The Russian Central Bank has announced its decision to increase the key rate from 8.50% to 9.50%. The increase is effective from 14 February 2022 and follows an increase in the rate from 7.50% to 8.50% on 20 December 2021.

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 safe h…