Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa

Govt Weights Options for National Rating Agency
April 22, 2014 20:52

Photo Credit:
The Russian government is mulling the establishment of the national credit rating agency to break the monopoly of the big troika amid threats of further sanctions coming from the West.
First vice-premier Igor Shuvalov is expected to hold a session on this issue later this week, says Kommersant. The new agency is poised to compete with Moody's, Fitch and Standard & Poor's which, according to the government, are skewed against Russia. In March 2014, they changed Russia’s outlook from stable to negative, citing possible sanctions over Russia’s absorption of Crimea. VTB Group canceled a contract with Fitch due to ‘unprofessional actions by the agency’.
Among the options is building a new institution set up on the basis of Universal Credit Ratings Group, a joint project by China’s Dagong Global Credit Rating Co., Russia’s Rus-Rating and the US-based Egan Jones Rating. Another alternative could be joining ARC Ratings, an international agency that unites national credit agencies of Portugal, Brazil, India, South Africa and Malaysia.
Experts say it could take up to ten years to make the system effective. Anyway, efficient foreign borrowings are only possible if the country enjoys investment grade ratings reflecting its long-term sustainability.  
The need for a domestic rating agency, just like a national payment and settlement system surfaced after Visa and MasterCard introduced restrictions following the introduction of US sanctions.
Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin. The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.
The US sanctions have encountered a vigorous response from the Russian Foreign Ministry which came up with a black list of its own.


Author: Mikhail Vesely

Tags: Russia economy Ukraine crisis Crimea   

Next Previous

You might also find interesting:

Russia In Global Value Chains London Forum: Visitors Outlook Yandex. Air tickets Preparatory Work for the Construction of Houses for Victims Began in the Amur Region The sterility tax can be reestablished

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Satellites  Alexander Scriabin  City Hunter  travel to Russia  pirated content  Yasnaya Polyana  Dalnerechensk  Roman Shirokov  Vladimir Etush  Severodvinsk  Joseph Stalin  All Events  Moscow parks  St. Petersburg  Muzeon Park of Arts  public transport  Russian Museums   Veliky Novgorod  Russian army  Moscow  Russian actors  Russian political parties  Russian ballet  Russian tourism  North Pole cruises  Mercedes-Benz Fashion Week Russia  Russian Cinema  Patrons of Art  Kirishi  Lipetsk   Russian Actresses  Stalker Film Festivals  Nanosatellites   Maria Sharapova  Pinocchio  Aquarium Band  Russian business  Moscow events  bicycle rental  Design  Russia ice hockey  Festivals in Moscow  Russian regions  Exhibitions in Moscow  Fairy-tale map  Battery  Rostov-on-Don  Russian bloggers  Kizhi  Russian spacecrafts 

Travel Blogs
Top Traveling Sites