SHANGHAI:

Chinese rating agency CSCI Pengyuan assigned its highest AAA rating to U.S.-blacklisted Russian oil and gas giant Gazprom (GAZP.MM) on Friday, paving the way for any debt issuance in China's domestic bond market.

Western rating agencies, including Moody's, Fitch and S&P Global Ratings, have withdrawn credit ratings for Gazprom and many other Russian companies due to the Russia-Ukraine conflict.

Accessing China's bond market, the world's second-biggest, would be a boon for Russian companies cut off from Western financing due to sanctions.

"The high rating from an independent foreign rating agency confirms Gazprom's financial stability and indicates the company's strong creditworthiness," Gazprom Deputy CEO Famil Sadygov said in a statement.

The long-term issuer rating on Gazp

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