Standard and Poor's (S&P) has cut Russia's long-term foreign currency credit rating to 'junk' by lowering it to 'BB+' from 'BBB-' amid Ukraine's invasion. The sanctions imposed against it "could carry significant negative implications for the Russian banking sector's ability to act as a financial intermediary for international trade", S&P said. It also cut Ukraine's rating to 'B-' from 'B'.