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Russian finance ministry says rating cuts are geopolitical -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A sign was displayed outside Russia’s Finance Ministry Building in Moscow on March 30, 2021. Sign reads “Ministry of Finance of the Russian Federation”. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters), Russia’s Finance Ministry said Saturday that the reduction in sovereign ratings by Standard and Poor’s and a review of the rating by Moody’s were both linked to geopolitical considerations.

Russia’s invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia’s rating to ‘junk’ status and Moody’s putting it on review for a downgrade to junk.

According to the ministry of finance, Russia is financially stable. They will maintain a prudent fiscal and budget policy.

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