Russia's central bank has kept its key interest rate at 20 percent on Friday, according to a report from RT. 

Bank of Russia policymakers held a scheduled rate meeting after more than doubling the key rate to 20 percent from 9.5 percent in a one-off action on February 28 to support financial stability and shore up the rouble. 

"We expect a decline in GDP in the coming quarters. It will mainly be associated with supply issues [but] the support measures introduced by the government and the Bank of Russia will limit the scale of the economic downturn. The further trajectory of the recovery of the Russian economy will largely depend on the degree and speed of its adjustment to new conditions,” according to RT citing the regulator.

Russia has been greeted with an onslaught of Western economic sanctions, including asset freezes, since the start of the Russian special military operation in Ukraine last month.

Near half of Russia's roughly 640 billion U.S. dollars of gold and foreign currency reserves has been frozen, Russian Finance Minister Anton Siluanov said on March 13.

(With input from agencies)