The Russian Central Bank has announced its decision to increase the key rate from 13.0% to 15.0% on 27 October 2023. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and expense on controlled debt. For ruble-denominated loans, the standard safe harbor rates range from 75% to 125% of the key rate. However, the upper range has been temporarily increased to 180% for the period 1 January 2020 to 31 December 2023, and for ruble-denominated loans…