Fitch Ratings on Friday affirmed Russia's rating at "BBB", citing the country's credible and consistent policy framework, robust balance sheets and low government debt.

"We forecast Russia to contract by 5.2% in 2020 due to the impact of the COVID-19 pandemic and containment measures on domestic demand and exports," the ratings agency said in a statement, maintaining Russia's outlook at "stable".

Russia is rated investment grade by the three big international rating agencies, including S&P Global Ratings and Moody's, which helped Moscow borrow money on global markets by issuing Eurobonds last year.

Still, risks posed by the COVID-19 pandemic, lower oil prices and Western sanctions are seen hampering Russia's efforts to achieve higher rates of economic growth.