Moody's has downgraded its ratings on 95 Russian corporates

Moody's (this is a very, very brief summary)

• Today's rating actions on the affected corporates are a direct consequence of the sovereign rating action and reflect Moody's view that ratings of Russian companies are generally constrained by the foreign-currency country ceiling of Russia, which is Caa2.
• The negative outlooks, which are aligned with the sovereign outlook, reflect the severe risks to Russia's macro-economic stability posed by the imposition of severe and co-ordinated sanctions and the financial ramifications from central bank capital controls and delays to sovereign debt repayments.

Not a shock to anyone.