Russia stokes fears of first foreign currency default in more than a century as it attempts payment

Siluanov said it was up to the U.S. to decide whether the interest payments on the eurobonds go through.

Siluanov said that the ball is on the side of the American authorities because the possibility or impossibility of fulfilling our obligations in foreign currency does not depend on us.

The Russian Federation has enough money in foreign currency accounts to pay in ruble settlements.

Siluanov claimed that Russia had enough money to fulfill its obligations and pay interest on two eurobonds. He said the U.S. should clarify if the settlements are possible from Russian foreign currency accounts.

CNBC contacted the U.S. Treasury Department's Office of Foreign Assets Control for comment. It wasn't immediately available to respond.

The U.S. and international allies imposed an unprecedented amount of economic sanctions on Russia in response to the invasion of Ukraine. The financial system was cut off from Moscow by the penalties.

The Central Bank of Russia has a foreign reserve of $630 billion.

The sanctions on the Central Bank of Russia caused economists to question how Russia's Ministry of Finance would approach the payment.

If a settlement in dollars is rejected, Russia could attempt to deliver payment in rubles.

If bondholders are paid in a currency other than dollars, it will be a default.

One bondholder who asked not to be identified told the news agency that there was not yet confirmation of Russia's payment.

The Kremlin will likely argue that Western sanctions prevented it from completing the payment, even though the 30-day grace period would kick in if non-payment occurs.

Russia would be the first country to default on foreign currency debt since 1918 if the non-payment is confirmed.

Russian assets are being viewed as toxic by some market participants.

Hundreds of the world's largest companies have decided their presence in Russia is no longer feasible after the Kremlin attacked.

Russia will use some of its reserves of the Chinese currency, the renminbi, to make some of its payments, according to Russia's Siluanov.

CNBC's Elliot Smith contributed to the article.