Russia Reduces Key Interest Rate to 15.0%, Impacting Controlled Debt Rules and Interest Penalties

The Russian Central Bank has announced its decision to reduce the key rate to 15.0% on 20 March 2026. The rate was previously reduced from 16.0% to 15.5% on 13 February 2026.

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…