As part of the new sanctions, Russia’s access to international payment systems could be restricted, rating agency Moody’s said, Russian media reported. The agency also confirmed Russia’s investment level “Baa3”, with a stable outlook.
According to Finance Minister Anton Siluanov, Moody’s decision can be interpreted as an established consensus in the opinion of the Big Three rating agencies that the Russian economy successfully overcame the coronavirus crisis.
From the point of view of Moody’s experts, the Russian economy shows stability, including in the context of the covid pandemic, and the low level of the state debt is also favorable. However, the level of investment, both internal and external, remains significantly lower due to the sanctions pressure.
The existing sanctions and the constant risk of new measures, including further restrictions on sovereign debt, will limit Russia’s budgetary capacity and funding flexibility, and put pressure on the country’s overall financial stability, the agency said. And restrictions on access to technological know-how hinder the modernization and diversification of the Russian economy.
Earlier, Russian Foreign Minister Sergei Lavrov also announced that Russia is ready to disconnect from the international SWIFT settlement system.