Fitch withdraws ratings from Russia to comply with EU sanctions

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The word ‘sanctions’ is displayed on EU and Russian flags in this February 27, 2022 illustration. REUTERS/Dado Ruvic/Illustration

March 25, 2022

(Reuters) – Fitch said on Friday it had withdrawn Russia’s ratings to comply with European Union sanctions after the rating agency downgraded the country’s rating to “junk” territory earlier this month.

Aggressive sanctions against Russia over its invasion of Ukraine have targeted several banks and companies, crippling the country’s economy and triggering the Russian ruble’s free fall.

Investors and pundits also fear Russia could plunge into default as its economic institutions face unprecedented sanctions.

Earlier this week, Fitch also announced that it would withdraw the ratings of all Russian companies and their subsidiaries before April 15, the deadline set by the EU.

(Reporting by Richard Rohan Francis and Niket Nishant in Bengaluru; Editing by Shounak Dasgupta) Fitch withdraws ratings from Russia to comply with EU sanctions


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