29. Net Foreign Exchange Loss

Net foreign exchange loss for the periods ended December 31, 2014 and 2013 comprise of the following:

Year ended December 31, 2014 Year ended December 31, 2013
Net foreign exchange loss on financing activities, including: (122,299) (9,803)
foreign exchange gain 74,755 3,810
foreign exchange loss (197,054) (13,613)
Net foreign exchange gain on operating activities 70,034 7,637
Net foreign exchange loss (52,265) (2,166)

The exchange losses in the amount of RUB 4.8 billion arising from foreign currency borrowings were capitalised as borrowing costs to the extent that they are regarded as an adjustment to interest costs.

Net foreign exchange gain on operating activities does not include significant amount of losses for the periods ended December 31, 2014.