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.

Russia's central bank on June 6 lowered its soaring interest rate from 21% to 20%, indicating easing pressures from inflation. The decision marks Russia's first rate cut since September 2022. The central bank decreased rates by 100 basis points,