Russia's Finance Ministry will try to adhere to plans to replace sovereign Eurobonds in first half of year - Siluanov

MOSCOW. April 11 (Interfax) - Russia's Finance Ministry does not rule out launching the process to replace sovereign Russian Eurobonds with local debt securities in the first half of the year, for which the ministry announced plans last year, Finance Minister Anton Siluanov said during an interview with Interfax.

"Our principle for replacement is generally planned the same as for corporates. Will we be able to complete this in the first half of the year? I think so," Siluanov said during the interview.

The State Duma in July last year approved amendments to the Budget Code proposed by the Finance Ministry that grant the government the authority to replace outstanding issues of Russian sovereign Eurobonds with new issues with similar terms and conditions in agreement with their owners.

The amendments allow the possibility to replace Russian Eurobonds on terms and conditions that stipulate the transfer/assignment of all rights if the transfer to the issuer of the replaced Eurobonds is impossible owing to restrictive actions of foreign states and/or international or foreign financial organizations.