S&P Global Ratings to Withdraw Ratings for Russian Companies

S&P Global Ratings, one of the prominent credit credit rating agencies in the world said on Monday it will withdraw ratings for all Russian entities before April 15.

The decision comes weeks after parent company S&P Global said it was suspending all commercial operations in Russia amid tightening economic sanctions against Moscow after its invasion of Ukraine.

The credit rating agency is doubling down on its corporate boycott of Russia after the European Union announced a ban on providing credit ratings to legal persons, entities or bodies established in Russia, S&P Global Ratings said.

Western sanctions have frozen Russian central bank’s assets of worth $640 billion along with baring several banks from global payments system SWIFT. The movement had sent rouble into free fall.

Credit rating agencies Moody’s and Fitch also suspended commercial operations in Russia earlier this month.