Russia's sovereign credit rating has been downgraded to "junk" status by Standard & Poor's, which cited growing economic weaknesses.
The ratings agency's cut brings the country's rating below investment-grade for the first time in a decade.
The decision risks raising borrowing costs in Russia as many investment and pension funds have rules that prevent them buying any product not classed as investment-grade.
It also makes it more difficult for banks and other companies to refinance themselves.
S&P said it had cut the rating from BBB- to BB+ because of the growing impact of low oil prices and Western sanctions over the Ukraine crisis.
The move, while widely expected, triggered a further weakening of the rouble - falling more than 7% at one stage to 70 to the dollar.
Banking stocks were also badly hit, while the cost of insuring Russian sovereign debt for five years rose, in a sign of investor concern.
Finance minister Anton Siluanov played down the situation.
"The decision taken shows the excessive pessimism of the agency. It fails to consider a series of factors which characterise the strong side of the Russian economy: the accumulation of large international reserves, including in the sovereign funds," he said.
Russia's international reserves, managed by the central bank, have collapsed since early last year following heavy spending to prop up the rouble, which has fallen more than 40% against the dollar in the last year.
Russia's economy is expected to slide into recession this year as a result of soaring inflation and the weak oil price.
A 60% fall in oil costs since June last year has depressed export revenues.
Oil is the biggest contributor to the Russian purse and President Vladimir Putin has admitted a failure to diversify the country's economy, pledging to publish soon an economic plan to combat the crisis.
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