PRESS RELEASE of the Ministry of Finance of the Russian Federation on the second tranche of exchange of the former USSR commercial debt
In view of numerous appeals of foreign companies — trade creditors of the former USSR, the Ministry of Finance of the Russian Federation announces that all of the work necessary to launch the second tranche of the exchange of commercial debt of the former USSR for Russian Federation Eurobonds 2010 and 2030 has now been completed. The second exchange will include eligible claims having a face amount of over U. S. $600 million, and will be on the same terms as the first exchange of commercial debt of the former USSR, concluded in December 2002.
In light of the fact that August is traditionally a period of vacations for many creditors, the second exchange offer will be formally launched in the first half of September 2006.
Holders of eligible claims that could not be reconciled in time to participate in the second exchange offer will be afforded an opportunity to participate in a subsequent exchange of the commercial debt of the former USSR.