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Rating agencies Fitch and Moody's both slashed Russia's credit rating by six notches to "junk" status as a result of the Western sanctions.

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Rating agencies slashed Russia's credit rating by six notches as a result of the Western sanctions. S&P downgraded Russia's credit last week. Moody's stated that the sanctions went beyond expectations. Fitch expects more sanctions on Russian banks in the future.

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The Kyiv Independent news desk

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Seaborne crude flows averaged 3.12 million barrels a day over the four weeks to July 6, a 3% decline from the previous period ending June 29, according to tanker-tracking data compiled by Bloomberg. That's the lowest level recorded since the four-week period ending Feb. 23.

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