KIEV, May 18 -- Banks in Ukraine, Russia and Kazakhstan face high credit and liquidity risk in today's tough economic environment, with little sign of recovery in sight, according to a report released by Standard & Poor's Ratings Services.

"In our view, there are few current indications of banking sector recovery in the three countries and we believe that the resolution of the problems in all three banking sectors will be lengthy," said Standard & Poor's credit analyst Annette Ess, who wrote the report.