The Kremlin said there was no objective reason for declaring Russia's default

“Our position is well known: there can be no objective reasons for a default,” he said.

Peskov noted that Russia has the money and the willingness to pay it. 

“Whether in rubles or under a scheme that may be more convenient for paper holders,” the Kremlin spokesman said.

Earlier, Russian Finance Minister Anton Siluanov noted that statements about default in Russia have nothing to do with reality.

He also said that Russia will use all means to continue to fulfill external debt obligations.