Moody's said that Russia still has until May 4, when the grace period ends, to make the payments in dollars and avoid a default on two bonds that are maturing in 2022 and 2042. The payment terms of the original bond contracts required dollars and did not include a provision to allow for another currency. "Moody's view is that investors did not obtain the foreign-currency contractual promise on the payment due date," the ratings agency said. Earlier this week, S&P Global placed Russia under a "selective default" rating after the Russian government said last week that it had repaid about $650 million of dollar-denominated debt in rubles. Russia has said that any default would be "artificial" because its foreign-currency reserves have been immobilized by the sanctions and argued that payments in rubles should be a suitable alternative.