LONDON: Moody's Investors Service said that Russia may be in default after it made payments on dollar bonds with roubles.

"Russia reportedly made payments on two bonds maturing in 2022 and 2042 in rubles rather than US dollars which represents a change in payment terms relative to the original bond contracts and therefore may be considered a default under Moody's definition if not cured by 4 May, which is the end of the grace period," Moody's said in a statement on Thursday.

If Russia is considered in default it would be its first major default on foreign bonds since the years following the 1917 Bolshevik revolution.

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Russia says it wants to service its debt but the West has prevented it from paying by imposing crippling sanctions after President Vladimir Putin on Feb. 24 ordered a special military operation in Ukraine.