Standard & Poor's predicts Russian banks will be hit hard this year, with a quarter of the loans on banks' books becoming non-performing due to the weak ruble and low oil prices. That’s according to a report by ratings agency Standard & Poor’s, which paints a dismal picture for Russian banks. S&P has given 31 of the 37 Russian banks a negative outlook, which may lead to their credit rating being downgraded. While previously the Kremlin has stepped in to help banks, with the government coffers looking leaner, it is considered doubtful it will extend a helping hand this time. The central bank said that while there was no immediate risk for Russia's financial system, its actions were aimed at protecting against possible disruptions caused by falling global energy prices or other economic factors. state support for the Russian space agency, Roscosmos, has fallen.
Standard & Poor's predicts Russian banks will be hit hard this year, with a quarter of the loans on banks' books becoming non-performing due to the weak ruble and low oil prices. S&P has given 31 of the 37 Russian banks a negative outlook, which may lead to their credit rating being downgraded. While previously the Kremlin has stepped in to help banks, with the government coffers looking leaner, it is considered doubtful it will extend a helping hand this time. The central bank said that while there was no immediate risk for Russia's financial system, its actions were aimed at protecting against possible disruptions caused by falling global energy prices or other economic factors. state support for the Russian space agency, Roscosmos, has fallen.