Fitch downgrades Russian oil, gas firms

Credit rater Fitch Saturday downgraded 28 Russian natural resources companies including state gas giant Gazprom, warning they risk defaulting on payments under sanctions imposed for Russia's invasion of Ukraine.

Fitch Ratings said in a statement it had lowered the rating on the companies, which also include oil producer Lukoil and miner Rusal, from B to CC. The latter rating implies some form of default on their payments was "probable".

It cited a Russian decree on March 5 that authorised Russian companies to settle debts to certain blacklisted foreign companies in rubles rather than foreign currency. The move was a response to sanctions imposed on Russia due to its February 24 invasion.