Fitch Group has decided to suspend its commercial operations in Russia with immediate effect, the group said in a press release.

These operations cover the credit ratings and other services Fitch Group provides in Russia through its Fitch Ratings and Fitch Solutions businesses.

Fitch Group said it will continue to provide the market with its independent analytical views through ratings coverage undertaken outside of Russia.

The group also said it is committed to the support of its Russia-based employees.