The rating agency Moody's, following S&P and Fitch, analyzed scenarios for a possible escalation of the conflict with Ukraine and tougher sanctions against Russia. As a theoretical possibility, a technical default is considered, RBC reported.

Tensions in relations between Russia and Ukraine will not result in a direct military conflict, since in this case Russia will incur huge military and economic costs, according to the assessment of the international rating agency Moody's Investors Service.

Russia's military intervention would be a significant credit-negative event and would likely force us to immediately place Russia's sovereign ratings on a downgrade list, Moody's added.

Russia now has an investment-grade sovereign rating from Moody's with a stable outlook, the agency raised it to this level in February 2019.

Any attack on Ukraine will lead to new Western sanctions against Russia, the rating agency is sure. Moody's considered in detail the potential consequences for Russia from three US sanctions: sanctions on the secondary market for government debt, restrictions on the access of Russian banks to international payment systems, and the inclusion of Russian financial institutions in the SDN (Specially Designated Nationals And Blocked Persons List) sanctions list.