Swedish furniture giant Ikea said Thursday it would suspend its activities in Russia and Belarus, affecting nearly 15,000 employees, 17 stores and three production sites, in response to the war in Ukraine.

"The war has had a huge human impact already. It is also resulting in serious disruptions to supply chain and trading conditions. For all of

Ratings agencies Fitch and Moody's slashed Russia's sovereign debt on Thursday to "junk" status, or the category of countries at risk of not being able to repay their debt, a week after Moscow began its assault on Ukraine.

Moody's downgraded the rating on Russian long-term debt from Baa3 to B3 subject to a further review over the West's sanctions

China on Thursday denied a report it asked Russia to delay its invasion of Ukraine until after the Beijing Winter Olympics, as international scrutiny grows of warming ties between the two powers.

Beijing has taken a cautious line over the actions of its close ally and President Xi Jinping held a meeting last month with his Russian counterpart where