Russia dismisses Western rating agencies in foreign lending

MOSCOW

Russian Prime Minister Mikhail Mishustin on Saturday signed a decree changing the rules for giving credits to foreign states.

The decree published on the government’s portal repeals the clause requiring foreign lenders to have a certain level of Western rating agencies.

“To approve the proposed changes to the Rules for the Provision of Government Loans by the Russian Federation to foreign borrowers,” said the document.

According to World Bank data, Russia’s total foreign debt to other states increased by $2.3 billion in 2022, reaching $28.9 billion. Russia’s biggest debtors include Belarus, Bangladesh, India, Egypt, and Vietnam.