Russia and its impact on Eastern Economies

Last Friday Fitch downgraded Russian rating to the lowest investment grade (BBB-) with negative outlook, currently S&P revises its own grade, with possible downgrade to junk level. If Russia loses investment grade, it can trigger a very severe actions for the whole region. What do you think, can it destabilize the economic situation also in other Eastern partners especially in Belarus and Ukraine.

i like your threads, keep them going!
belarus is highly dependent on russia, mainly because of the strong correlation between the belarussian ruble and the russian ruble. the same in the case of armenia, georgia and kazakhstan.
i couldn't say tough what effects has one bond market on its "periphery", as you specifically asked (one answer is to go back to 1998, where you have russia's default).

Both Ukraine and Belarus are heavily dependent on Russia. In case of vicious economic obstacles Ukraine will sink first, Belarus and Russia possibly afterwards.

Search wiki [Ukraine, Belarus, Russia] economy to understand it's major industries, cash flows, trade partners, dependencies.

Just keep in mind that info on wiki on Ukraine is outdated: aircraft and machine building industry has almost stopped by now, since the major customer is Russia, which has closed borders after EU association deal. Steel production has also significantly degraded in 2014.