The Russian deputy prime minister responsible for the economy, Yuri Maslyukov, has said Moscow could be forced to restructure more than seventeen-billion dollars' worth of foreign debt due next year.
He said repayment would be difficult, given Russia's present economic problems.
Mr Maslyukov said his government would restrict the printing of new money to what he called "a small figure", necessary to cover unpaid wages.
Moscow angered investors in August when it temporarily froze repayments of domestic debt.
From the newsroom of the BBC World Service