Fitch Ratings has downgraded Russia's long-term foreign currency Issuer Default Rating (IDR) to 'B' from 'BBB.'

The ratings have been placed on Rating Watch Negative (RWN), the rating agency said in a press release.

Fitch has also downgraded Russia's short-term foreign and local currency IDR to 'B' from 'F2,' and the long-term local currency IDR to 'B+' from 'BBB.' Russia's country ceiling has been lowered to 'B' from 'BBB.'