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EU bans top credit rating agencies rating Russia and Russian firms -Breaking

by Mike Robinson

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© Reuters. Moscow International Business Centre is also called “Moskva-City” and can be seen in the background. This photo was taken April 23, 2018 in Moscow. Photograph taken using long exposure. REUTERS/Anton Vaganov/Files

LONDON, (Reuters) – The European Union banned the top credit rating agencies from rating Russia’s sovereign debt or rating Russia’s companies in its new sanctions package. This was announced by the European Commission on Tuesday.

The Commission stated in a statement that “these sanctions will further contribute towards ramping up economic pressure upon the Kremlin, and cripple it ability to finance its invasions of Ukraine.”

The statement added, “They were coordinated with international partners. Especially the United States.”

The package also included an import ban on Russian steel products that are currently subject to EU safeguard measures. It estimated this would result in Russia losing approximately 3.3 billion euro ($330.15million) in export revenue.

The ban was placed on exports of luxury products like luxury cars and jewelry, as well as an increase in sanctioned wealthy people with connections to Russian President Vladimir Putin.

($1 = 0.9087 euros)

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