A leading ratings agency has warned Russia is likely to soon default on its debts, as it downgraded the country's bonds further into "junk" territory.
Fitch Ratings slashed its assessment of Russia to almost the bottom of its scale, just days after downgrading it from investment status.
It is the latest blow to the country's creditworthiness in the wake of its invasion of Ukraine.
This week, Moscow said its bond payments may be affected by sanctions.
"The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," Fitch said.
The announcement from Fitch came after the US and UK said they will ban Russian oil, as they step up the economic response to the invasion of Ukraine.
US President Joe Biden said the move targeted "the main artery of Russia's economy".
Meanwhile, the European Union said it will end its reliance on Russian gas.
As a major exporter of energy, the measures are aimed to hit Moscow's finances, although experts warn this is also likely to send the price of oil and natural gas higher on global markets.
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