33. 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 December 31, 2014
Forward exchange contracts
Liabilities (58,312) (8,576) (1,345) (28,433) (19,958)
Total (58,312) (8,576) (1,345) (28,433) (19,958)
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, 2014 and 2013 the Group has outstanding forward currency exchange contracts for a total notional value of US$ 1,642 million and US$ 1,769 million respectively. During the period ended December 31, 2014 the amount of RUB 827 million was reclassified from equity to a gain in the statement of income (for the period ended December 31, 2013 RUB 376 million was reclassified to a gain in the statement of income).

The Group uses estimation of fair value of forward currency exchange contracts prepared by independent financial institutes. Valuation results are regularly reviewed by the Management. No significant ineffectiveness occurred during the reporting period.