International production cooperation is a major factor determining the nature of relationships of Russia with the world economy and a possibility of its enterprises transfer to a new technological level. At the same time, establishing international cooperation is associated with numerous risks. The author classifies all possible risk categories of international cooperation and distinguishes financial risks as events constituting a danger of contingent losses or lost income origination at macro- and microlevels. The author presents a new technique of assessing financial risks of international cooperation at the macro-level, which is based on the proportional risk model. The author has built a model of assessing the risks of international cooperation using the following indicators: "stability of international reserves of the Russian Federation" (as a resulting attribute), "reduction in the share of mechanical engineering production in structure within the Russian export structure", "a gap between key rates of the Central Banks of the EU and the Russian Federation" (as independent variables). The author concludes that country and market risks constitute the main danger of financial losses. The country risk arises when Russian enterprises enter global production networks having products with low added value (i.e. due to raw specialization of the country). The market risk is a result of too close international financial cooperation of Russian companies with foreign financial institutions due to low interest rate of loans. However, because of high currency and sovereign risks this type of international cooperation leads to an increase in corporate debt of the country. It can have an adverse impact on the economy and trigger significant financial losses of the Russian Federation in future. Taking into account the conclusions obtained as a result of international cooperation risk modeling, the author provides recommendations for the macroeconomic policy of the Russian Federation.
Keywords: financial risks, international cooperation, model, assessment, country risk, market risk
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