Western sanctions are a blow to Russia: ‘default is near’ | Finance

Fitch has previously downgraded Russia’s credit rating, meaning investors in Russian government securities are at higher risk. Industrialists Moody’s and Standard & Poor’s (S&P) now have garbage ratings for Russia. Due to the sanctions, Russia is facing severe economic periods and government revenues have been severely affected. It is not willing to let Moscow respect its debt obligations.

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Fitch now has a C rating for Russia. This is one step above the level at which a country is truly in default. According to Fitch, given the recent developments, Russia is likely to soon become a defaulter in repaying government debt. The company also points to an immediate import ban on Russian oil and gas by the United States. Moscow may respond, for example, without repaying some debt, Fitch thinks.

On Monday, Fitch downgraded Belarus’ credit rating. Western nations have imposed sanctions on an Eastern European country for cooperating with the Russian military. According to Fitch, close ties with Russia are worrisome.

Listen to the podcast as well Secular! Conflicting personalities of Putin and Zhelensky, the dramatic state of the Russian military and the dull role of the European Union and NATO:

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