30. 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:

RUB millions

Fair value

Less than 6 month

From 6 to 12 months

Over 3 years

AS OF DECEMBER 31, 2013

Forward exchange contracts

Assets

293

9

1

1

282

Liabilities

(3,177)

(17)

(29)

(890)

(2,241)

TOTAL

(2,884)

(8)

(28)

(889)

(1,959)

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 JANUARY 1, 2012

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, 2013, December 31, 2012 and January, 2012 the Group has outstanding forward currency exchange contracts for a total notional value of US$ 1,769 million, US$ 2,557 million and US$ 3,609 million respectively. During the year ended December 31, 2013 the amount of RUB 376 million was reclassified from equity to gain in statement of income (for the year ended December 31, 2012 RUB 1,509 billion was reclassified to gain in statement of income).

No significant ineffectiveness occurred during the reporting period.