Russia's credit rating slashed to junk, same as Angola and Nicaragua

Russia's invasion of Ukraine has that nation on risky financial footing, with the major credit agencies now leveling its credit to junk status. The downgrades come amid crippling sanctions — arguably the toughest and swiftest on any country in modern times — intended to curtail Russia's ability to support its currency, the ruble, and import and export goods. 

Moody's on Thursday cut Russia's rating to junk, echoing a step taken by Fitch a day earlier. Both say Western sanctions imposed over Moscow's military intrusion into Ukraine would harm the economy and heighten the potential of Russia defaulting on billions in debt.

Already wreaking havoc on the lives or ordinary Russians, the measures imposed on Russia's financial sector by the United States, European Union and United Kingdom include blocking its access to the SWIFT global financial system. The sanctions for the first time restrict Russia's central bank, targeting more than $600 billion in reserves.