When key $K$ is open, the resistors form a combined series and parallel configuration. Two resistors between points $A$ and $B$ are in parallel. Two additional resistors are in series with this parallel grouping.
1. The parallel resistors between $A$ and $B$ yield an equivalent resistance:
\[R_{\text{eq}} = \frac{R}{2}\]
2. This equivalent resistance is in series with another resistor $R$, resulting in a total equivalent resistance:
\[R_{\text{total}} = R + \frac{R}{2} = \frac{3R}{2}\]
Therefore, the equivalent resistance between points $A$ and $B$ with key $K$ open is \( {\frac{3R}{2}} \).