LONDON, (Reuters) –Fitch was the second credit rating agency to immediately suspend Russian commercial operations. The company stated that its analysts from outside Russia would cover the operation.

Ratings companies are under double pressure from Western sanctions, which prohibit transactions with Russian-targeted firms and Russia’s recent law. This new Russian law could see them sentenced to at least 15 years in prison for spreading “fake news.” It is now illegal to disclose any events that might discredit Russia’s military.

Fitch and Moody’s (NYSE) also stopped its Russian commercial operations at the weekend. They had earlier downgraded Russia’s sovereign ratings by a record six-notch level in March, warning that sanctions from the West have increased the likelihood of a default.

Both firms, along with the other main rating agency, S&P Global (NYSE:), have also withdrawn or suspended ratings on a number of the most heavily-sanctioned Russian and Belarussian banks, including VTB, Promsvyazbank (PSB) and Sovcombank.

Fitch Group announced that it had decided to cease its Russian commercial operations with immediate effect. This decision was related to credit ratings as well as other services.

It stated it would adhere to all sanctions and support Russia’s staff.

Russia’s financial market has been in turmoil since the imposition of sanctions over the invasion of Ukraine. This was the most serious attack against a European country since World War Two.

Russia has called this a “special operation”. This conflict has led to a flood of ratings moves, and severe warnings from the top investment banks over Russia’s impact on its economy.

S&P has downgraded its Russia rating by an unprecedented 9 notches since Moscow launched its assault. The company did not answer emailed queries or respond to questions about whether it would suspend all commercial activities in Russia.