Russia's central bank has cut its key interest rate significantly from 20 percent to 18 percent, its steepest cut in over three years, aiming to avert a recession amidst economic slowdown fears since the February 2022 invasion of Ukraine.

• The central bank’s move comes as policymakers seek to ease pressure on businesses facing sky-high lending rates.
• Annual inflation was just over nine percent in June, more than double the bank's target of four percent.
• Despite earlier predictions of a deep recession due to sanctions, Russia's GDP grew in 2023 and 2024.