Russian central bank cuts key rate by ’symbolic’ 50 bps after new US oil sanctions

The Russian central bank has decided to cut its key interest rate by 50 basis points, a move described as 'symbolic' in response to new oil sanctions imposed by the United States. This decision reflects the bank's attempt to stabilize the economy amidst ongoing geopolitical tensions and fluctuating oil prices. While the rate cut may provide some relief to borrowers, its impact on the broader economy remains to be seen, especially given the challenges posed by international sanctions.