Fitch downgraded Russia from "BBB", and placed Russia's ratings on "rating monitor negative".

Fitch stated that Russia's invasion of Ukraine by Russia has led to severe international sanctions. This could have a significant impact on Russia's credit fundamentals, and could make it less willing to service its debts.

Moody's lowered the country's rating six notches to B3 (from Baa3).

Moody's stated that the severity and scope of the sanctions had "surpassed Moody's initial expectations" and would have significant credit implications.

This is after S&P Global ratings downgraded Russia's rating last week to junk status.