International rating agency S&P Global Ratings will withdraw credit ratings of all Russian companies and organizations by April 15, the agency said in a statement.

The decision was made against the backdrop of a ban imposed by the European Union on the assignment of ratings to Russia and Russian companies by EU credit rating agencies, as well as a ban on the provision of rating services to Russian clients.

According to the agency’s analysts, the ratings will be withdrawn before the deadline set by the EU (April 15). Earlier, S&P announced the suspension of commercial activities in Russia against the backdrop of the situation in Ukraine.

Earlier, S&P downgraded the long-term credit rating of the Russian Federation in local and foreign currency to “CC” from “CCC-“. Short-term ratings were left at “C”. The ratings remain under review with a negative outlook, the agency said.

Deterioration of long-term ratings was caused by expectations that Russia will face technical difficulties in servicing Eurobonds in the coming weeks.