Fitch Ratings, a London-based international credit rating company, Friday midnight revised Russia's sovereign credit rating outlook from "stable" to "negative", and affirmed its rating "BBB."

Fitch said the revision reflects the potential impact of sanctions on Russia's economy and business environment.

The United States and European Union (EU) decided to expand sanctions against Russia by adding more people on the list of travel ban and assets freeze, as well as canceling the EU-Russia summit in June this year. Escalating sanction prompted Standard & Poor's to revise its outlook for Russian sovereign credit rating to negative from stable Thursday.

"The direct impact of sanctions announced so far is minor, but the incorporation of Crimea into the Russian Federation will likely lead the EU and U.S. to extend sanctions further in response," noted Fitch.