The Russian Central Bank has announced its decision to increase the key rate from 19% to 21% on 25 October 2024. The rate was previously increased from 18% to 19% on 13 September 2024. 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 10% to 150% of the key rate (new range from 1 January 2024). For loans denominated in other currencies, saf…