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S&P cuts Russia, sanctions could spell further downgrade

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Reuters) – Credit agency Standard & Poor’s cut Russia’s foreign currency ratings on Friday, saying further downgrades were possible if the West imposed tighter sanctions against Moscow in response to the crisis in Ukraine.

A pension payment in Russian roubles is seen at a post office in the Crimean city of Simferopol

Moscow said politics had played a role in the downgrade, the first by a major agency since Russia seized Crimea from Ukraine in March and leaving the S&P rating just one notch above junk status.

Foreign investors have been pulling money out of Russia since the country’s economy hit the rails last year, a process that has intensified along with western concerns about Ukraine.  Read more

Posted by on April 25, 2014. Filed under The Muslim Times. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.