Moody’s downgrade of Russia politically motivated, claims Finance Minister Siluanov

Russia’s Finance Minister Anton Siluanov

Moody’s downgrade of Russia from  Ba1 from Baa3 was based on “factors of a political character,”  and on “extremely pessimistic forecasts” Russia’s  Finance Minister Anton Siluanov said yesterday. Moody’s had justified the downgrade on the impact of the crisis in Ukraine as well as the steep fall in oil prices and the value of the rouble. In recent months, Russian officials have repeatedly cast doubt upon the impartiality of Western ratings agencies in the context of ongoing confrontations over Ukraine.