Russia’s real estate market is being rocked by the end of the generous mortgage subsidy program that has been running for years and was used by the Kremlin to stimulate the economy since the start of the sanctions regime. In July the government ended the scheme that kept mortgage rates at 8% since its introduction in 2020 at a time when the Russian Central Bank (CBR)’s prime rate has climbed to 19% and is expected to rise further. The low borrowing rates caused a boom in the real estate and construction sector that helped maintain employment and boosted economic growth which became even more i…