BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/36
Under Russia’s credit-rating companies act of June 2015, all credit-rating agencies giving national ratings must register with the CBR by January 1, 2017. Registration requires that the credit-rating institution be domiciled in Russia and, among other things, that its commits to complying with Russian legislation and remains free of geopolitical influence. The change in the law reflects Russia’s disappointment with the downgrades of international credit-ratings agencies after its economy faltered in 2014‒2015, as well as desire to build up national arrangements in e.g. payment cards and payment clearing systems (BOFIT Weekly 1/2016).
In late 2015, at president Putin’s bequest, a new Analytical Credit Ratings Agency (ACRA) was established. The CBR registered ACRA on August 25, allowing it to officially begin operations. The CBR said it was also considering the applications of several other ratings agencies.
The new law has made it challenging for the big three international credit-ratings agencies to operate in Russia. Credit ratings agency Moody’s announced earlier this spring that it was pulling out of Russia.