Russia companies face a looming credit crunch unless sanctions imposed by the west are relaxed and access to international capital markets is regained, according to Moody’s, the rating agency.

Debt issuaance by Russian companies in July when EU and US tightened sanctions.  Analysts said crunch would hit metals and mining, real estate and construction sectors could suffer most.

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Central bank statistics show that of $220bn in loans disbursed to non-banking corporates and households in Russia last year, almost $93bn came from jurisdictions that are home to large numbers of Russian offshore holdings but are not typical sources for large amounts of bank lending, including Cyprus, Ireland, Luxembourg and the British Virgin Islands.