
Russian Railways signs trilateral agreement on cooperation in the health sector with Japan’s Ministry of Health, Labour and Welfare and Russia’s Agency of the Far East for Attracting Investment and Supporting Exports
Sep 06, 2017
RZD Holding expands cooperation on transport construction with ASEAN countries
Sep 04, 2017
Russian Railways plans to expand its involvement in infrastructure projects in the BRICS
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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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