Finally, it works. Thanks a lot for your help! Just to follow up this a little bit. Seems to me that with larger number of values to be replaced and more word translations script is running for too long. Is it possible to use Excel function Replace like code below:

        Target.Cells.Replace What:=fndList(x, 1), Replacement:=fndList(x, 2), _ 
        LookAt:=xlWhole, SearchOrder:=xlByRows, MatchCase:=False, _ 
        SearchFormat:=False, ReplaceFormat:=False