of the Ministry of Finance of the Russian Federation
on the third (final) stage of exchange of the trade debt of the former USSR
Moscow, October 5, 2009. The Ministry of Finance of the Russian Federation announced today that it intends to launch in the first half of November 2009 a final Еxchange offer for eligible uninsured trade debt of the former USSR for which the Russian Government has previously agreed to be legally responsible (FTO claims).
The Ministry of Finance of the Russian Federation also confirmed today that the reconciliation of all timely submitted FTO claims is expected to be completed, and notices informing holders of the eligibility (or ineligibility) of their claims will be sent to creditors, in time to launch and complete the exchange by the end of this year.
Under the Exchange Offer, Russian Federation 2030 and 2010 Eurobonds and cash will be exchanged for eligible FTO claims on terms substantially the same as the terms offered to the creditors during the previous stages of the exchange. A detailed timetable for the implementation of the exchange will be included in the Exchange Offer.