The three firms have already withdrawn a handful of ratings on Russian companies subject to the harshest sanctions from the US Office of Foreign Assets Control (OFAC), but Tuesday’s move will force dozens more to be withdrawn.
S&P Global declined to comment on the commission’s announcement when asked by Reuters. Fitch said it “complies with all relevant standards for credit rating agencies,” while Moody’s did not respond to emails or calls.
Other measures in the EU package include a ban on the import of Russian steel products currently subject to EU safeguard measures, which, according to estimates, would mean a loss of export earnings for Russia of approximately 3.3 billion euros (330, 15 million dollars). Read full story
The export of luxury goods, such as high-end cars and jewelry, has also been banned, and the number of sanctioned wealthy people with ties to Russian President Vladimir Putin has increased.
