(Russia Intel banking) eurobond investors also reportedly held about $3.5 billion of credit default swap (CDS) positions referencing Russian sovereign debt approximately $2.5 billion of Russian CDS positions outstanding were held in the form f single-name transactions directly referencing Russian debt .

 This of course will affect, in a couple of days, or even hours, the Bank for International Settlements

https://www.alston.com/en/insights/publications/2022/07/russian-bond-default-and-cds-credit-event