Russia may have averted default after it announced it had made several overdue payments in dollars on its overseas bonds, but now the market's focus has shifted to upcoming payments and whether it can stave off a historic default.
Russia's $40 billion in international bonds and the chance of a default have become the focus of global financial markets since it was hit with sanctions by the United States and its allies after its invasion of Ukraine in late February.
Dubbed a "special military operation" by Russia, the invasion has turned Russia into a pariah, including in financial markets, and has damaged its ability to pay its debts.