Russia on Friday morning cut interest rates for the first time in seven months as growth returns to the oil-dominated economy.

The Russian central bank decided to reduce their main rate by 0.25 percentage points to 9.75%; the market was not expecting a change this month.

The risk they would miss their 4% inflation target this year had "abated" with additional rate cuts a "possibility" in the coming quarters, rate-setters said in a statement.