What is the impact of EU sanctions on credit rating agencies operating in Russia?

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EU sanctions have driven credit rating agencies to suspend or withdraw services for Russian entities.
S&P Global Ratings said it will withdraw all ratings for Russian entities before April 15, linking the move to an EU ban on providing credit ratings to legal persons, entities, or bodies established in Russia. The decision follows S&P Global’s suspension of commercial operations in Russia and matches the broader pattern of other rating agencies, with Moody’s and Fitch also suspending commercial operations earlier in March.
S&P Global Ratings’ ratings will be removed by April 15
S&P Global Ratings stated that it will withdraw ratings for all Russian entities before April 15. The action is tied to its corporate suspension of commercial operations in Russia, announced by its parent company S&P Global.
The EU ban restricts credit ratings for Russia-established legal entities
The EU announced a ban on providing credit ratings to legal persons, entities, or bodies established in Russia. S&P Global Ratings said it is “doubling down” on its boycott of Russia after this EU announcement, indicating the EU restriction is a direct trigger for its ratings withdrawal.
Other agencies suspended commercial operations in Russia as sanctions tightened
Moody’s and Fitch also suspended commercial operations in Russia earlier in March, placing S&P Global Ratings’ decision within a wider industry response. This comes after tightening economic sanctions over Russia’s invasion of Ukraine, which have reshaped how financial services firms operate in the country.
Sanctions have disrupted Russia’s financial system, affecting ratings work
Western sanctions have frozen much of Russia’s central bank assets valued at US$640 billion, barred several banks from the SWIFT global payments system, and pushed the rouble into a free fall. In that environment, credit rating agencies operating in Russia face constraints that extend beyond EU rules, including the operational impact of broader sanctions on Russian financial activity.

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What is the impact of EU sanctions on credit rating agencies operating in Russia?

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