“The second confirmation of the sovereign credit rating of the Russian Federation since the beginning of the year, this time by Fitch Ratings, at the BBB level with a stable outlook, is yet another evidence of the successful overcoming of the negative consequences of the coronavirus crisis by the Russian economy,” Siluanova quotes TASS.

According to him, the agency noted that Russia's resilience to shocks was ensured by a balanced budget policy in combination with inflation targeting and a floating exchange rate regime carried out by the Bank of Russia.

He noted that the accumulation of fiscal reserves and the sustained growth of the economy could lead Fitch to raise Russia's credit rating.

Earlier, Fitch left Russia's long-term foreign currency credit rating at investment grade BBB.