Fitch, Moody’s slash Russia’s sovereign rating to junk as sanctions mount

"The severity of international sanctions in response to Russia's military invasion of Ukraine has heightened macro-financial stability risks, represents a huge shock to Russia's credit fundamentals and could undermine its willingness to service government debt," Fitch said in a statement issued.

The move comes after the West and the other countries, notably Singapore and South Korea, imposed restrictions on Russia, in an attempt to pressurise the nation's financial markets.

Russia was also removed from the SWIFT system of global financial transactions as a consequence.