Ratings agencies Fitch and Moody's downgraded Russia by six notches to "junk" status, saying Western sanctions threw into doubt its ability to service debt and would weaken the economy.

Russia's financial markets have been thrown into turmoil by sanctions imposed over its invasion of Ukraine, the biggest attack on a European state since World War Two. read more

The invasion has triggered a flurry of credit rating moves and dire warnings about the impact on Russia's economy. S&P lowered Russia's rating to junk status last week.

It also prompted index providers FTSE Russell and MSCI to announce on Wednesday that they will remove Russian equities from all their indexes, after a top MSCI executive earlier this week called Russia's stock market "uninvestable". read more

FTSE Russell said the decision will be effective from March 7, while MSCI said its decision will be implemented in one step across all MSCI indexes as of the close on March 9. MSCI said it is also reclassifying MSCI Russia Indexes from emerging markets to standalone markets status.

Russia (.MIRU00000PUS) has a weighting of 3.24% in MSCI's emerging market benchmark (.MSCIEF) and a weighting of around 30 basis points in the index provider's global benchmark (.MIWD00000PUS).

The Institute of International Finance predicts a double-digit contraction in economic growth this year. read more

Fitch downgraded Russia to "B" from "BBB" and placed the country's ratings on "rating watch negative". Moody's, which last week had flagged the possibility of a downgrade, also cut the country's rating by six notches, to B3 from Baa3.

PrinceOfLagos:
Putin has succeeded in destroying the Russian economy

Chei

When the gods wants to destroy a man, they first make him mad

yorubarere:

Your brain no carry this one comrade... Stick to insulting Tinubu

mrvitalis:
Wake me up when EU and America stop buying Russia oil n gas ...or when Europe stop buying russian wheat till then all na scam

yorubarere:
The West keep ranting on the media like a bitch. If Russia is nothing, why not join the war? Why hide behind Ukraine?

Bunch of modafuckers hiding behind sanctions to steal private Russian men businesses and properties. Putin will have their time whenever he is done with that comedy of a president, zelensky that sees war as an opportunity to make his country a joke.

Russia already grounded OneWeb and stopped the sale of rocket engines to US, let them fly on rooms

Next is to off that Nord 1 stream tap and let those fuvkers freeze to death. One would think giving the ways they were slamming sanctions, that they depend on Russia for nothing, but opposite was the case.... their lives depends on Putin's country.

yorubarere:

They can't, they depend on her oil, satellites, rockets etc but they were busy slamming sanctions and stealing russian citizens properties using the cover of sanctions. Bunch of thieves.

joyandfaith:

Mr Man!! The era of bloody war is disappearing. Cyber and economic warfare are real deal of 21st century. In the future, i see Robot Soldiers fighting for countries.

yorubarere:

Russia is already hitting back. The West also depends on her for their survival.

Dawn91:
What possessed Putin to do this. Russia had a pretty strong economy with strong institutionns!! Russian companies Lade up the top 10.richest in the world, today they are wrecked.. there will be so many suicides in Russia. The has made some former billionaires paupers.

I am starting to think America indirectly pushed Putin by tickling his ego to do this knowing what will happen

yorubarere:

They can't, they depend on her oil, satellites, rockets etc but they were busy slamming sanctions and stealing russian citizens properties using the cover of sanctions. Bunch of thieves.

wwwihy:

Are you serious..? Do you know Russia is third world country?

yorubarere:

Russia is already hitting back. The West also depends on her for their survival.