Yes, it's a degree with distinction. It is informally called that because its cover is red. http://newstula.ru/uploads/close_store/!!_Oboznachenija/diplom%5B2014-07-18%5D.jpg Actually, it's called "диплом с отличием".

In Russia, the honor system is based on the grade point averages. At least 4.75 out of 5.0 points are required for the cum laude degree ("с отличием" ("s otlichiem") in Russian or "with excellence").[5] The graduate has to receive a perfect grade on all final examinations. Usually less than 2% of all graduated students accomplish this (depending on the university and year). In military schools, a "red diploma" may be accompanied by a gold medal ("summa cum laude") for outstanding performance. Russian high schools also award a Gold Medal to the student who achieves a perfect score in all final examinations and in all other subjects not requiring a final exam. A Silver Medal is awarded to high school students who have one or two grades of 4 ("хорошо" in Russian or "good", being second highest grade) on their final exams or other subjects as listed in the high school diploma ("attestat o (polnom)srednem obrazovanii"). https://en.wikipedia.org/wiki/Latin_honors

Красный диплом (он на самом деле с обложкой красного цвета) - это диплом с отличием. У тех, кто учился не на отлично синий диплом (с обложкой синего цвета). В МГУ вместо синих выдают зеленые дипломы (которые обычные, без отличия).

Interesting. Cheers!

Yep!