Russia has repeatedly refuted the accusations and was on the forefront of negotiating the Minsk agreements for a peaceful resolution to the conflict in Ukraine. Moreover, the people of Crimea overwhelmingly voted in a referendum to rejoin Russia.
"Fitch believes that the risk of more severe sanctions being imposed on Russia — particularly measures that would affect the payments system or trade — has diminished," the press release read on Friday.
Fitch noted that the situation in Ukraine has improved.
"The rate of casualties and military activity in eastern Ukraine has both subsided," the press release said.
In response to Western sanctions, Russia announced in August 2014 a one-year food embargo on products originating in states that imposed the economic restrictions. The ban has since been extended for an additional year.
