GKO , OFZ are abbreviations for ( : "Government Short-Term Commitments") and ( : "Federal Loan Obligations"), respectively. They are government bonds issued by the state of Russia

Russia

Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

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GKOs are short-term zero-coupon Russian Government Treasury Bills. OFZs are coupon-bearing Federal Loan Bonds. Both are issued by the Russian Finance Ministry and traded on the Moscow Inter Bank Currency Exchange (MICEX), as well as on five other currency exchanges connected with the MICEX located in large regional cities.