MANAGING FINANCIAL RISKS OF RUSSIAN CORPORATIONS IN THE CONTEXT OF GEOPOLITICAL UNCERTAINTY: EXPERIENCE OF ADAPTATION AND TRANSFORMATION

Abstract

The article examines the practice of managing financial risks of Russian corporations in the context of unprecedented sanctions pressure on the Russian Federation from unfriendly countries, which intensified in February 2022. The aim of the study is to analyze the experience of adaptation and transformation of leading Russian corporations in response to a qualitative change in the external environment. The methodological basis of the study is a comparative analysis of corporate reporting, econometric modeling, expert evaluation method and case study of the largest issuers of the Russian stock market. The authors has established that the transformation in the Russian corporate sector in recent years has been unprecedented. Companies have actually moved from "putting out fires" to strategically redesigning their businesses. As a result, Russian corporations have built much more flexible, autonomous and resilient risk management systems than those that existed before 2022. It was found that the most resistant to external shocks were Russian companies that had previously diversified the currency structure of assets and reoriented themselves to settlements in national currencies. The article shows that the institutional adaptation of risk management includes the transition to multi-currency reserve funds, expanding the geography of counterparties and introducing hedging instruments within the Russian infrastructure. This integrated approach allows Russian businesses and the state to maintain financial stability, reduce revenue volatility, and minimize infrastructure risks. The results of the study are of practical significance for financial directors, risk managers, and regulators.