(Reuters) – Russia appeared to have made a sudden u-turn on Friday to avoid default. It paid a few of its international debts in dollars, despite having previously promised they would be in roubles.

Although it was not yet clear if the money would reach the United States or other Western countries sanctioning Russia, it marked another important twist in the financial game that had developed around a potential default.

Russia’s Finance Ministry claimed it was able to pay $564.8

Million on a 2022 Eurobond, and $84.4million on a $202 bond in dollars.

According to the ministry, the funds were channelled to Citibank’s London branch. This is one of the “paying agents” of bonds. Its job was to distribute the bond proceeds to investors who originally borrowed the money from Moscow.

Russia hasn’t experienced any defaults since 1998, after which it suffered a severe financial crisis. Since the events of 1917 Bolshevik Revolution, Russia has not witnessed an external or international major market collapse.

But, there is a risk that another one will emerge. It’s a key issue in the current economic dispute with Western countries. They have imposed sanctions on Russia as a result of its actions in Ukraine. Moscow calls this a “special military operations”. 

Moscow received the final deadline for payment of its bonds on May 4.