Moody's cuts Russian outlook on low oil price, weak ruble

“Moody's expectation that the substantial oil price and exchange-rate shock will further undermine the country's already subdued growth prospects over the medium term," it said in a statement Thursday.

“Moody's nearer-term view regarding the likelihood that the erosion in official foreign exchange buffers and fiscal revenues will have a negative impact on the government's fiscal strength.”

On 16 January Moody's downgraded Russia's government bond rating to Baa3 from Baa2 and placed it on review for downgrade.