Ukraine flatly rejected as “immoral” a Russian proposal to allow residents of the towns --  including Mariupol on the Sea of Azov, Sumy in the north, the capital Kyiv and Ukraine’s second city Kharkiv -- that would have sent them into the territory of Russia or Belarus, Moscow’s close ally.

The agency said that a strong fiscal position, significant external reserves, favourable situation in the oil market were credit rating supporting factors.

The country’s partners have already pledged around $15 billion in financial aid in a move to support Ukraine’s economy and army amid a military conflict with Russia.

FTSE Russell and MSCI decided to remove Russian equities from all their indexes.

In 2019, the country completed the construction of three new petrochemical plants producing polypropylene, carbamide and high-density polyethylene.