New Composition of the RZD Board of Directors
On September 16, 2026, the Government of the Russian Federation approved the new composition of the board of directors of Russian Railways (RZD), which now includes Transport Minister Andrey Nikitin. The total number of board members reached 13, comprising senior officials and leaders of key ministries.
Besides Nikitin, the board includes RZD CEO Oleg Belozyorov, Minister of Economic Development Maxim Reshetnikov, Minister of Finance Anton Siluanov, as well as representatives from the Ministry of Construction, Ministry of Energy, and Ministry of Digital Development. This composition reflects the strategic significance of RZD for the national economy and infrastructure.
The Role and Influence of the Transport Minister
Andrey Nikitin’s entry into the RZD board allows the Ministry of Transport to participate directly in the company’s key decision-making processes. This marks an important step in aligning state transport policy with the operational activities of the country’s largest railway corporation.
The minister’s new board status enables influence over investment projects and strategic initiatives of RZD, especially amid growing investment volumes and the urgent need for infrastructure modernization—a point repeatedly emphasized by RZD CEO Oleg Belozyorov.
RZD’s Dividend Policy for 2025
The government decided not to distribute dividends based on 2025 results, retaining 95% of the company’s net profit of 14.1 billion rubles for reinvestment. Of this amount, 13.4 billion rubles will remain at RZD’s disposal, while 703 million rubles will be allocated to the reserve fund.
This decision underscores the priority of development and strengthening the company’s financial stability, which is particularly crucial given the expansion of the investment program and implementation of major infrastructure projects in the railway sector.
Main Objectives and Investments of RZD
On July 31, 2026, RZD CEO Oleg Belozyorov highlighted that safety, reliability, and continuous development remain the company’s top priorities. He noted that investment volumes have increased in 2026, enabling an accelerated modernization of the network and improving service quality.
The increased investments reflect ambitious plans for upgrading rolling stock and infrastructure, as well as introducing new technologies, in line with goals to enhance the competitiveness of rail transport in Russia.
Independent Directors and Corporate Governance
The RZD board has retained the status of independent directors for key figures such as RANEPA Rector Alexey Komissarov and Chairman of the Territorial Development Fund’s Board of Trustees Sergey Stepashin. Their involvement ensures a balance of interests and transparency in company management.
Independent directors provide oversight of strategic decisions and contribute to improving corporate governance effectiveness, which is vital for a state-owned company with a large budget and significant impact on the national economy.
Conclusion: The inclusion of the transport minister on the RZD board opens new horizons for coordinating state policy and corporate strategy in Russia’s railway sector.