Russia has all the necessary resources to service its debts, a Kremlin spokesperson said on Wednesday, as reported by Reuters.

"A default situation is theoretically possible but it would be an artificial situation," the spokesperson added. "There are no grounds for Russia to really default."

Market reaction

Safe-haven flows continue to dominate the financial markets on Wednesday. As of writing, the Euro Stoxx 600 Index was down nearly 1% on a daily basis. In the meantime, the US Dollar Index is posting modest daily gains above 99.50.