The appraisal of the assets of Ukrainian railways by Deloitte as part of the creation of the joint-stock company of railways transport was conducted without bias, Director for Reformation, Asset and Law Policy at the State Railway Administration of Ukraine (Ukrzaliznytsia) Yevhen Kravtsov has said.

"Two simple facts confirm this. The first one is Deloitte's reputation and the second is the review of the State Property Fund of Ukraine. It is often asked if it is recalculated in the U.S. dollars, this is $10 billion today, and then they start comparing with other railways," he said in an interview with Interfax-Ukraine.

Kravtsov said that attempts to link the assessment with the currency exchange rate of 2015 are incorrect as the appraisal was to be conducted as of June 30, 2014.

"We had a delay with the assessment due to claims to the Antimonopoly Committee of Ukraine, the courts, etc. Finally, we received the assessment in August 2015, actually in a year from the date as of which it was conducted. Even with this exchange rate, if we compare with RZD, in the cost of one kilometer of tracks, we're underestimated, but we're rather at the level comparable with RDZ, taking into account the fact that they actively invested large funds into infrastructure and rolling stock from the federal budget and thanks to tariffs over the past 10 years," he said.

Kravtsov said that there are no plans to sell these facilities, and if the decision to sell any facility is made, then a separate appraisal of the facility will be conducted under Ukrainian law.

"Ernst&Young appraises the cost of our fixed assets at around UAH 70 billion during the annual audit. Deloitte appraised three times bigger, as they took the optimistic scenario for developing the railway sector," he said.

He said that the share capital is formed by infrastructure facilities which have been transferred for management, which precludes the possibility of them being sold or used as collateral.

"All infrastructure facilities were appraised in full… Donetsk railways in the area of combat operations and the railways in Crimea have not yet been appraised, but the part of Donetsk railways in Ukrainian-controlled territory will be appraised and put to the share capital after the restriction of the joint-stock company," he said.