Russian Finance Ministry to Place OFZ Bonds Worth 1.5 Trln Rubles in Q3

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Russian Ministry of Finance to Issue 1.5 Trillion Rubles in OFZ Bonds in Q3

The Russian Ministry of Finance plans to offer investors a total of 1.5 trillion rubles in OFZ bonds (Russian government bonds) in the third quarter of 2026.

According to the auction schedule, the estimated volume of bonds with maturities up to 10 years inclusive is expected to be 900 billion rubles, while bonds with maturities exceeding 10 years are planned to be issued for 600 billion rubles.

The Ministry notes that the amount of funds raised is calculated in accordance with Article 113 of the Russian Budget Code, which states that proceeds from bond placements, including accrued coupon income (ACI), as well as the difference between the placement cost of bonds without ACI and their nominal value, are not taken into account when executing state borrowing programs.

The review was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.