On 29 April 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 17% to 14%, with effect from 2 May 2022.
Previously, the key interest rate was lowered from 20% to 17% on 8 April 2022 following the abrupt increase from 9.5% to 20% on 28 February 2022 in response to the Russian attack of Ukraine.
The key interest rate is used for the purposes of calculating interest deduction and late payment interest on overdue taxes.
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