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In a statement, the country's ministry of defence claimed that the RAF fighter jets made a U-turn as its aircraft approached - and Russia's state border was not violated.
It said the two Typhoon craft were spotted over the Black Sea and were accompanied by an RC-135 reconnaissance plane, which is used by both the RAF and the US Air Force.
"The flight by the Russian fighter jets was carried out in strict compliance with the international rules for the use of airspace over international waters without crossing air routes or coming dangerously close to aircraft of a foreign state," it added.
A short video posted by the Russian MoD, which it claims is of the incident, appears to show an RC-135 with the words 'Royal Air Force' written on the side.
Sky News has approached the UK's Ministry of Defence for a comment.