Russia's Finance Ministry said Thursday it had carried out interest payments on two foreign bonds following fears Moscow may default on its debt after facing unprecedented draconian Western sanctions over Ukraine. 

"The payment order... worth $117.2 million due on March 15 was sent to a correspondent bank account on March 14 and was executed," the Ministry said in a statement.

Yesterday, Russia was scheduled to make its first interest payment on its foreign debt on Wednesday, the first since the West imposed sanctions on Moscow over Ukraine.

Moscow was due to pay $117 million on two dollar-denominated bonds.

Sanctions imposed in response to Russia's special operation in Ukraine have targeted $300 billion of the country's foreign currency reserves kept overseas. 

The Finance Ministry declared earlier this week that it had sent a payment order for "a total of $117.2 million," indicating a desire to pay.