By Megan Davies

NEW YORK (Reuters) -Russia’s coupon payment on a sovereign bond maturing in 2029 was processed by correspondent bank JPMorgan Chase & Co (NYSE:), a source said on Monday, the second time in recent days the country appears to have averted default.

Russia was expected to make $66 Million payment on Monday to bondholders.

The payment of interest due to two sovereign bonds by the government last week eased concerns about it’s ability to repay external debts after severe sanctions were placed on Western countries following Ukraine’s invasion.

Russia was able to make the payment and avoid its first default since 1998’s financial crisis. It also avoided the first default on international bonds after the 1917 revolution.

The source said that JPMorgan collaborated with U.S. Treasury Department Monday on approvals.

Sources said that the payment was moving on to the next phase before bondholders are paid. Reuters couldn’t determine which bank served as payment agent for the bond.

JPMorgan received the payment last week as a correspondent bank. Citigroup Inc (NYSE :), which served as a payment agent and distributed the funds to bondholders.

Russia holds 15 outstanding international bonds, with a face worth of about $40 billion. Investment funds and money managers from outside Russia held around $20 billion of the $80 trillion that was available before the Ukraine crisis.

Next up is the $102million payment due on March 28. After that, a $447million payment must be made in USD on March 31. The country’s largest payment for the year, and first repayment in full of its “principal”, is due April 4.

Even if Russia agrees to pay, complications could arise in the weeks and months ahead, particularly for bonds that have to be paid in dollars after the temporary license from the U.S. Office of Foreign Assets Control on May 25 expires. Russia has nearly $2 billion of foreign sovereign bond payments left to pay before the year ends.

Russia can default on its obligations if it does not pay any bond payments in the grace period or pays in roubles, where dollar or euro are specific.

Russia’s currency rouble stabilized Monday and OFZ Treasury bonds were back in trading but with volatility. Stocks and bonds were last traded at the Moscow Exchange in February 25, and the central banks has not yet said when trading will resume. Russia declared that it invaded Ukraine in February 24, calling the operation a “special one.”