Effective from 12 February 2018, the Central Bank of Russia (CBR) cut the key interest rate by 25 basis points from 7.75% to 7.50% per annum. For tax purposes, the CBR key rate is important in relation to the safe harbor rates for interest income and expense on controlled debt. For ruble-denominated loans, the safe harbor rates range from 75% to 125% of the CBR key rate. For loans denominated in other currencies, the safe harbor rate range is based on EURIBOR, SHIBOR, or LIBOR, depending on t…