finance industry

S&P Global suspends commercial operations in Russia

Reuters
S&P Global suspends commercial operations in Russia

COMMERCIAL HUB. Skyscrapers of the Moscow International Business Centre, also known as Moskva-City, are seen from Ostankino tower on a frosty winter day in Moscow, Russia, January 8, 2017.

Maxim Shemetov/Reuters

S&P Global says it would continue to provide information on the Russian markets for its customers around the world

Financial information provider S&P Global said on Wednesday, March 9, it was suspending its commercial operations in Russia, joining a host of US companies severing ties with the country in the wake of its invasion of Ukraine.

The company, which recently closed its $44-billion acquisition of peer IHS Markit Ltd, said it would continue to provide information on the Russian markets for its customers around the world.

Financial giants including PayPal Holdings, Visa, and Mastercard have also suspended their Russian operations, as the West tightens economic sanctions on the country.

These sanctions have frozen much of Russia’s central bank’s $640 billion in assets, barred several banks from global payments system SWIFT, and sent the rouble into free fall.

Earlier this month, credit rating agencies Moody’s and Fitch also suspended commercial operations in Russia. – Rappler.com