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S&P Global withdraws Russian ratings

Rating agency seeks to pre-empt EU deadline of mid-April on providing credit ratings to legal persons, entities or bodies established in Russia

S&P Global Ratings is to withdraw its outstanding ratings on Russian re/insurers, brokers and other entities as a result of sanctions imposed by the EU.

On March 15 the EU announced a ban on providing credit ratings to legal persons, entities or bodies established in Russia.

In a statement sent to Insurance Day, S&P Global said it will complete the withdrawal of all Russia-related ratings before the EU deadline.

The rating agency announced the suspension of its commercial operations in Russia on March 9.

The EU, the UK, the US and other countries and organisations have announced a wide range of strict sanctions on the Russian government, as well as Russian companies and individuals, in the wake of Russia’s invasion of Ukraine.

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