Russia's debt downgraded to junk by Moody's

Move follows S&P's downrating as agency predicts Ukraine crisis, falling oil price and rouble plunge will bring further gloom

Moody's has cut Russia's debt rating by one notch into "junk" territory, saying the Ukraine crisis and the fall in oil prices and plunging rouble would further undermine Russia's economy.

Just over one month since its last downgrade of Moscow's credit rating, Moody's said Russia "is expected to experience a deep recession in 2015 and a continued contraction in 2016.