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Fitch withdraws Russia’s ratings to comply with EU sanctions -Breaking


© Reuters. In this illustration, taken February 27, 2022, the word “Sanctions” is visible on both EU and Russian flags. REUTERS/Dado Ruvic/Illustration

(Reuters] Fitch has withdrawn Russia’s rating ratings, to comply European Union sanctions. The rating agency had downgraded Russia’s credit rating earlier in the month to “junk” territory.

Russia has been imposing aggressive sanctions on several businesses and banks in response to its invasion of Ukraine. The move crippled Ukraine’s economy, and forced the Russian rouble into freefall.

Experts and investors are concerned that Russia may default on its debt, given the unprecedented sanctions imposed upon its financial institutions.

Fitch announced earlier this week that it will withdraw its ratings for all Russian entities or their subsidiaries prior to April 15, which was the EU’s deadline.

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