October 25, 2018 / 11:59 AM / 22 days ago

VTB chief suggests Russian banks switch to domestic ratings agencies

MOSCOW, Oct 25 (Reuters) - Russian banks could free up a third of the capital in the country’s banking system by switching to domestic credit rating agencies, the CEO of Russia’s second-biggest lender VTB, Andrey Kostin, said on Thursday.

Russia started to switch from global rating agencies such as S&P, Moody’s and Fitch after they revised their ratings for Russia following sanctions imposed by the West in 2014 after Moscow annexed Crimea from Ukraine. (Reporting by Katya Golubkova Editing by David Goodman)

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