Moscow will initiate legal action if the West declares it in default, according to Finance Minister Anton Siluanov, after Russia was declared in "selective" default over the weekend.

Russia paid its foreign dollar debt in rubles last week after being unable to process the payment in foreign currency due to the draconian set of sanctions imposed on the country.

In an interview with Izvestia newspaper, Siluanov said, “We will go to court because we have taken all the necessary measures to ensure that investors receive their payments." 

"We will present to the court our invoices confirming our efforts to pay both in foreign currency and in rubles," he added.

S&P said, on Saturday, that Russia had entered "selective default" after repaying dollar-denominated bonds in rubles that had matured last week.

The designation, however, only applied to Moscow's foreign currency payments, leaving its ruble payments unaffected.

"Russia has tried in good faith to repay external creditors by transferring the corresponding amounts in foreign currency to pay our debt. Nevertheless, the deliberate policy of Western countries is to artificially create a default by all possible means," Siluanov said.

"If an economic and financial war is waged against our country, we are obliged to react, but while fulfilling our obligations," he stressed.