The Russian central bank cut its key interest rate by one percentage point to 20%, its first easing since September 2022, in a surprise move on Friday.

Russia’s central bank cut its key interest by a full percentage point on Friday to 20 per cent, its first cut since 2022, as Vladimir Putin’s war economy cools.

The Bank of Russia lowered its key interest rate for the first time since late 2022, even with inflation remaining well above its target.