The Russian Central Bank has announced its decision to reduce the key rate to 16.0% on 19 December 2025. The rate was previously reduced from 17.0% to 16.5% on 24 October 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 …