Fitch to withdraw ratings on all Russian entities

(Reuters) – Fitch will withdraw ratings on all Russian entities and their subsidiaries in order to comply with European Union sanctions, the ratings agency said on Wednesday, as Western nations tighten their grip around Moscow’s economy.

The ratings will be withdrawn before April 15, the company said. Its parent company Fitch Group has already suspended its commercial operations in Russia earlier this month.

The latest move comes days after credit ratings firm S&P Global Ratings also announced its intention to withdraw ratings for all Russian entities before April 15.

A host of multinational firms across industries have begun to pull out from Russia, facing pressure to take a stand against the country’s invasion of Ukraine, and from governments looking to isolate Moscow.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)