The rating agencies Fitch and Moody's have downgraded Russia's creditworthiness to "junk" after Western sanctions in the wake of the Ukraine war.
Fitch downgraded the rating six notches from BBB to B.
Such a strong devaluation of a single state was last seen in South Korea in 1997.
At the same time, the outlook is rated negative, opening the door to further downgrades.
Moody's also lowered the rating by six notches on Thursday, from Baa3 to B3.
The moves were justified by the fact that Western sanctions would jeopardize the country's ability to service its debt and would significantly weaken the economy.
Previously, Standard & Poor's, the third major rating agency, had already lowered its thumb over the emerging country's creditworthiness.
The international sanctions "represented a major shock to Russia's credit base and could undermine its willingness to service the national debt," Fitch justified the move.
In particular, US and EU sanctions banning any transactions with the Russian central bank would have “a much greater impact” than any previous sanctions.
A large part of the international currency reserves for interventions in the foreign exchange market have been rendered unusable as a result.
"The sanctions could also affect Russia's willingness to repay debt," Fitch warned.
Moody's said the sanctions were "beyond initial expectations" in scope and severity.
The Russian government has responded to the Western approach with a number of measures.
The central bank has more than doubled its key interest rate to 20 percent in order to limit the fall in the value of the national currency, the ruble.
There are also plans to tap into the National Prosperity Fund.