United Shipbuilding Corp. plans to stop using U.S. dollars and other foreign currencies for calculating the value of its production and setting budgets for the corporation's operations in the midterm, Interfax reported Friday.
The company said in its annual financial results that this measure would help reduce risks arising from unfavorable changes in rates used in operations with clients and suppliers. In the short term, USC plans to hedge its foreign currency risks.
USC's subsidiaries raise loans in other currencies to meet export contracts with reduced risks of rate fluctuations.
(MT)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
