Rating agency Moody's sees a "very high" risk of default on Russian debt due to the government's deteriorating ability to meet its obligations in recent weeks and despite the latest payments.

In a report published yesterday, quoted by Lusa, the agency acknowledges that Russia's debt holders started collecting the coupon due on March 16 - late, but within the grace period - but even so Moody's maintains a "very high" risk of default and potential losses for investors.

Moody's also notes that it will consider defaults on payments made in rubles if this option is not included in the contract.

However, the agency recalls that the next due date for Russian debt that cannot be made in rubles is on March 31, totaling $329 million although the focus is on the payment due on April 4, which amounts to $2,129 million.

Moody's explains in the report that the sanctions imposed on Russia for the invasion of Ukraine have affected the Russian government's ability to make international payments and is concerned about the country's intention to repay the debt.