Fitch withdraws ratings of 27 Russian banks

Fitch Ratings has withdrawn the rankings of 27 Russian banks and their 4 subsidiaries due to sanctions against Russia, Report informs referring to the press service of the company.

On March 15, the EU made a decision banning the provision of services by European credit rating agencies from April 15 to any Russian clients as part of the next package of sanctions against Russia in response to hostilities in Ukraine.

Fitch Ratings stated that it would cancel the ratings of all Russian companies and their subsidiaries that fell under EU sanctions. On March 25, Fitch withdrew Russia’s sovereign ratings.