Putin inks law on rating agencies’ activities in Russia

‘Russian President Vladimir Putin has signed a law regulating the activity of ratings agencies in Russia, as discontent over ‘politicized’ actions of the Western Big Three – S&P, Moody’s and Fitch – is growing.

The document sets a basic definition of rating activity, and its terms in Russia defines the procedure for accreditation of rating agencies, RIA Novosti reported on Tuesday.

Under the new law “legal entities established in the legal form of business entity have the right to exercise the rating activity on the territory of the Russian Federation,” after the Russian Central Bank puts information about them in the register of credit rating agencies. It also establishes the minimum amount of equity for rating agency at $880,000 (50 million rubles).’

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