Fitch announced on Friday that it was withdrawing its ratings for the Russian economy to comply with European Union sanctions, with the house downgrading the country’s credit rating earlier this month.
Sanctions against Russia for its invasion of Ukraine have targeted several Russian banks and businesses, paralyzing the country’s economy and causing the Russian ruble to fall freely.
Investors and experts are worried that Russia could go bankrupt as its financial institutions face unprecedented sanctions.
Earlier in the week, Fitch also announced that it would withdraw the ratings of all Russian entities and their subsidiaries before the April 15 deadline set by the EU.
Source: Capital
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