Russian finance ministry says rating cuts are geopolitical

Russia's finance ministry said on Saturday that the sovereign rating cut by Standard and Poor's and a move to review the country's rating by Moody's were linked to geopolitical factors.

Russia's invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia's rating to 'junk' status and Moody's putting it on review for a downgrade to junk.

The finance ministry said in a statement that Russia remained financially stable and would continue following prudent financial and budget policy.