MOSCOW, April 7 (RAPSI) - Financial Markets Committee of Russia's lower house of parliament, the State Duma, has voted to approve a bill on rating agencies submitted after Russia's sovereign rating had been downgraded to junk, RIA Novosti reported on Tuesday.

Top three global rating agencies - Fitch, Moody’s, Standard & Poor’s – downgraded Russia’s rating to junk in January.

Russian officials criticised the move, saying that downgrade was unjustified and politically motivated.

The bill that was submitted by Natalya Burykina, former chairman of the Committee on Financial Markets, introduces accreditation requirements for rating agencies in Russia.

Russian corporations as well as foreign companies that have affiliates in Russia must have at least two years of credit rating activity to be accredited. Foreign companies will have to file documents for accreditation every two years, according to the bill.

Non-accredited rating agencies would not be forbidden from operating in Russia. However, only ratings by accredited agencies may be quoted for regulatory purposes.

Notably, Russia's finance minister Anton Siluanov told journalists in June 2014 that Russia and China woul create a joint credit rating agency.