The Russian Central Bank has announced its decision to increase the key rate from 16% to 18% on 26 July 2024. The rate was increased from 15% to 16% on 15 December 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 10% to 150% of the key rate (new range from 1 January 2024). For loans denominated in other currencies, safe harbor rate r…