Russia may lose as much as $30 billion as a result of a downgrade by Standard & Poor’s of its credit rating, Russia’s development minister said Monday. S&P last week put Russia on notice because of a weakened economy and negative review of monetary flexibility. Russian Minister of Economic Development Alexei Ulyukayev said in an interview with Russia’s Business FM radio station that the consequences of a credit downgrade may be severe. “We can’t specify this sum right now but intuitively this is about $20 billion – $30 billion,” he said. “However, this amount still needs to be specified and requires additional work. This is a new risk.” Western sanctions imposed in response to the Kremlin’s policies on Ukraine, coupled with a […]