Fitch Ratings stops commercial operations in Russia with immediate effect

Fitch became the 2nd major credit rating firm to suspend its commercial operations in Russia with immediate effect on Monday, saying its analysts outside the country would provide its coverage instead

Fitch became the second major credit rating firm to suspend its commercial operations in Russia with immediate effect on Monday, saying its analysts outside the country would provide its coverage instead.

Ratings firms are facing the twin pressures of Western sanctions that ban transactions with targeted Russian firms and a new law passed in Russia last week that threatens jail terms of up to 15 years for spreading what the Russian government describes as "fake" information. The law makes it illegal to report any event that could discredit the Russian military.

Fitch and Moody's, which also suspended its commercial operations