The country reduced oil exports by 12.7 percent year-on-year to 3.5 million tonnes and increased exports of natural gas by 44 percent to 1.613 billion cubic metres.

Putin said the Kremlin’s chief concerns remained unanswered – guarantees from the West that NATO would expand no further and that Ukraine would never be permitted to join.

The rating actions followed the revision of Ukraine's outlook to Stable from Positive earlier this month.

Currently, around $131 million is ready for restitution, according to the Justice Ministry.