Russia is so fed-up with Western credit rating agencies, it has launched its own


Russia has officially launched its own rating agency as it seeks to counterbalance the influence of Western agencies which have taken a pessimistic line on the country's crisis-hit economy.

"Upon completion of the state registration of a legal entity, Analytical Credit Rating Agency (ACRA) starts its operating activities," an official statement said.

The project by Russia's central bank is one of a number of attempts by emerging nations to fight back against the domination of Standard & Poor's, Moody's and Fitch.

Karl Johansson, who worked for audit firm EY for 20 years, was elected chairman, while former number two at Russia's Gazprombank, Ekaterina Trofimova, was named executive director.

The central bank in Moscow earlier said Russia needs to establish its own rating agency that would be "resistant to geopolitical risks".

Moscow slammed the decisions by leading agencies Standard & Poor's and Moody's to cut Russia's debt rating to "junk" as politicised.

The moves came as Russia's economy plunged into recession on the back of Western sanctions over Ukraine and falling oil prices, and prevented most large investors from holding the debt.

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