Updated March 28, 2008

The international rating agency Moody's Investors Service had placed the rating of the government obligations of the Russian Federation (RF) (at Baa2 level) under review for the possible upgrade as reported in the agency press-release.

Moody's also declared that could upgrade the rating for

the bank deposits in foreign currency

for Russia, which was currently at the Baa2 level.

Moreover, the agency confirmed the A2 level for obligations ratings of the Russian Federation in foreign currency and the A1 level for ratings of

Russian obligations and bank deposits in local currency.

In accordance with the confirmed ratings the forecast is "stable".

As Moody' s mark

s, the possible ratings upgrade for the Russian government obligations has been related to the strong macroeconomic situation in the country and the favorable government credit history within the last years.

Moody's analysts take into account the expected succession of the Russian macroeconomic course, which has been chosen by the government of outgoing president of RF Vladimir Putin, by the president elect Dmitry Medvedev.

According to Moody's chief analyst in Russia Jonathan Schiffer, the further rating activities of the agency concerning the obligations of the Russian Federation would depend upon the structural reforms pace in the different sectors of the

Russian economy and the success of

the government steps concerning

the investments stimulation into the economy and diversifications of the economy, as well as concerning the inflation restrain within the framework of the governmental target forecasts.