DISINFO: Fitch agency confident in economic stability of Russia despite unfair sanctions
SUMMARY
The international rating agency Fitch believes that Moscow will be able to cope with the new sanctions imposed by the United States on its financial sector because of the alleged involvement of Russia in the Skripal case, although no evidence of such involvement has been provided so far. This decision [of Fitch] to upgrade Russia’s rating confirms once again that the Russian economy has fully adapted to existing challenges and is able to achieve new growth rates.
RESPONSE
Disinformation message, which involves recurring pro-Kremlin narratives about the Skripal poisoning.
Following the activities in Salisbury in March 2018, two GRU (Russia military intelligence) agents were charged with the attempted murder of the Skripals in a criminal case in London. Pursuant to the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (the CBW Act), the United States imposed a second round of sanctions on Russia for its use of a “novichok” nerve agent in the attack. The U.S. introduced additional sanctions banning U.S. banks from buying new issues of non-ruble Eurobonds but leaving the much-larger market for ruble securities untouched, as reported by Bloomberg.
Fitch’s press release states that “the continued threat of sanctions' escalation will weigh on Russia's external financing flexibility, investment and growth prospects”. It also clearly indicates “failure to raise growth”: “Current sanctions and uncertainty regarding the potential type and scope of future sanctions will continue to weigh on growth prospects, create risk for sovereign and external financing flexibility and continue to test Russia's macroeconomic and financial sector resilience. Perceived failure to raise growth and living standards could increase political and social pressures on the policy framework to provide greater support for domestic economic activity”, - according to Fitch. See other disinformation cases on “noneffective” economic sanctions against Russia here.