In the wake of ongoing Russian invasion of Ukraine Fitch Ratings has downgraded its view of Russian government’s debt. The downgrading status comes after Russian invasion of Ukraine.
It warned of a default calling it “imminent”. The latest move comes as the US and its allies slapped tightening international sanctions against Russia.
Several lives have been lost and war-induced displacement figures also portray a disturbing picture.
Russia itself admitted this week that its bond payments may get affected by these sanctions.
This announcement from Fitch is important as it comes at a when the US and UK decided to ban Russian oil.
The European Union (EU) also said that it will end its reliance on Russian gas. Recently, rival ratings agencies like Moody’s and S&P Global Ratings also slashed their assessments of Russian sovereign debt.
Earlier, Russia’s central bank had also more than doubled its interest rate to 20% to stop the value of its currency from sliding further.
Several global brands from McDonald’s, Coca-Cola to Starbucks announced suspension of business in Russia.
The decision by McDonald’s, Coca-Cola and Starbucks comes after increasing pressure on the companies to take action against Russia’s invasion of Ukraine.
The whole world is condemning the humanitarian crisis this war is creating.
The Russia-Ukraine war has already set off the mass migration in Europe in decades.
Long queues are a common sight at Ukraine borders’ checkpoints with Poland, Moldova, Hungary, Slovakia and Romania.
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