MOSCOW (Sputnik) — Moody's decision to place Russia’s government bond rating on review for downgrade indicates the necessity for the budget to adapt to grim new market realities, Russian Finance Minister Anton Siluanov said Saturday.
On Friday, the rating agency said in a press release that it had placed Russia’s Ba1 government and issuer ratings on review for downgrade.
"Moody's assessment shows the need for adapting the budget system to new crude market realities," Siluanov told journalists.
Siluanov added that the rating agency needed two months to complete the review.
"The Finance Ministry is due to stay in constant contact with agency's representatives and provide them with all the necessary information for a comprehensive and objective analysis of Russia's economy," the minister said.
The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the situation in Ukraine.