S&P Global to withdraw outstanding ratings on Russian entities by April 15

• Financial information provider suspended its commercial operation in Russia on March 9

• EU announced a ban on providing credit ratings to any persons or institution in Russia

S&P Global Ratings, a unit of financial research and analysis provider S&P Global Inc (NYSE: SPGI), on Monday announced to withdraw ratings for all Russian entities before April 15.

The decision comes weeks after both the parent company S&P Global and its ratings division suspended commercial operations in Russia, joining a global exodus of companies out of the country due to economic sanctions imposed by the Western nations over President Vladimir Putin’s decision to invade Ukraine.

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The credit rating agency is doubling down on its corporate boycott after the European Union announced a ban on providing “credit ratings to legal persons, entities, or bodies established in Russia.” On March 15, S&P Global Ratings said.

Sanctions by the United States and European Union have frozen much of Russia’s central bank’s $640 billion foreign exchange reserve and barred Russian banks from the global payments system SWIFT, and sent the rouble into free fall.

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Credit rating agencies Moody’s and Fitch have also suspended their commercial operations in the country earlier this month.