The ratings agency is also a western institution in an effort to bring down the Russia.
Russia's credit rating may be cut to junk after rating agency Standard & Poor's warned of the toll a weakening economy is having on the country's financial system.
The country currently has a BBB-rating, the lowest rung of the investment grade universe.
In a short statement on Tuesday, S&P said:
We are reviewing our assessment of Russia's monetary flexibility and the impact of the weakening economy on its financial system.
As a result, we are placing our long-term sovereign credit ratings on Russia on CreditWatch with negative implications.
That designation brings with it a higher chance of a downgrade.
Russia hung onto its investment grade status at S&P's last review in October, but since then a further decline in the oil price and a crumbling rouble has dented Russia's economic performance.
Russian banks and companies are due to repay $119bn in 2015, according to official data. A downgrade would raise the cost of refinancing for these companies.
S&P said it will make a decision on the rating by the middle of next month.