(QHA) -

Moody's Investors Service has taken rating actions on the seven Russian financial institutions -- Sberbank, Bank VTB JSC, Gazprombank, Russian Agricultural Bank, Agency for Housing Mortgage Lending OJSC (AHML), Vnesheconombank and Alfa-Bank.

These actions follow the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government debt rating to Ba1 from Baa3 on 20th of February, 2015, Moody's said in the statement.

Russian Finance Minister Anton Siluanov said Moody's cut was "political" and not justified based on economics.

Moody's said the ratings of the seven entities were being lowered by one notch and that the long-term ratings of those institutions is negative.

The statement also referred to the "the likelihood of [systemic] government support being made available to each institution."

VTB responded to Moody's downgrade by saying it would have no impact on the bank's operations.