diff --git a/dotnetcementrefs/FileUtilities.cs b/dotnetcementrefs/FileUtilities.cs
new file mode 100644
index 0000000..488952e
--- /dev/null
+++ b/dotnetcementrefs/FileUtilities.cs
@@ -0,0 +1,25 @@
+using System.IO;
+
+namespace dotnetcementrefs;
+
+internal static class FileUtilities
+{
+    public static string? GetDirectoryNameOfDirectoryAbove(string startingDirectory, string directoryName)
+    {
+        var lookInDirectory = Path.GetFullPath(startingDirectory);
+
+        do
+        {
+            var possibleDirectory = Path.Combine(lookInDirectory, directoryName);
+
+            if (Directory.Exists(possibleDirectory))
+            {
+                return lookInDirectory;
+            }
+
+            lookInDirectory = Path.GetDirectoryName(lookInDirectory);
+        } while (lookInDirectory != null);
+
+        return null;
+    }
+}
\ No newline at end of file
diff --git a/dotnetcementrefs/dotnetcementrefs.cs b/dotnetcementrefs/dotnetcementrefs.cs
index b5f807b..7eb1c1c 100644
--- a/dotnetcementrefs/dotnetcementrefs.cs
+++ b/dotnetcementrefs/dotnetcementrefs.cs
@@ -4,15 +4,16 @@
 using System.Linq;
 using System.Threading;
 using System.Threading.Tasks;
+using Cement.Vostok.Devtools;
 using Microsoft.Build.Construction;
-using Microsoft.Build.Definition;
 using Microsoft.Build.Evaluation;
 using NuGet.Common;
 using NuGet.Configuration;
-using NuGet.Protocol;
 using NuGet.Protocol.Core.Types;
 using NuGet.Versioning;
 
+namespace dotnetcementrefs;
+
 public static class Program
 {
     private static readonly Dictionary<(string package, bool includePrerelease, string[] sourceUrls), NuGetVersion> NugetCache = new();
@@ -105,6 +106,8 @@ private static async Task HandleProjectAsync(
             return;
         }
 
+        ReplaceModuleReferences(project);
+
         var references = FindCementReferences(project, allProjectsInSolution, parameters.CementReferencePrefixes);
         if (parameters.AllowLocalProjects)
         {
@@ -151,6 +154,56 @@ private static async Task HandleProjectAsync(
         await Console.Out.WriteLineAsync();
     }
 
+    private static void ReplaceModuleReferences(Project project)
+    {
+        var moduleReferences = project.ItemsIgnoringCondition
+            .Where(item => item.ItemType == "ModuleReference")
+            .ToList();
+
+        if (moduleReferences.Count == 0)
+        {
+            return;
+        }
+
+        var workspacePath = FileUtilities.GetDirectoryNameOfDirectoryAbove(project.FullPath, ".cement");
+        if (workspacePath == null)
+        {
+            throw new($"Failed to find cement workspace for '{project.FullPath}'. " +
+                      $"Make sure project is inside cement workspace.");
+        }
+
+        var moduleReferenceTransformer = new ModuleReferenceTransformer();
+
+        foreach (var moduleReference in moduleReferences)
+        {
+            try
+            {
+                var references = moduleReferenceTransformer
+                    .ToReferences(workspacePath, moduleReference.EvaluatedInclude);
+                
+                foreach (var reference in references)
+                {
+                    if (moduleReference.Xml.Parent is ProjectItemGroupElement groupElement)
+                    {
+                        groupElement.AddItem("Reference", reference.Include, reference.Metadata);
+                    }
+                    else
+                    {
+                        project.AddItem("Reference", reference.Include, reference.Metadata);
+                    }
+
+                    project.RemoveItem(moduleReference);
+                }
+            }
+            catch (Exception e)
+            {
+                throw new($"Failed to replace ModuleReference at '{moduleReference.Xml.Location}'", e);
+            }
+        }
+
+        project.ReevaluateIfNecessary();
+    }
+
     private static string[] GetUsePrereleaseForPrefixes(Project project)
     {
         var property = project.Properties.FirstOrDefault(x => x.Name == "DotnetCementRefsUsePrereleaseForPrefixes");
diff --git a/dotnetcementrefs/dotnetcementrefs.csproj b/dotnetcementrefs/dotnetcementrefs.csproj
index aa72763..6bcdea5 100644
--- a/dotnetcementrefs/dotnetcementrefs.csproj
+++ b/dotnetcementrefs/dotnetcementrefs.csproj
@@ -30,4 +30,8 @@
     <PackageReference Include="System.Security.Cryptography.Pkcs" Version="7.0.3" />
   </ItemGroup>
 
+  <ItemGroup>
+    <ProjectReference Include="../../idevops.cement.cli/src/Cement.Vostok.Devtools/Cement.Vostok.Devtools.csproj"/>
+  </ItemGroup>
+
 </Project>
diff --git a/module.yaml b/module.yaml
index 4a144c8..2304b32 100644
--- a/module.yaml
+++ b/module.yaml
@@ -6,11 +6,14 @@ src:
 full-build:
   deps:
     - vostok.devtools.ilrepack.bin
+    - idevops.cement.cli/vostok-devtools@v7.9.1
   build:
     target: None
     configuration: None
 
 dotnetcementrefs:
+  deps:
+    - idevops.cement.cli/vostok-devtools@v7.9.1
   build:
     - name: Build
       tool: dotnet