Geopolitical conflicts will continue to weigh on the CIS economies, Moody’s outlook for CIS sovereigns in 2017 reads.
According to the document, this will happen “mainly because of the impact of Western sanctions on Russia and the conflict in eastern Ukraine but also due to the flare-up of aggression between Azerbaijan and Armenia.”
Of the nine CIS countries rated by Moody's, only Belarus and Kazakhstan are not engaged in a military conflict or border dispute with a neighbor.