The Russian Central Bank has announced its decision to reduce the key rate to 18% on 25 July 2025. The rate was previously reduced from 21% to 20% on 6 June 2025. 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, safe harbor rate ranges a…