S&P downgrades Russian credit rating to 'junk' status

(Image credit: Dennis Grombkowski/Getty Images)

Standard & Poor's on Monday cut Russia's credit rating to junk status, the first time in a decade it has done so. The downgrade reflects the global plummet in oil prices, Western sanctions on Russia, and the conflict in eastern Ukraine. Those factors caused the ruble to nosedive last year, placing Russia on the brink of recession.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Explore More

Jon Terbush is an associate editor at TheWeek.com covering politics, sports, and other things he finds interesting. He has previously written for Talking Points Memo, Raw Story, and Business Insider.