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28. Cash flow hedges

The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur and the fair value of the related hedging instrument:

Fair value

Less than 6 month

From 6 to 12 months

From 1 to 3 years

Over 3 years

As of January 01, 2011

Forward exchange contracts

Assets

5,874

2,850

82

2,942

Liabilities

Total

5,874

2,850

82

2,942

-

As of December 31, 2011

Forward exchange contracts

Assets

1,858

111

1,747

Liabilities

(8,604)

(153)

(1,629)

(2,154)

(4,668)

Total

(6,746)

(42)

118

(2,154)

(4,668)

As of December 31, 2012

Forward exchange contracts

Assets

974

584

48

135

207

Liabilities

(1,013)

(9)

(9)

(73)

(922)

Total

(39)

575

39

62

(715)

As of December 31, 2012, December 31, 2011 and January, 2011 the Group has outstanding forward currency exchange contracts for a total notional value of US$ 2,557 million, US$ 3,609 million and US$ 1,265 million respectively. During the year ended December 31, 2012 the amount of RUB 1,509 million was reclassified from equity to gain in statement of income (for the year ended December 31, 2011 RUB 4 billion was reclassified to gain in statement of income).

No significant ineffectiveness occurred during the reporting period.

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