Moody's puts Russia on junk rating warning, Fitch slashes Ukraine

"The decision to place the ratings on review for downgrade reflects the negative credit implications for Russia's credit profile from the additional and more severe sanctions being imposed," Moody's said in a statement.

Russia's invasion of Ukraine triggered a burst of credit rating moves on Friday, with Moody's putting Russia on review for a downgrade to 'junk' status and Fitch swiftly cutting Ukraine on worries it may now default.

Both countries' financial markets have unsurprisingly been thrown into turmoil by the events this week, which mark the biggest military attack in Europe since World War Two and have seen Moscow hit with stiff Western sanctions.