S&P Global Ratings downgraded Russia’s debt rating to CCC-, citing Western sanctions imposed on Moscow over its invasion of Ukraine that the agency said increased the risk of default.

“The downgrade follows the imposition of measures that we believe will likely substantially increase the risk of default”, - S&P Global Ratings said.

“Among these are capital controls introduced by authorities that aim at shielding the ruble from the impact of severe economic sanctions while preserving remaining useable reserve buffers”.