Russia has determined that the credit rating indicators of local banks must be frozen for six months in order to maintain the stability of the financial system amid sanctions facing the country.
A statement from the Russian government announces the measure and points out that it applies to ratings given by specialized Russian agencies.
The measure is valid until July 1, 2022. According to the Russian government, the credit rating freeze will allow major banks to continue putting funds from the federal budget to maintain their profitability.
“Furthermore, banks, as before, will be able to issue independent guarantees for companies,” the text reads, arguing that this will help to reduce the negative effect of sanctions against major Russian banks and maintain the stability of the system.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
