Dalibor Rohac, a policy analyst at the Cato Institute, agreed.
"The auction cancellations don't mean that Russia is getting insolvent, but it's a signal that things aren't getting on that well in the economy," he said. "There is a price to pay for foreign policy adventure."
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That price, coming in the form of higher bond yields, has been a major reason behind the bond auction cancellations, said Apostolos Bantis, an emerging markets credit strategist at Commerzbank.
"Investors are demanding a higher premium, which the Russians are not willing to offer," said Bantis. "They do not want to lock into a high premium right now."
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Yields on Russia's 10-year bonds are above 9.1 percent this week, and reached nearly 9.8 percent last month.
Spiro said that for now, Russia's government remains self-assured about its cancellation of bond auctions in the face of negative sentiment from investors.