Russia's Finance Minister Anton Siluanov.

Moscow - Russia and China have reached an agreement to create a joint rating agency that will begin its work by evaluating common investment projects, Russian Finance Minister Anton Siluanov said on Tuesday.

Speaking during a trip to China, Siluanov told journalists that the new agency will be modelled on existing rating agencies.

“We would like (the agency's) ratings to be apolitical,” Siluanov said in comments sent by the ministry's press service.

In late April, Standard and Poor's rating agency cut Russia's sovereign rating to a notch above junk, just weeks after Moscow annexed Ukraine's Crimea peninsula. - Reuters