The Russian central bank on Friday cut the key interest rate by 150 bp to 8 percent per annum.

In a statement, the Bank of Russia said the external environment for the Russian economy remains challenging and significantly limits economic activity.

It forecasted a 4.0–6.0 percent decline in GDP growth in Russia in 2022 and a 1.0-4.0 percent decline in the next year. 

And in 2024, GDP growth is projected in the range of 1.5–2.5 percent, it added.