LONDON (Reuters) -The EMEA Credit Derivatives Determinations Committee (CDDC) has been asked on Monday whether a potential failure to pay occurred on Russia’s hard-currency bonds, possibly bringing payout on billions of dollars in default insurance a step closer. Russia made a payment due on April 4 on two sovereign bond in roubles rather than the dollars it was mandated to pay under the terms of the instruments. Credit Default Swaps (CDS) are a way of insuring the buyer against exposure to specific risks, in this case Russia defaulting on its sovereign debt. The process starts with a market p…