Russia’s Central Bank Cuts Key Rate as New Sanctions Loom

Russia’s central bank on Friday lowered its key interest rate for a fourth straight meeting as an already slowing economy braces for the impact of fresh sanctions from the U.S. and the European Union in response to President Vladimir Putin’s continued war on Ukraine.

The Bank of Russia cut its key rate to 16.5% from 17%, having begun to lower borrowing costs from a recent peak of 21% in June. The move was smaller than previous cuts.