MOSCOW, 1 April (BelTA) – The absence of an own rating agency in the Eurasian Economic Union (EAEU) amidst a hybrid war waged by Western countries will result in considerable financial losses, Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev said at the online briefing on 1 April, BelTA has learned.
“I believe that the creation of a rating agency in the EAEU is a very important issue. As long as we use the ratings of America's Big Three credit rating agencies, we will automatically face barriers in the financial market. In fact, you know that the Americans are waging a war of sanctions against Russia and that American rating agencies report to the U.S. Department of the Treasury. They follow all its instructions, underestimate credit ratings for Russia. This means an increase in interest rates in the credit market. Therefore, we will be subject to manipulation by Washington until we create our own rating agency. This is a very important task. We are losing a lot of money due to the fact that we do not have our own rating system recognized in the Eurasian Economic Union,” he said.
According to the EEC minister, in the future the system of credit ratings of economic entities will become more sophisticated. “We need to come up with a common system of credit ratings. Today environmental and social ratings are added to this. That is, the rating system of business entities will continue to expand and become even more complex. If we depend on third countries, especially those waging a hybrid war against us, our financial market will not operate normally,” the minister said.
