LONDON, (Reuters) – Russia began payment of two of its foreign bonds Friday to prevent a default. The move was made in order to try and avert a major U.S. licensing that would allow such transfers from expiring next week.

According to the finance ministry, $71.25 Million was channeled for coupon payments on Eurobonds in dollar denominations that will mature in 2026. 26.5 Mio euros ($28,000,000) were used on paper due 2036.

Russia faces the possibility of sovereign default ever since Western capitals placed severe sanctions on Russia in response to its invasion of Ukraine, Feb. 24, and Moscow introduced counter-measures. This country is now almost completely cut off from global financial infrastructure.

These two payments are due by May 27th. Russia will rely on an U.S. Treasury licence to be able transfer the money internationally to bond holders. It is essential to avoid a sovereign default. This licence expires on May 25.

The finance ministry stated that Russia’s national settlement bank had been able to receive the money the ministry funnelled.

It wasn’t clear if the depository could channel funds to foreign Eurobond holders.

JPMorgan (NYSE ) was previously a correspondence bank that handled such payments. It did not respond immediately to a request.

Anton Siluanov (Russian Finance Minister) stated Wednesday that Moscow would pay its foreign debts with roubles, if America blocks any other options. The Russian government would also not declare it in default so long as the country had the funds to pay.

Russia managed to pay seven bonds before interest payments were made, despite a multitude of restrictions.

Russia currently has around $40 billion worth of international bonds. Nearly half are owned by foreign investors. The country has received less than $2B in payments for hard currency bonds due by year’s end.