Falling inflation has persuaded the central bank in Moscow to continue relaxing the country’s record borrowing costs.

Slumping global coal prices and sanctions have put Russia’s coal industry on the brink of collapse, forcing the government to intervene as it scrambles to protect both a key energy source and a major employer.

The Bank of Russia has room for a deeper cut to its key interest rate amid slowing inflation and growing pressure from officials and businesses to save the economy from sliding into recession.

Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank cut its key rate to 18% from 20%.

The worsening fuel shortage and increasing prices over the past two years have forced Moscow to apply temporary gasoline export bans multiple times already.

Russia’s central bank slashed its key interest rate to the lowest level in nearly a year amid slowing inflation and growing worries the cooling economy could tip into recession.

The flow of goods in Manzhouli, China’s main border crossing with Russia, underscores increasingly close ties between the two countries, complicating China’s relationship with Europe.

The ruble has become the "best-performing global currency, posting this year's strongest gains against the dollar," said Bloomberg. The ruble has even outperformed generally safe commodities like gold and silver, as well as typically strong European currencies like the Swedish krona and Swiss franc.