Rating agency S&P has downgraded Russia to ‘CCC-‘ from ‘BB+’ with a negative outlook due to a growing risk of default just a week after Russia’s invasion of Ukraine forced the agency to downgrade Russia to junk.

“The downgrade followed the introduction of measures that we believe are likely to significantly increase the risk of default,” the agency said in a statement.

It estimated that the sanctions imposed against Russia have cut Moscow’s available foreign currency reserves by half.

On Wednesday, international rating agencies Fitch and Moody’s downgraded Russia’s long-term credit rating by six notches at once to “junk” level, noting that the tough sanctions cast doubt on the country’s ability to service its debt.