Fitch withdraws Russia’s rating to comply with EU sanctions

On April 10, 2019, the European Union flag will fly out of the European Commission headquarters in Brussels. (Yves Herman / Reuters)

Fitch said on Friday that Russia’s rating was withdrawn to comply with European Union sanctions after rating agencies downgraded the country’s rating to the “junk” territory earlier this month.

Aggressive sanctions on Russia against the invasion of Ukraine have targeted several banks and businesses, destroying the country’s economy and encouraging the free fall of the Russian ruble.

Investors and experts are also concerned that Russia may default as Russia’s economic system faces unprecedented sanctions.

Earlier this week, Fitch also said it would withdraw the ratings of all Russian entities and their subsidiaries by the EU’s deadline of April 15.

Richard Rohan Francis