NEW YORK (AFP, REUTERS) - JPMorgan Chase has received a debt payment from the Central Bank of Russia, a source familiar with the matter said on Thursday, lessening concerns about an imminent Russian debt default.

JPMorgan, a corresponding or intermediary bank, sent the funds to Citigroup, the agent in charge of paying bond holders, after checking with the United States authorities, according to the person, who did not specify the amount received.

Both JPMorgan and Citigroup declined AFP's requests for comment.

The Russian Finance Ministry had earlier on Thursday announced a completed interest payment to foreign debt holders, amid worries the unprecedented sanctions Western nations imposed on Moscow over its invasion of Ukraine could affect debt payments.

The country risked its first foreign debt default in more than a century if it had missed the payment on two dollar-denominated bonds. An interest payment of US$117 million (S$159 million) was due on March 16.

The Finance Ministry said in a statement that a payment order worth US$117.2 million "was executed" after it was sent to a bank on Monday.

Western sanctions have crippled the Russian banking sector and financial system, and precipitated a collapse of the rouble.

There had been concerns that the sanctions would prevent Moscow from accessing dollars to make its payments, causing a default if it used roubles instead.

Russia's government said on Thursday that the payment was made in a foreign currency, without specifying which.

"There are no issues with servicing the state debt," the Cabinet said on Telegram.

But S&P on Thursday lowered Russia's rating to "CC" from "CCC-".

"Although public statements by the Russian Ministry of Finance suggest to us that the government currently still attempts to transfer the payment to the bond holders, we think that debt service payments on Russia's Eurobonds due in the next few weeks may face similar technical difficulties," the ratings agency said.

Russian bonds are hovering at deeply distressed levels in very illiquid trading, with most issues trading less than a handful of times a day, according to Refinitiv data.

Some creditors have received payment, in dollars, of Russian bond coupons which fell due this week, two market sources told Reuters on Thursday.

Some other creditors said they are yet to receive their funds but were optimistic they were on the way, according to the report.