Speculations about a Russian default are entering a new round.
The country serviced its dollar bonds last week and paid interest totaling $117 million.
In the coming weeks, however, much higher amounts will be due.
Interest of 66 million dollars for a bond running until 2029 was initially due on Monday.
By the end of the month, Russia will have to make coupon payments totaling $615 million.
On April 4th, the repayment of an expired bond with a volume of two billion dollars will follow.
Analyst Jonny Goulden of US bank JP Morgan warned that it was not certain that these liabilities would be serviced in the same way as last week.
Some of these payments went through the Russian settlement mechanism NSD.
For others, payments could be made in rubles instead of dollars.
Rating agencies have already announced that they would consider this a default.
In addition, the clearing houses Clearstream and Euroclear have stopped settling transactions in roubles, blocking an important channel for payments to bondholders.
Uncertainty surrounding Russian bonds made itself felt in the markets on Monday.
After an almost four-week trading freeze on the Moscow stock exchange, bonds could be traded again at the beginning of the week.
Investors steered clear of Russian debt.
The yield on 10-year Russian government bonds rose 210 basis points to about 14.4 percent in the early afternoon.
Two-year bonds rose to 15.3 percent.
Should the bonds default, it would be the first time since the 1917 Russian Revolution, when the Bolsheviks failed to recognize Tsarist-era debts.
However, most papers have a grace period of 30 days before a default becomes official.
There are currently around $40 billion in Russian foreign currency bonds in circulation.
Should there be a default, JP Morgan estimates that insurance policies, so-called credit default swaps (CDS), with a volume of 6 billion dollars would be due.