Moody’s ratings agency has confirmed that Russia defaulted on foreign debt for the first time in a century after bondholders did not receive USD 100 million in interest payments.

“Missed coupon payment constitutes a default”, - Moody’s said in a statement late Monday.

Bloomberg had earlier reported that Russia has defaulted on its foreign debt after the expiration of the grace period on about USD 100 million in interest Sunday evening, in what would mark its first such default since the Bolshevik revolution in 1918.

The Kremlin dismissed reports that it defaulted on its external debt Monday, saying the payment had been made in foreign currency in May.

“The fact that the funds have not been transferred to the recipients is not our problem”, - Kremlin spokesman Dmitry Peskov said.