Russia close to financial crisis – Russian credit agency

Russia has come close to a financial crisis, Gazeta.ru and other Russian media cited Russian credit rating agency ACRA as warning.

The recent collapse of OPEC-Russia talks with global oil prices plunging, the rouble dropping and the Russian stock market plummeting, and the havoc played with the world economy by the coronavirus have resulted in a “heightened probability” of a financial crisis in Russia, ACRA said in a comment on March 10.

The Moscow-headquartered agency based its conclusions on its financial stress index (ACRA FSI), which reached 3.1 points on March while the 2.5 mark means “the probability of a financial crisis increases”.

ACRA makes reassurance, however, that this danger will not necessarily materialise.

“Such spikes in the ACRA FSI” have been recorded on quite many occasions since 2006 without being followed by a crisis, according to ACRA, which is an acronym for Analytical Credit Rating Agency.

Source: Emergingmarkets

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