Fitch expects all these economies to grow in 2022, but has cut its forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers.

The agency said that the CIS sovereigns could be affected given their economic, financial and energy ties with Russia, as well as their generally weak liquidity and external positions.

Global growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022—half a percentage point lower for 2022 than in the IMF's October forecast.

In the end, the payment was met when the government’s State of Emergency Commission ordered the Ministry of Labour and Social Security to turn over to gas utility Moldovagaz $26 million originally intended to subsidise consumers' gas bills.

The recurring financial dispute could have political repercussions as well for the country’s pro-Western government as it grapples with the geopolitical realities of being dependent on Russia to keep its 2.5 million people warm.

Nearly $80 million is to be released immediately under a programme stretching over 40 months.