Russian Federation U.S.$1,750,000,000 4.75 Per Cent

Russian Federation U.S.$1,750,000,000 4.75 per cent. Bonds due 2026 Issue Price of the Bonds: 100 per cent. _________________________________________ Interest on the U.S.$1,750,000,000 4.75 per cent. Bonds due 2026 (the “Bonds”) issued by the Ministry of Finance of the Russian Federation (the “Ministry of Finance” or the “Issuer”) acting on behalf of the Russian Federation (“Russia” or the “Russian Federation”) is payable semi-annually in arrear, on 27 May and 27 November in each year. See “Terms and Conditions of the Bonds—Interest”. Payments under the Bonds will be made free and clear of, and without withholding or deduction for, any taxes imposed by the Russian Federation, to the extent described under “Terms and Conditions of the Bonds— Taxation”. Unless previously redeemed, or purchased and cancelled, the Bonds will be redeemed at their principal amount together with accrued interest on 27 May 2026 and are not redeemable prior to that date. See “Terms and Conditions of the Bonds—Redemption, Purchase and Cancellation”. SEE “RISK FACTORS” FOR A DISCUSSION OF CERTAIN FACTORS TO BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE BONDS STARTING ON PAGE 5. The Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any State or other jurisdiction of the United States of America (the “United States”), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. For a summary of certain restrictions on resale, see “Subscription and Sale”, “Summary of Provisions Relating to the Bonds While in Global Form” and “Transfer Restrictions”. The Bonds will be offered and sold outside the United States in reliance on Regulation S under the Securities Act (“Regulation S”) and within the United States to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) in reliance on Rule 144A. Prospective purchasers are hereby notified that sellers of the Bonds may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. The Bonds will be offered and sold in registered form in denominations of U.S.$200,000. The Bonds offered and sold in reliance on Regulation S (the “Unrestricted Bonds”) will be represented by beneficial interests in an unrestricted global bond (an “Unrestricted Global Bond”) in registered form without interest coupons attached, which will be registered in the name of, and shall be deposited on or about 27 May 2016 (the “Closing Date”) with, the National Settlement Depository (the “NSD”). The Bonds offered and sold in reliance on Rule 144A (the “Restricted Bonds”) will be represented by beneficial interests in a restricted global bond (the “Restricted Global Bond”, and together with the Unrestricted Global Bond, the “Global Bonds”) in registered form without interest coupons attached, which will be deposited on or about the Closing Date with NSD. This document (the “Prospectus”) has been approved by the Central Bank of Ireland (the “Central Bank”), as competent authority under Directive 2003/71/EC, as amended (the “Prospectus Directive”). The Central Bank only approves this Prospectus as meeting the requirements imposed under Irish law and European Union (“EU”) law pursuant to the Prospectus Directive. Such approval relates only to the Bonds which are to be admitted to trading on a regulated market for the purposes of Directive 2004/39/EC or which are to be offered to the public in any member state of the EU (“Member State”). The Prospectus constitutes a prospectus for the purposes of the Prospectus Directive. Application has been made to the Irish Stock Exchange (“Irish Stock Exchange”) for the Bonds to be admitted to the official list (the “Official List”) and trading on its Main Securities Market (the “Market”). The Market is a regulated market for the purposes of Directive 2004/39/EC (the “Markets in Financial Instruments Directive”). It is expected that the Bonds will be issued on the Closing Date. Interests in the Restricted Global Bonds will be subject to certain restrictions on transfer. Beneficial interests in the Global Bonds will be shown on, and transfers thereof will be effected only through, records maintained by NSD and its participants (“Participants”). Except as described herein, certificates will not be issued in exchange for beneficial interests in the Global Bonds. ___________________________ Lead Manager VTB Capital Prospectus dated 26 May 2016 The Russian Federation accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Russian Federation (which has taken all reasonable care to ensure that such is the case), the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Prospectus has been prepared by the Issuer for use in connection with the offer and sale of the Bonds, listing of the Bonds on the Official List and admission of the Bonds to trading on the Market. Information contained herein that is identified as being derived from a publication of the Russian Federation or one of its agencies or instrumentalities is included herein on the authority of such publication as an official public document of the Russian Federation. All other information contained herein is included as an official public statement made on the authority of the Minister of Finance of the Russian Federation. No person has been authorised in connection with the offering of the Bonds to give any information or make any representation regarding the Issuer or the Bonds other than as contained in this Prospectus. Any such representation or information should not be relied upon as having been authorised by the Issuer or any agency thereof or the Lead Manager (as defined under “Subscription and Sale”). You should carefully evaluate the information provided by the Issuer in light of the total mix of information available to you, recognising that neither the Issuer nor any other person can provide any assurance as to the reliability of any information not contained in this Prospectus. Neither the delivery of this Prospectus nor any sales made in connection with the issue of the Bonds shall, under any circumstances, constitute a representation that there has been no change in the affairs of the Issuer since the date hereof. This Prospectus does not constitute an offer of, or an invitation by or on behalf of, the Issuer or any agency thereof or any Lead Manager in any jurisdiction where an offer or invitation by or on behalf of the Issuer or any agency thereof or any Lead Manager is not permitted by the laws of such jurisdiction. The distribution of this Prospectus and the offering of the Bonds in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required to inform themselves about and to observe any such restrictions. For a description of certain further restrictions on offers and sales of Bonds and distribution of this Prospectus, see “Subscription and Sale”, “Summary of Provisions Relating to the Bonds While in Global Form” and “Transfer Restrictions”. Except as otherwise provided herein, any reference in this Prospectus to an action being taken by the Russian Federation should be construed as a reference to such action being taken by the Ministry of Finance acting on behalf of the Russian Federation. NSD makes no representation regarding this Prospectus or the Bonds. To the fullest extent permitted by law, the Lead Manager does not accept any responsibility for the contents of this Prospectus or for any other statement, made or purported to be made by the Lead Manager in connection with the issue and offering of the Bonds. The Lead Manager accordingly disclaims all and any liability whether arising in tort or contract or otherwise which any of them might otherwise have in respect of this Prospectus or any such statement. Each person receiving this Prospectus acknowledges that such person has not relied on the Lead Manager or any person affiliated with the Lead Manager in connection with its investigation of the accuracy of such information or its investment decision. Each person contemplating making an investment in the Bonds must make its own investigation and analysis of the creditworthiness of the Issuer and its own determination of the suitability of any such investment, with particular reference to its own investment objectives and experience and any other factors which may be relevant to it in connection with such investment. Furthermore, potential investors should (i) understand thoroughly the terms of the Bonds; (ii) have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the information contained in this Prospectus and the merits and risks of investing in the Bonds; (iii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of their particular financial situation, an investment in the Bonds and the effect that investment will have on their overall investment portfolio; (iv) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds; and (v) be able to evaluate (either alone or with the help of a financial advisor) how the Bonds will perform under changing conditions as well as possible i economic, interest rate, exchange rate and other developments that may affect their investment and their ability to bear all of the risks of that investment. In connection with the issue of the Bonds, the Lead Manager (the “Stabilising Manager”) or any person acting on behalf of the Stabilising Manager may over-allot Bonds or effect transactions with a view to supporting the market price of the Bonds at a level higher than that which might otherwise prevail.

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