Moody’s closes its Moscow offices and relocates its employees in an Arab city

Sources told Reuters rating agency Moody’s will officially close its offices in the Russian capital, Moscow, at the end of the month, with employees fired or transferred.

Western sanctions have pushed major credit rating agencies in the US and in Europe, Moody’s, Standard & Poor’s Global and Fitch, to suspend operations in Russia and withdraw their ratings on the country’s sovereign and corporate debt.

Two sources familiar with Moody’s plans have said that its Moscow office will close on June 30, meaning it will no longer have a presence in the country that in previously it was probably a lucrative market for rating agencies.

A spokesperson for Moody’s declined to comment on the closure of the office, but said the agency “will continue to provide research and reports on the broader credit and economic impact of the invasion of Ukraine.”

However, the release of such research and reports will come from other countries. The two sources, who spoke to Reuters, said some Moscow employees will move in places like Dubai, where Moody’s, like Standard & Poor’s and Fitch, has set up a large office in recent years.

One of the sources added that employees who cannot relocate will receive their salary until the end of the year.

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