Russia's looming debt default: These are the $4.5 billion bond payment deadlines the country must meet to avoid a crisis this year

• The Russian government has so far averted default, despite expectations that it may fail to pay up on its bonds.
• However, Russia still faces $4.5 billion worth of payments on foreign currency-denominated debt this year.

Russia has so far avoided defaulting on its foreign-currency debt, despite tough sanctions put in place by Western governments after President Vladimir Putin's troops invaded Ukraine.

It sent $66 million to bondholders this week, following a $117 million payment last week. A bondholder confirmed to Insider that last week's money came through.

But the danger is far from over. Russia, which has about $40 billion of foreign-currency denominated debt, must make a further $4.5 billion of payments this year.

The Russian Finance Ministry itself has warned that the government may have to pay in rubles rather than dollars or euros. Depending on the bond, that could mean the country defaults.

Read more: A former Moscow journalist who now serves as the chief strategist at a $3 billion asset manager shares 3 trades to make in a turbulent market this year

Ratings agency Fitch said earlier this month that a Russian default was "imminent". That so far hasn't proven to be the case, but investors remain deeply pessimistic about the country's bonds, which have plunged in value.

Russia faces a big test on April 4, when it must pay investors $2 billion as a bond matures. It must also produce $447 million in interest payments on March 31.

Here's the full list of payments Russia must make this year, courtesy of JPMorgan's emerging markets strategy team, including Trang Nguyen and Jonny Goulden.

Bonds with a euro symbol — € — next to them are denominated in euros. All others are denominated in dollars.