S&P Global to withdraw all outstanding ratings on Russian entities.

 The decision comes weeks after parent company S&P Global said it was suspending commercial operations in Russia, joining a global exodus of companies out of the country due to tightening economic sanctions over Moscow’s invasion of Ukraine. The credit rating agency is doubling down on its corporate boycott of Russia after the EU announced a ban on providing credit ratings to legal persons, entities, or bodies established in Russia, reported Reuters. Meanwhile, Western sanctions have frozen much of the Russian Central Bank’s $640B in assets, barred several banks from the SWIFT global payments system, and sent the ruble into free fall. Credit rating agencies Moody’s and Fitch also suspended commercial operations in Russia earlier this month.