Fitch withdraws Russia’s ratings to comply with EU sanctions

(Reuters) – Fitch stated on Friday it has withdrawn Russia’s scores to adjust to European Union sanctions, after the ranking company downgraded the nation’s ranking to “junk” territory earlier this month.
Aggressive sanctions towards Russia over its invasion of Ukraine have focused a number of banks and companies, crippling the nation’s financial system and prompting the Russian rouble’s free fall.
Traders and specialists are additionally involved Russia may very well be plunged right into a debt default, as its financial establishments face unprecedented sanctions.
Earlier this week, Fitch additionally stated it could withdraw scores on all Russian entities and their subsidiaries earlier than April 15, the deadline set by the EU.
(Reporting by Richard Rohan Francis and Niket Nishant in Bengaluru; Enhancing by Shounak Dasgupta)