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Russia may soon be unable to pay its obligations due to the conflict in Ukraine, according to an international organization.

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According to a renowned credit rating organization, Russia may soon be unable to pay its debts. Fitch Ratings downgraded the country’s national debt, predicting a “imminent” default.
The action comes as international sanctions against Russia have been tightened in the aftermath of its invasion of Ukraine. The measure, according to US President Joe Biden, is aimed at “the primary artery of Russia’s economy.” In addition, the European Union has stated that it will no longer rely on Russian gas. “This rating action follows our downgrade on March 2nd, and events since then have, in our opinion, substantially weakened Russia’s willingness to repay government debt,” the agency stated. Ratings firms Moody’s Investors Service and S&P Global Ratings have downgraded Russia’s national debt. Hundreds of big brands, like McDonald’s and Coca-Cola, are represented.

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