LONDON (Reuters) – A key group of bond market participants will hold their next meeting on June 8 https://www.cdsdeterminationscommittees.org/cds/the-russian-federation-3 to hammer out how key Russian default insurance policies, known as Credit Default Swaps, should pay out.

Last week, The Credit Derivatives Determinations Committee (or as it is called officially) decided that Russia had created a credit event after failing to pay $1.9 million in interest for a sovereign bond it issued earlier this year.

JPMorgan (NYSE.) calculation shows that there is currently $2.38 Billion in outstanding net notional CDS relative to Russia. That includes $1.52B on Russia itself, and the remaining on CDX.EM.