Moody's has cut the credit-rating outlook of Russia to "negative," a sign of a possible future downgrade.
The credit agency cited the threat to Russia's economy due to Kremlin meddling in the Ukraine crisis.
Moody's warned the spread of the Ukraine conflict from Crimea to the country's eastern border with Russia has raised the dangers of "geopolitical event risk" for Moscow, including harsher Western sanctions.
"Sanctions against Russia so far have been mainly targeted against individuals, but the G7 countries have reiterated the possibility of further sanctions targeting specific sectors of the economy," the agency said.
The rating agency said Russia's lack of a strong plan and reforms had also added to the bleak outlook.
Moody's held Russia's overall rating at Baa1, in the low range for investment-grade bonds.
