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Economy of Russia

November 30, 2023

The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy.[28] It has enormous natural resources, particularly oil and natural gas.[29] It is the world's 11th-largest economy by nominal GDP, and 6th-largest by purchasing power parity (PPP).[5] Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply.[30] Russia was the last major economy to join the WTO, becoming a member in 2012.[31]

Economy of Russia
CurrencyRussian ruble (RUB, ₽)
Calendar year[1]
Trade organizations
WTO, BRICS, EAEU, CIS, GECF, APEC, G20 and others
Country group
Statistics
Population 147,182,123 (late 2021 census, including Crimea)[4]
GDP
GDP rank
GDP growth
  • −2.1% (2022)
  • 2.2% (2023)
  • 1.1% (2024)[5]
GDP per capita
  • $13,006 (nominal; 2023)[5]
  • $35,310 (PPP; 2023)[5]
GDP per capita rank
GDP by sector
6.6% (October 2023)[7]
Population below poverty line
  • 12.1% (2020)[8]
  • 4.08% on less than $6.85/day (2020)[9]
37.5 medium (2018, World Bank)[10]
Labor force
  • 72,443.66 (2021)[13]
  • 59.4% employment rate (2021)[14]
Labor force by occupation
Unemployment
  • 3.7% (December 2022)[15]
Average gross salary
RUB 76,604 / €700 per month
RUB 66,645 / €609 per month
Main industries
Complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; defence industries (including radar, missile production, advanced electronic components), shipbuilding; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables, textiles, foodstuffs, handicrafts
External
Exports $492.3 billion (2021)[16]
Export goods
Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
Main export partners
Imports $293.5 billion (2021)[16]
Import goods
Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
Main import partners
FDI stock
  • Inward: $38 billion (2021)[19]
  • Outward: $64 billion (2021)[19]
  • $259.34 billion (2022)[20]
  • 12.15% of GDP (2022)[20]
$381.77 billion (December 2022)[21]
Public finances
  • 24.175 ₽ trillion
  • 16.19% of GDP (2022)[20]
3.8% of GDP (2022)[22]
Revenues49.606 ₽ trillion[20]
33.22% of GDP (2022)[20]
Expenses53.038 ₽ trillion[20]
35.52% of GDP (2022)[20]
$592 billion (January 2023)[27] (4th)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Russia's vast geography is an important determinant of its economic activity, with the country holding a large share of the world's natural resources.[32] It has been widely described as an energy superpower;[33] as it has the world's largest natural gas reserves,[34] 2nd-largest coal reserves,[35] 8th-largest oil reserves,[36] and the largest oil shale reserves in Europe.[37] It is the world's leading natural gas exporter,[38] the 2nd-largest natural gas producer,[39] and the 2nd-largest oil exporter,[40] and producer.[41] Russia's foreign exchange reserves are the world's 4th-largest.[42] It has a labour force of roughly 70 million people, which is the world's 7th-largest.[43] Russia is the world's 3rd-largest exporter of arms.[44] The oil and gas sector accounted up to roughly 40% of Russia's federal budget revenues, and up to 60% of its exports in 2019.[45] Russia has the world's 5th-largest number of billionaires.[46] Russias inequality of household income and wealth remains comparatively high.[47]

Following the 2022 Russian invasion of Ukraine, the country has faced extensive sanctions and boycotts from the Western world and its allies which are aimed at isolating the Russian economy from the Western financial system so as to reduce its warring capabilities.[48] In spite of economic sanctions, Russia's economy appears relatively resilient.[49][50][51][52]

History

Main articles: Economic history of the Russian Federation and Economy of the Soviet Union

The Russian economy is volatile. Since 1989 its institutional environment was transformed from a socialist command economy to a capitalistic market system. Its industrial structure dramatically shifted away from heavy investment in manufacturing and agriculture toward market services, oil, gas, and mining. Richard Connolly argues that for the last four centuries, there are four main characteristics of the Russian economy that have shaped the system and persisted despite the political upheavals. First of all the weakness of the legal system means that impartial courts do not rule and contracts are problematic. Second is the underdevelopment of modern economic activities, with very basic peasant agriculture dominant into the 1930s. Third is technological underdevelopment, eased somewhat by borrowing from the West in the 1920s. And fourth lower living standards compared to Western Europe and North America.[53]

Russian Empire

This section is an excerpt from Economy of the Russian Empire after the abolition of serfdom.[edit]
In the second half of the 19th century, it became clear that the preservation of the power and political influence of the Russian Empire would be impossible without the reform and transformation of the political system. Among the economic prerequisites, the crisis of the landlord economy, the poverty of the peasants and the low purchasing power of the population, held back development of the domestic market. Serfdom held back development of the wage labor market and created a shortage of labor for industry. Therefore, the reign of Alexander II became a period of fundamental transformation of Russian society.

Soviet Union

Main article: Economy of the Soviet Union

Beginning in 1928, the course of the Soviet Union's economy was guided by a series of five-year plans. By the 1950s, the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power.[54] By the 1970s the Soviet Union was in an Era of Stagnation. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners in Moscow became overwhelming. The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation, innovation, customers, and suppliers.

 
Workers of Moscow Likhachev Automotive Plant, 1963

From 1975 to 1985, corruption and data manipulation became common practice within the bureaucracy to report satisfied targets and quotas, thus entrenching the crisis. Starting in 1986, Mikhail Gorbachev attempted to address economic problems by moving towards a market-oriented socialist economy. Gorbachev's policies of Perestroika failed to rejuvenate the Soviet economy; instead, a process of political and economic disintegration culminated in the breakup of the Soviet Union in 1991.

Transition to market economy (1991–98)

 
Russian inflation rate 1993-2022
 
Main Directorate of the Bank of Russia for the Central Federal District
 
Russia's GDP by purchasing power parity (PPP) in 1991–2019 (in international dollars)

Following the collapse of the Soviet Union, Russia underwent a radical transformation, moving from a centrally planned economy to a globally integrated market economy. Corrupt and haphazard privatization processes turned over major state-owned firms to politically connected "oligarchs", which has left equity ownership highly concentrated.

Yeltsin's program of radical, market-oriented reform came to be known as a "shock therapy". It was based on the policies associated with the Washington Consensus, recommendations of the IMF and a group of top American economists, including Larry Summers[55][56][57] who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."[58] With deep corruption afflicting the process, the result was disastrous, with real GDP falling by more than 40% by 1999, hyperinflation which wiped out personal savings, crime and destitution spreading rapidly.[59][60] The jump in prices from shock therapy wiped out the modest savings accumulated by Russians under socialism and resulted in a regressive redistribution of wealth in favour of elites who owned non-monetary assets.[61]

Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,[62] along with increased excess mortality[63][64] and a decline in life expectancy.[65] Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country.[66] Likewise, the consumption of meat decreased: in 1990, an average citizen of the RSFSR consumed 63 kg of meat a year; by 1999, it had decreased to 45 kg.[67]

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders[68] for far less than they were worth.[56] For example, the director of a factory during the Soviet regime would often become the owner of the same enterprise. Under the government's cover, outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government.[69] Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.[70] This rapid privatization of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."[71]

Difficulties in collecting government revenues amid the collapsing economy and dependence on short-term borrowing to finance budget deficits led to the 1998 Russian financial crisis.

In the 1990s Russia was "the largest borrower" from the International Monetary Fund, with loans totalling $20 billion. The IMF was criticised for lending so much, as Russia introduced little of the reforms promised for the money and a large part of these funds could have been "diverted from their intended purpose and included in the flows of capital that left the country illegally".[72][73]

Recovery and growth (1999–2008)

 
Oil prices in the 2000s

Russia bounced back quickly from the August 1998 financial crash, partly because of a devaluation of the ruble, which made domestic producers more competitive nationally and internationally.

Between 2000 and 2002, significant pro-growth economic reforms included a comprehensive tax reform, which introduced a flat income tax of 13%; and a broad effort at deregulation which benefited small and medium-sized enterprises.[74]

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.[59] Disposable incomes more than doubled and in dollar-denominated terms increased eightfold.[75] The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.[76][77] The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.[78][79]

Inflation remained a problem however, as the central bank aggressively expanded money supply to combat appreciation of the ruble.[80] Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability".[81] Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.[74]

2009–14

 
Changes in the credit rating (foreign) of Russia, Standard & Poor’s

Russian banks were hit by the global credit crunch in 2008, though no long term damage was done thanks to proactive and timely response by the government and central bank, which shielded the banking system from effects of the global financial crisis.[82][83][84] A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009.[59]

 
Russian bonds, Inverted yield curves to tame inflation during their wars (Russo-Georgian War, Russo-Ukrainian War, 2022 Russian invasion of Ukraine)
  20 year bond
  10 year bond
  1 year bond
  3 month bond

Between 2000 and 2012 Russia's energy exports fuelled a rapid growth in living standards, with real disposable income rising by 160%.[85] In dollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.[75] In the same period, unemployment and poverty more than halved and Russians' self-assessed life satisfaction also rose significantly.[86] This growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies.[87] However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all financial assets held by Russian households.[88][89] Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.[90] Since 2008 Forbes has repeatedly named Moscow the "billionaire capital of the world".[91]

In July 2010, Russia together with Belarus and Kazakhstan became a founding member of the Customs Union of the Eurasian Economic Community (EurAsEC), and the EurAsEC Single Economic Space, a common market of the same countries, came into force on January 1, 2012, superseding the bilateral agreements on free trade. At the same time Russia's membership to the WTO was accepted in 2011.[92] Russia joined the World Trade Organization (WTO) on 22 August 2012 after 19 years of negotiations.[93][94][95] On September 20, 2012 the multi-lateral Free Trade Area of the Commonwealth of Independent States (CIS FTA) came into force for Russia and subsequently superseded previous bilateral agreements among 9 participating post-Soviet states.[96] In 2015, Russia became a founding member of the Eurasian Economic Union (EAEU), which replaced EurAsEC and envisaged a supranational economic union (the deepest stage of economic integration[97]).[98]

Rapid GDP and income growth continued until 2013. The most important topic of discussion in the economy for a decade was the middle-income trap. In 2013, the World Bank announced that Russia had graduated to a high-income economy based on the results of 2012[99][100][101] but in 2016 it was reclassified as an upper-middle income economy[102][103] due to changes in the exchange rate of the Russian ruble, which is a floating currency. While the UN Human Development Index, which assesses progress in the standard of living, health and education, ranks Russia among the 'very high human development' countries.[104][105]

Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high-technology sector.[106] In 2012 oil, gas and petroleum products accounted for over 70% of total exports.[107] This economic model appeared to show its limits, when after years of strong performance, the Russian economy expanded by a mere 1.3% in 2013.[59] Several reasons were proposed to explain the slowdown, including a prolonged recession in the EU, which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and demographic problems.[108] Political turmoil in neighbouring Ukraine added to the uncertainty and suppressed investment.

2014–21

 
Countries by natural gas proven reserves (2014), based on data from The World Factbook. Russia has the world's largest reserves.

Following the annexation of Crimea in March 2014 and Russia's involvement in the ongoing War in Donbas, the United States, the European Union, Canada and Japan imposed sanctions on Russia.[109] This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis. Russia responded with sanctions against a number of countries, including a one-year period of total ban on food imports from the European Union and the United States.

According to the Russian economic ministry in July 2014, GDP growth in the first half of 2014 was 1%. The ministry projected growth of 0.5% for 2014.[110] The Russian economy grew by a better than expected 0.6% in 2014.[111] Russia is rated one of the most unequal of the world's major economies.[112]

As of 2015, real income was still lower for 99% of Russians than it was in 1991.[66]

The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight.[113] While in 2014 GDP growth remained positive at 0.6%,[114] in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.[115] By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%.[116][117]

In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world,[118] up from 14th in January 2015[119] and 18th in January 2014.[120] Russia has the world's 15th highest patent application rate, the 8th highest concentration of high-tech public companies, such as internet and aerospace and the third highest graduation rate of scientists and engineers.[118]

According to the British company BP (Statistical Yearbook 2018), proven oil reserves in Russia at the end of 2017 were 14.5 billion tons, natural gas was 35 trillion cubic meters.[121] Gold reserves in Russia's subsoil, according to the U.S. Geological Survey, were 5,500 tons at the end of 2017.[122]

In 2019, the Ministry of Natural Resources estimated the country's mineral reserves in physical terms. At the end of 2017, oil reserves were 9.04 billion tons, gas reserves were 14.47 trillion cubic meters, gold reserves were 1,407 tons, and diamonds reserves were 375 million metric carats. Then for the first time the Ministry evaluated the mineral reserves of Russia in terms of value. The value of oil reserves amounted to 39.6 trillion rubles, the value of gas amounted to 11.3 trillion rubles, coking coal amounted to almost 2 trillion rubles, iron ore amounted to 808 billion rubles, diamonds amounted to 505 billion rubles, gold amounted to 480 billion rubles. The combined value of all mineral and energy resources (oil, gas, gold, copper, iron ore, thermal and lignite coal, and diamonds) amounted to 55.24 trillion rubles (US$844 billion), or 60% of GDP for 2017. The assessment occurred after the adoption of a new classification of reserves in Russia and the object of the methodology was only those fields for which a license was issued, so the assessment of the Ministry of Natural Resources is less than the total volume of explored reserves. Experts criticized such "an unsuccessful attempt to estimate reserves," pointing out that "one should not take such an estimate seriously" and "the form contains an incorrect formula for calculating the value".[123][124]

2022–present

See also: Economic impact of the Russian invasion of Ukraine and 2022 Russian debt default

In 2022, there have been heavy sanctions due to the Russian invasion of Ukraine that will likely result in steep recession.[125] Since early 2022 many official economic statistics are not published.[126] Sanctions also included asset freezes on the Russian Central Bank,[127] which holds $630 billion in foreign-exchange reserves,[128] to prevent it from offsetting the impact of sanctions.[129]

According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.[130][131][132]

On 27 June 2022 Russia defaulted on part of its foreign currency, its first such default since 1918.[133]

In November 2022 it was reported that Russia had officially entered a recession as the Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter.[134]

As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products, designed to allow Russia to maintain production, but limiting the revenue from oil sales.[135][136]

In 2022, the Economist calculated that Russia did graduate into the category of high-income economies by 2022, if counted at purchasing power parity rather than the exchange rate, but could fall below the threshold because of invasion of Ukraine.[137] In December 2022 in a study an economist at the Bank of Russia’s Research and Forecasting Department, finds that the import dependence of the Russian economy is relatively low, does not exceed the median for other countries and the share of imports in most industries is lower than in other countries. The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials. However, 60% of Russia’s imports come from the countries that have announced sanctions against Russia.[138]

TASS reported poor results for the Russian economy for quarter 1 2023 with revenues of 5.7 trillion roubles – down 21% (mainly due to falling oil revenues), expenditure 8.1 trillion roubles – up 34% (mainly due to increased military costs), creating a deficit 2.4 trillion roubles – ($29.4 billion)[139]

Following Central Bank of Russia interventions, the exchange rate of rouble against the dollar remained relatively stable in 2022, although in 2023 it started to decrease significantly, reaching 97 RUB per 1 USD on 15 August 2023. Both the interventions and the exchange rate decrease resulted in significant criticism of the Central Bank by Russian state propaganda.[140] Quarter 2 of 2023 saw a 13% fall in the value of the rouble against the dollar and a current account surplus estimated in to be falling by 80% from the annual 2022 surplus of $233 billion.[141]

In August and September 2022 the Central Bank of Russia started raising the key lending rate, ending up at 13% in September, while USD to RUB exchange rate remained at 95 RUB.[142] As of June 2023 share of Russia's exports to EU dropped to 1.7% while Russia's imports from EU dropped to 1.5%.[143] In October 2023 the "psychological barrier" of 100 RUB per 1 USD was crossed.[144]

The 2024 budget expects revenues of 35 trillion rubles ($349 billion) with expenditure of 36.6 trillion, based on a Urals oil forecast of $71.30 per barrel, a 90.1 rubles to 1 USD exchange rate and inflation of 4.5%. Defence spending will double to 10.78 trillion, 29.4% of expenditure. Russia currently has a record low unemployment rate of just 3 percent.[145]

  •  

    Gross domestic product (PPP) per capita in April 2022

  •  

    Unemployment rate of Russia since the fall of the Soviet Union

  •  

    Russian inflation rate 2012–2022

Data

The following table shows the main economic indicators in 1980–2021. Inflation below 5% is in green.[146]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Per cent)

Unemployment

(in Per cent)

Government debt

(in % of GDP)

1992 1,602.6 10,805.2 71.6 482.8 n/a n/a 5.2% n/a
1993  1,497.9  10,091.3  196.2  1,322.0  -8.7%  874.3%  5.9% n/a
1994  1,335.6  8,999.0  293.8  1,979.4  -12.7%  307.5%  8.1% n/a
1995  1,307.7  8,818.3  335.8  2,264.3  -4.1%  197.3%  8.3% n/a
1996  1,283.6  8,668.4  412.7  2,787.0  -3.6%  47.8%  9.3% n/a
1997  1,323.7  8,958.2  433.7  2,935.0  1.4%  14.8%  10.8% 51.5%
1998  1,267.1  8,588.1  287.7  1,949.8  -5.3%  27.7%  11.9%  135.2%
1999  1,366.5  9,303.2  209.7  1,427.3  6.4%  85.7%  13.0%  92.4%
2000  1,537.9  10,511.7  278.3  1,902.0  10.0%  20.8%  10.6%  55.9%
2001  1,652.6  11,346.4  328.5  2,255.3  5.1%  21.5%  8.9%  44.4%
2002  1,758.0  12,127.0  370.1  2,552.8  4.7%  15.8%  8.0%  37.6%
2003  1,924.4  13,333.1  461.5  3,197.6  7.3%  13.7%  8.2%  28.3%
2004  2,117.9  14,727.8  633.3  4,404.0  7.2%  10.9%  7.7%  20.8%
2005  2,323.6  16,221.8  817.7  5,708.8  6.4%  12.7%  7.2%  14.9%
2006  2,590.6  18,133.2  1,060.9  7,426.0  8.2%  9.7%  7.1%  9.8%
2007  2,887.6  20,229.0  1,393.4  9,761.4  8.5%  9.0%  6.0%  8.0%
2008  3,097.5  21,700.5  1,779.1  12,464.2  5.2%  14.1%  6.2%  7.4%
2009  2,873.5  20,117.9  1,307.9  9,157.0  -7.8%  11.6%  8.2%  9.9%
2010  3,039.0  21,271.9  1,633.1  11,431.1  4.5%  6.8%  7.4%  10.1%
2011  3,259.3  22,783.5  2,046.6  14,306.4  5.1%  8.4%  6.5%  10.3%
2012  3,480.3  24,278.8  2,191.5  15,288.0  4.0%  5.1%  5.5%  11.2%
2013  3,741.8  26,044.8  2,288.4  15,928.7  1.8%  6.8%  5.5%  12.3%
2014  3,763.5  25,730.6  2,048.8  14,007.5  0.7%  7.8%  5.2%  15.1%
2015  3,526.2  24,062.5  1,356.7  9,257.9  -2.0%  15.5%  5.6%  15.3%
2016  3,538.6  24,104.1  1,280.6  8,723.5  0.2%  7.0%  5.5%  14.8%
2017  3,818.8  25,999.3  1,575.1  10,724.0  1.8%  3.7%  5.2%  14.3%
2018  4,019.8  27,386.2  1,653.0  11,261.7  2.8%  2.9%  4.8%  13.6%
2019  4,181.6  28,495.0  1,695.7  11,555.3  2.2%  4.5%  4.6%  13.7%
2020  4,119.3  28,181.2  1,484.4  10,155.3  -2.7%  3.4%  5.8%  19.2%
2021  4,494.2  30,875.8  1,778.5  12,218.7  4.7%  6.7%  4.8%  17.0%
2022

Income inequality

In Russia, areas where income is higher have increased air pollution. However while income may have been higher in these regions a greater disparity in income inequality was found. It was discovered that "greater income inequality within a region is associated with more pollution, implying that it is not only the level of income that matters but also its distribution".[147] In Russia areas lacking in hospital beds suffer from greater air pollution than areas with higher numbers of beds per capita which implies that the poor or inadequate distribution of public services also may add to the environmental inequality of that region.[147]

Currency and monetary policy

The currency of the Russian Federation is the Russian ruble.

The currency exchange rate is floating. The Central Bank of the Russian Federation follows inflation targeting policy. Higher inflation than in developed countries has remained throughout the last 25-30 post-Soviet years and the devaluation of the currency (in relation to foreign currencies and in relation to domestic goods) is significantly compensated by higher interest rates and an increase in nominal incomes and assets. This situation is typical for developing markets. Typically devaluations of the ruble relative to foreign currency strongly stimulate the export-oriented economy of Russia.

Ruble's Real Effective Exchange Rate remains in 2022-23 higher than in 1996 and 1998[148] when the sharp devaluations happened relative to the foreign currency.

Public policy

Federal, regional and municipal budgets

See also: Federal budget of Russia

Fiscal policy

Russia was expected to have a Government Budget deficit of $21 billion in 2016.[149] The budget deficit narrowed to 0.6% of GDP in 2017 from 2.8% in 2016.[150]

Debts

Russia is a creditor nation and has a positive net international investment position (NIMP). Russia has one of the lowest government debts (total external and domestic) and lowest external debts (total public and private) among major economies.[151][152][153][154]

In 2022, domestic government debt increased by 13.9 percent to 18.78 billion rubles.[155][156] Russia Domestic government Debt data was reported at 19,801.921 RUB bn in May 2023.[157]

In 2022, the share of external debt to GDP was 17%, decreasing from 26.3% in 2021.[153][158] Russia's external debt was estimated at 381.8 billion U.S. dollars as of January 1, 2023, down 20.8 percent from the previous year.[159] Russia External Debt reached 357.9 USD billion in March 2023, compared with 380.5 USD billion in the previous quarter.[160]

National wealth fund

See also: Russian National Wealth Fund

On 1 January 2004, the Government of Russia established the Stabilization fund of the Russian Federation as part of the federal budget to balance it if price of oil falls. On 1 February 2008 the Stabilization fund was divided into two parts. The first is a reserve fund equal to 10% of GDP and was to be invested in a similar way as the Stabilization Fund. The second is the National Welfare Fund of the Russian Federation to be invested in more risky instruments, including some shares in domestic and foreign companies. The Reserve fund which started with $125 billion was exhausted by 2017 and discontinued. The National Wealth Fund started with $32 billion in 2008 and by December 2022 was $148 billion.[161]

Russia has one of the lowest foreign debts among major economies.[162]

Corruption

 
Corruption Perceptions Index by Transparency International, 2019

Russia was the lowest rated European country in Transparency International's Corruption Perceptions Index for 2020; ranking 129th out of 180 countries.[163] Corruption is perceived as a significant problem in Russia,[164] impacting various aspects of life, including the economy,[165] business,[166] public administration,[167][168] law enforcement,[169] healthcare,[170] and education.[171] The phenomenon of corruption is strongly established in the historical model of public governance in Russia and attributed to general weakness of rule of law in Russia.[172] As of 2020, the percentage of business owners who distrust law enforcement agencies rose to 70% (from 45% in 2017); 75% don't believe in impartiality of courts and 79% do not believe that legal institutions protect them from abuse of law such as racketeering or arrest on dubious grounds.[173]

Sectors

Primary

Energy

Main article: Energy in Russia
See also: List of countries by natural gas proven reserves, List of countries by natural gas exports, List of countries by oil exports, and Russia in the European energy sector
 
Until 2022 Russia was a key oil and gas supplier to much of Europe
 
Rosneft headquarters on the bank of the Moskva River, Moscow

The mineral-packed Ural Mountains and the vast fossil fuel (oil, gas, coal), and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources, which dominate Russian exports. Oil and gas exports, specifically, continue to be the main source of hard currency.

Russia has been widely described as an energy superpower;[33] as it has the world's largest natural gas reserves,[34] the second-largest coal reserves,[35] the eighth-largest oil reserves,[36] and the largest oil shale reserves in Europe.[37] It is the world's leading natural gas exporter,[38] the second-largest natural gas producer,[39] and the second-largest oil exporter,[40] and producer.[41] Fossil fuels cause most of the greenhouse gas emissions by Russia.[174] The country is the world's fourth-largest electricity producer,[175] and the ninth-largest renewable energy producer in 2019.[176] Russia was also the world's first country to develop civilian nuclear power, and to construct the world's first nuclear power plant.[177] In 2019, It was the world's fourth-largest nuclear energy producer.[178]

In the mid-2000s, the share of the oil and gas sector in GDP was around 20%, and in 2013 it was 20–21% of GDP.[179] The share of oil and gas in Russia's exports (about 50%) and federal budget revenues (about 50%) is large, and the dynamics of Russia's GDP are highly dependent on oil and gas prices,[180] but the share in GDP is much less than 50%. According to the first such comprehensive assessment published by the Russian statistics agency Rosstat in 2021, the maximum total share of the oil and gas sector in Russia's GDP, including extraction, refining, transport, sale of oil and gas, all goods and services used, and all supporting activities, amounts to 16.9% in 2017, 21.1% in 2018, 19.2% in 2019 and 15.2% in 2020.[181][182][183][184][185] Russia consumes domestically two-thirds of its gas production and a quarter of its oil production while it sells three-quarters of its oil on the world market and Russia's share of the traded world oil market is 17.5% - more than Saudi Arabia's.[186][187] At the same time, experts note that there are formal and informal part of the rent and the total oil and gas rent in 2023 can be estimated at about 24% of Russia's GDP. Michael Alexeyev, a professor of economics at Indiana University, notes that the oil and gas taxes reported by the government do not include corporate dividends and the so-called indirect or additional revenues derived from the expenditure of oil and gas rents in the economy.[188]

Mining

Main articles: Mining industry of Russia and Metallurgy of Russia

Russia is also a leading producer and exporter of minerals and gold. Russia is the largest diamond-producing nation in the world, estimated to produce over 33 million carats in 2013, or 25% of global output valued at over $3.4 billion, with state-owned ALROSA accounting for approximately 95% of all Russian production.[189]

In 2019, the country was the 3rd world producer of gold;[190] 2nd worldwide producer of platinum;[191] 4th worldwide producer of silver;[192] 9th largest world producer of copper;[193] 3rd largest world producer of nickel;[194] 6th largest world producer of lead;[195] 9th largest world producer of bauxite;[196] 10th largest world producer of zinc;[197] 2nd worldwide producer of vanadium;[198] 2nd largest world producer of cobalt;[199] 5th largest world producer of iron ore;[200] 7th largest world producer of boron;[201] 9th largest world producer of molybdenum;[202] 13th largest world producer of tin;[203] 3rd largest world producer of sulfur;[204] 4th largest world producer of phosphate;[205] 8th largest world producer of gypsum;[206] in addition to being the world's 10th largest producer of salt.[207] It was the world's 6th largest producer of uranium in 2018.[208]

Agriculture

Main articles: Agriculture in Russia and Fishing industry in Russia
 
A combine harvester in Rostov Oblast

Russia's agriculture sector contributes about 5% of the country's total GDP, although the sector employs about one-eighth of the total labour force.[209] It has the world's third-largest cultivated area, at 1,265,267 square kilometres (488,522 sq mi). However, due to the harshness of its environment, about 13.1% of its land is agricultural,[1] and only 7.4% of its land is arable.[210] The main product of Russian farming has always been grain, which occupies considerably more than half of the cropland.[209] Russia is the world's largest exporter of wheat,[211] and is the largest producer of barley,[212] buckwheat, oats,[213] and rye,[214] and the second-largest producer of sunflower seed.[215] Various analysts of climate change adaptation foresee large opportunities for Russian agriculture during the rest of the 21st century as arability increases in Siberia, which would lead to both internal and external migration to the region.[216]

More than one-third of the sown area is devoted to fodder crops, and the remaining farmland is devoted to industrial crops, vegetables, and fruits.[209] Owing to its large coastline along three oceans, Russia maintains one of the world's largest fishing fleets, ranking sixth in the world in tonnage of fish caught; capturing 4,773,413 tons of fish in 2018.[217] It is also home to the world's finest caviar (the beluga), and produces about one-third of all canned fish, and some one-fourth of the world's total fresh and frozen fish.[209]

Industry

 
Russia's industrial growth per year (%), 1992–2010

Defence industry

Main articles: Defence industry of Russia and Science and technology in Russia
 
President Vladimir Putin meeting with workers of Kalashnikov Concern (2016)
 
A view of T-14 Armata tank

The defence industry of Russia is a strategically important sector and a large employer in the country. Russia has a large and sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, including a fifth-generation fighter jet, nuclear powered submarines, firearms, and short range/long range ballistic missiles. It is the world's second-largest exporter of arms, behind only the United States.[1]

Aerospace

 
The Sukhoi Superjet 100 is one of Russia's most recent civilian aviation products. The regional passenger plane was ordered around 280 times for various airlines and leasing companies as of 2018
Main articles: Aircraft industry of Russia and Space industry of Russia

Aircraft manufacturing is an important industry sector in Russia, employing around 355,300 people. The Russian aircraft industry offers a portfolio of internationally competitive military aircraft such as MiG-29 and Su-30, while new projects such as the Sukhoi Superjet 100 are hoped to revive the fortunes of the civilian aircraft segment. In 2009, companies belonging to the United Aircraft Corporation delivered 95 new fixed-wing aircraft to its customers, including 15 civilian models. In addition, the industry produced over 141 helicopters. It is one of the most science-intensive hi-tech sectors and employs the largest number of skilled personnel. The production and value of the military aircraft branch far outstrips other defence industry sectors, and aircraft products make up more than half of the country's arms exports.[218]

The Space industry of Russia consists of over 100 companies and employs 250,000 people.[219]

Automotive industry

Main article: Automotive industry in Russia
 
Lada is a brand of AvtoVAZ, the largest Russian car manufacturer in the Russian automotive industry.
 
Aurus Senat, a recent armoured limousine project by NAMI

Automotive production is a significant industry in Russia, directly employing around 600,000 people or 1% of the country's total workforce. Russia produced 1,767,674 vehicles in 2018, ranking 13th among car-producing nations in 2018, and accounting for 1.8% of the worldwide production.[220] Following the 2022 sanctions and the withdrawal of Western manufacturers the production dropped to 450,000 passenger cars in 2022, the lowest level since the dissolution of the Soviet Union in 1991.[221] The main local brands are light vehicle producers AvtoVAZ and GAZ, while KamAZ is the leading heavy vehicle producer. In December 2022 the only foreign car manufacturers are eleven Chinese carmakers that have production operations or are constructing their plants in Russia.[222]

Electronics

Russia was experiencing a regrowth of microelectronics, with the revival of JCS Mikron until sanctions took effect in 2022.[223][224][225]

Services

Retail

As of 2013, Russians spent 60% of their pre-tax income on shopping, the highest percentage in Europe. This is possible because many Russians pay no rent or house payments, owning their own home after privatization of state-owned Soviet housing. Shopping malls were popular with international investors and shoppers from the emerging middle class. Russia had over 1,000 shopping malls in 2020, although in 2022 many international companies left Russia resulting in empty stores in malls.[226] A supermarket selling groceries is a typical anchor store in a Russian mall.[227]

Retail sales in Russia[228]

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total retail sales (RUB trillions) 14.60 16.49 19.08 21.3 23.7 26.4 27.6 29.75 27.88 31.58 33.62 33.56 39.47 42.51

Telecommunications

Main articles: Telecommunications in Russia and Internet in Russia

Russia's telecommunications industry is growing in size and maturity. As of December 2007, there were an estimated 4,900,000 broadband lines in Russia.[229]

As of 2020, 122,488,468 Russians (85% of the country's total population) were Internet users.[230]

There are four national mobile phone networks, MegaFon, Tele2, Beeline and MTS with total subscriptions between 2011 to 2021 ranging between 200 and 240 million.[231]

Transportation

Main articles: Transport in Russia and Russian Railways
 
The Trans-Siberian Railway, the longest railway-line in the world, as seen across the coast of Lake Baikal.
 
The Russky Bridge in Vladivostok is the longest cable-stayed bridge in the world

Railway transport in Russia is mostly under the control of the state-run Russian Railways.[232] The total length of common-used railway tracks is the world's third-longest, and exceeds 87,157 km (54,157 mi).[233] As of 2016, Russia has 1,452.2 thousand km of roads,[234] and its road density is among the world's lowest.[235] Russia's inland waterways are the world's second-longest, and total 102,000 km (63,380 mi).[236] Among Russia's 1,218 airports,[237] the busiest is Sheremetyevo International Airport in Moscow.[238]

Russia's largest port is the Port of Novorossiysk in Krasnodar Krai along the Black Sea.[239] Russia is the world's sole country to operate nuclear-powered icebreakers, which advance the economic exploitation of the Arctic continental shelf of Russia, and the development of sea trade through the Northern Sea Route.[240]

Construction

 
The Port of Novorossiysk

In 2022 construction was worth 13 trillion rubles, 5% more than in 2021. Residential construction in 2022 reached 126.7 million square metres.[241]

The 2020-2030 target for construction is 1 billion m2 of housing, 20% of all housing stock to be renovated and to increase space from 27.8 m2 up to 33.3 m2 per person.[241]

Insurance

According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013. The concentration of insurance business is significant across all major segments except compulsory motor third party liability market (CMTPL) [ru], as the top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI).[242] Russian insurance market in 2013 demonstrated quite significant rate of growth in operations. Total amount of premiums charged (without CHI) in 2013 is RUB 904.9 bln (increase on 11.8% compared to 2012), total amount of claims paid is RUB 420.8 bln (increase on 13.9% compared to 2012). Premiums to GDP ratio (total without CHI) in 2013 increased to 1.36% compared to 1.31 a year before. The share of premiums in household spending increased to 1.39%. Level of claims paid on the market total without CHI is 46.5%, an insufficient increase compared to 2012. The number of policies in 2013 increased on 0.1% compared to 2012, to 139.6 mln policies.

Although relative indicators of the Russian insurance market returned to pre-crisis levels, the progress is achieved mainly by the increase of life insurance and accident insurance, the input of these two market segments in premium growth in 2013 largely exceeds their share on the market. As before, life insurance and accident insurance are often used by banks as an appendix to a credit contract protecting creditors from the risk of credit default in case of borrower's death or disability. The rise of these lines is connected, evidently, with the increase in consumer loans, as the total sum of credit obligations of population in 2013 increased by 28% to RUB 9.9 trillion. At the same time premium to GDP ratio net of life and accident insurance remained at the same level of 1.1% as in 2012. Thus, if "banking" lines of business are excluded, Russian insurance market is in stagnation stage for the last four years, as premiums to GDP ratio net of life and accident insurance remains at the same level of 1.1% since 2010.[243]

Information technology

Main article: Information technology in Russia
 
Russia has more academic graduates than any other country in Europe. (And world leader in percentage of population with associate degree or higher: 54%, compared to 31% in UK[244])

The IT market is one of the most dynamic sectors of the Russian economy. Russian software exports have risen from just $120 million in 2000 to $3.3 billion in 2010.[245] Since the year 2000 the IT market has started growth rates of 30–40% a year, growing by 54% in 2006 alone. The biggest sector in terms of revenue is system and network integration, which accounts for 28.3% of the total market revenues.[246] Meanwhile, the fastest growing segment of the IT market is offshore programming.

 
Interior of the Beriev Scientific and Technical Complex in Taganrog

The government has launched a program promoting construction of IT-oriented technology parks (Technoparks)—special zones that have an established infrastructure and enjoy a favorable tax and customs regime, in seven different places around the country: Moscow, Novosibirsk, Nizhny Novgorod, Kaluga, Tumen, Republic of Tatarstan and St. Peterburg Regions.[245]

Under a government decree signed in June 2013, a special "roadmap" is expected to ease business suppliers’ access to the procurement programs of state-owned infrastructure monopolies, including such large ones as Gazprom, Rosneft, Russian Railways, Rosatom, and Transneft. These companies will be expected to increase the proportion of domestic technology solutions they use in their operations. The decree puts special emphasis on purchases of innovation products and technologies. According to the new decree, by 2015, government-connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018.[247]

Russia is one of the few countries in the world with a home grown internet search engine who owns a relevant marketshare as the Russian-based search engine Yandex is used by 53.8% of internet users in the country.[248][249][250]

Known Russian IT companies are ABBYY (FineReader OCR system and Lingvo dictionaries), Kaspersky Lab (Kaspersky Anti-Virus, Kaspersky Internet Security), Mail.Ru (portal, search engine, mail service, Mail.ru Agent messenger, ICQ, Odnoklassniki social network, online media sources).

Tourism

Main article: Tourism in Russia
 
Peterhof Palace in Saint Petersburg, a UNESCO World Heritage Site.

According to a UNWTO report, Russia is the sixteenth-most visited country in the world, and the tenth-most visited country in Europe, as of 2018, with 24.6 million visits.[251] Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019.[252] According to Federal Agency for Tourism, the number of inbound trips of foreign citizens to Russia amounted to 24.4 million in 2019.[253] Russia's international tourism receipts in 2018 amounted to $11.6 billion.[251] In 2020, tourism accounted for about 4% of country's GDP.[254] Major tourist routes in Russia include a journey around the Golden Ring theme route of ancient cities, cruises on the big rivers like the Volga, and journeys on the famous Trans-Siberian Railway.[255] Russia's most visited and popular landmarks include Red Square, the Peterhof Palace, the Kazan Kremlin, the Trinity Lavra of St. Sergius and Lake Baikal.[256]

Economic integration

Russia joined the World Trade Organization (WTO) on 22 August 2012.[93] On September 20, 2012 the Free Trade Agreement of the Commonwealth of Independent States signed on October 18, 2011 came into force (CIS FTA) for Russia and superseded previous agreements.[96] Russia is a founding member of the Eurasian Economic Union (EAEU) and is party to EAEU trade agreements with Vietnam, Iran, Singapore, and Serbia. In 2018, the EAEU signed a trade cooperation agreement with China, and it is in trade negotiations with India, Israel, and Egypt. Russia is also a party to several agreements that predate the EAEU.[257] The EAEU Treaty in 2015 superseded previous integration agreements and envisaged an economic union (the deepest stage of economic integration[97]). The EAEU provides for free movement of goods, services, capital and labour without a work permit ("four economic freedoms" as in the European Union), pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union. The EAEU has an Eurasian Customs Union and an integrated single market of 183 million people.[98]

External trade and investment

 
Zapolyarnoye gas field
 
Novolipetsk Steel-operated steel plant in Lipetsk

Trade

Russia recorded a trade surplus of US$15.8 billion in 2013.[258] Balance of trade in Russia is reported by the Central Bank of Russia. Historically, from 1997 until 2013, Russia balance of trade averaged US$8.338billion reaching an all-time high of US$20.647 billion in December 2011 and a record low of −185 US$ million in February 1998. Russia runs regular trade surpluses primarily due to exports of commodities.

In 2015, Russia main exports are oil and natural gas (62.8% of total exports), ores and metals (5.9%), chemical products (5.8%), machinery and transport equipment (5.4%) and food (4.7%). Others include: agricultural raw materials (2.2%) and textiles (0.2%).[259]

Russia top exports in 2021 were: Crude oil $110.9b, Processed oil $69.9b, gold $17.3b, coal $15.4b and natural gat $7.3b.[260]

Russia top imports in 2021 were: Transmission equipment $10.7b, medication $7.3b, tankers $3.7b, parts and accessories for data processing 3.7b and storage units $3.3b.[260]

Foreign trade of Russia – Russian export and import[260]

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Export (US$ Billions) 241 302 352 468 302 397 517 525 527 498 344 302 379 451 427 337 492
Import (US$ Billions) 99 138 200 267 171 229 306 316 315 287 183 207 260 240 247 231 293
 
GRP per capita, 2016 (US dollars):
  50 000 and over
  30 000 – 50 000
  9 750 (Russian average) – 20 000
  7 500 – 9 750
  5 000 – 7 500
  under 3 000

2013–

 
Port of Saint Petersburg
 
Magnitogorsk Iron and Steel Works

In 2017, Russian Federation's commercial services' shares of total exports and imports were 13.9% and 26.8%, respectively. Russian Federation had a trade-to-GDP ratio of 46.6% in 2017.[261] In 2013–2017, Russia had a trade surplus for goods, and a trade deficit for services. Since trade in goods is larger than trade in services, Russia had a significant trade surplus.[262] Trade is relatively important to the Russian economy: the ratio of Russia’s goods trade (exports plus imports) to GDP has averaged about 40% in recent years, compared to 20% for the United States. In 2021, Russia ranked 13th among world goods exporters and 22nd among importers. According to Russian official sources, its goods exports totaled $492 billion in 2021, up 46% from 2020 (not adjusting for inflation). Minerals, including oil and gas, accounted for almost 45% of these exports. Goods imports increased 27% to $294 billion in 2021. Machinery and mechanical appliances was the top import category, accounting for almost a third of Russia’s goods imports. In services trade, Russia ranked 26th among world exporters and 19th among importers in 2020, the most recent year for which there is data. It was a net services importer, exporting $49 billion worth of services and importing $76 billion.[257]

According to the World Bank, imports of goods and services occupied 21.3% of the Russian gross domestic product (GDP) in 2021 [263] and exports of goods and services occupied 30.9% of Russia's GDP.[264] Russia has trade-to-GDP ratio (trade openness) 49.26% [265] which is lower than an average of the countries. In December 2022 in a study an economist at the Bank of Russia’s Research and Forecasting Department, finds that the import dependence of the Russian economy is relatively low, does not exceed the median for other countries and the share of imports in most industries is lower than in other countries. The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials. However, 60% of Russia’s imports come from the countries that have announced sanctions against Russia.[138]

Mergers and acquisitions

Between 1985 and 2018 almost 28,500 mergers or acquisitions have been announced in Russia. This cumulates to an overall value of around 984 bil. USD which translates to 5.456 bil. RUB. In terms of value, 2007 has been the most active year with 158 bil. USD, whereas the number of deals peaked in 2010 with 3,684 (964 compared to the value record year 2007). Since 2010 value and numbers have decreased constantly and another wave of M&A is expected.[266]

The majority of deals in, into or out of Russia have taken place in the financial sector (29%), followed by banks (8.6%), oil and gas (7.8%) and Metals and Mining (7.2%).

Here is a list of the top deals with Russian companies participating ranked by deal value in mil. USD:

Date Announced Acquiror Name Acquiror Mid Industry Acquiror Nation Target Name Target Mid Industry Target Nation Value of Transaction ($mil)
10/22/2012 Rosneft Oil Co Oil & Gas Russian Fed TNK-BP Ltd Oil & Gas Russian Fed 27854.12
07/24/2012 Rosneft Oil Co Oil & Gas Russian Fed TNK-BP Ltd Oil & Gas Russian Fed 26061.15
04/22/2003 Yukosneftegaz Oil & Gas Russian Fed Sibirskaia Neftianaia Co Oil & Gas Russian Fed 13615.23
09/28/2005 Gazprom Oil & Gas Russian Fed Sibneft Oil & Gas Russian Fed 13101.08
04/13/2005 Shareholders Other Financials Russian Fed Polyus Metals & Mining Russian Fed 12867.39
12/16/2010 MMC Norilsk Nickel PJSC Metals & Mining Russian Fed MMC Norilsk Nickel PJSC Metals & Mining Russian Fed 12800
07/27/2007 Shareholders Other Financials Russian Fed HydroOGK Power Russian Fed 12381.83
12/10/2016 QHG Shares Pte Ltd Other Financials Singapore Rosneft Oil Co Oil & Gas Russian Fed
06/30/2010 KazakhGold Group Ltd Metals & Mining Kazakhstan Polyus Zoloto Metals & Mining Russian Fed 10261.33
08/05/2008 Vladimir Potanin Other Financials Russian Fed MMC Norilsk Nickel PJSC Metals & Mining Russian Fed 10021.11

The majority of the top 10 deals are within the Russian Oil and Gas sector, followed by Metals and Mining.

See also

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November 30, 2023
economy, russia, economy, russia, gradually, transformed, from, planned, economy, into, mixed, market, oriented, economy, enormous, natural, resources, particularly, natural, world, 11th, largest, economy, nominal, largest, purchasing, power, parity, volatile,. The economy of Russia has gradually transformed from a planned economy into a mixed market oriented economy 28 It has enormous natural resources particularly oil and natural gas 29 It is the world s 11th largest economy by nominal GDP and 6th largest by purchasing power parity PPP 5 Due to a volatile currency exchange rate Russia s GDP as measured in dollars fluctuates sharply 30 Russia was the last major economy to join the WTO becoming a member in 2012 31 Economy of RussiaThe Moscow International Business CenterCurrencyRussian ruble RUB Fiscal yearCalendar year 1 Trade organizationsWTO BRICS EAEU CIS GECF APEC G20 and othersCountry groupDeveloping Emerging 2 Upper middle income economy 3 Natural resource rich Eurasian economy with endemic corruption 1 StatisticsPopulation147 182 123 late 2021 census including Crimea 4 GDP 1 862 trillion nominal 2023 5 5 056 trillion PPP 2023 5 GDP rank11th nominal 2023 6th PPP 2023 GDP growth 2 1 2022 2 2 2023 1 1 2024 5 GDP per capita 13 006 nominal 2023 5 35 310 PPP 2023 5 GDP per capita rank72nd nominal 2023 60th PPP 2023 GDP by sectorAgriculture 5 6 Industry 26 6 Services 67 8 2022 est 6 Inflation CPI 6 6 October 2023 7 Population below poverty line12 1 2020 8 4 08 on less than 6 85 day 2020 9 Gini coefficient37 5 medium 2018 World Bank 10 Human Development Index0 822 very high 2021 11 52nd 0 751 high 2021 42nd 12 Labor force72 443 66 2021 13 59 4 employment rate 2021 14 Labor force by occupationAgriculture 9 4 Industry 27 6 Services 63 2016 est 6 Unemployment3 7 December 2022 15 Average gross salaryRUB 76 604 700 per monthAverage net salaryRUB 66 645 609 per monthMain industriesComplete range of mining and extractive industries producing coal oil gas chemicals and metals all forms of machine building from rolling mills to high performance aircraft and space vehicles defence industries including radar missile production advanced electronic components shipbuilding road and rail transportation equipment communications equipment agricultural machinery tractors and construction equipment electric power generating and transmitting equipment medical and scientific instruments consumer durables textiles foodstuffs handicraftsExternalExports 492 3 billion 2021 16 Export goodsCrude petroleum refined petroleum natural gas coal wheat iron 2019 Main export partners China 14 7 Netherlands 8 0 United States 5 6 United Kingdom 5 1 Italy 4 5 Belarus 4 2 Turkey 4 1 Germany 3 9 Kazakhstan 3 7 South Korea 3 4 2021 17 Imports 293 5 billion 2021 16 Import goodsCars and vehicle parts packaged medicines broadcasting equipment aircraft computers 2019 Main import partners China 24 9 Germany 11 5 Belarus 5 8 South Korea 3 8 Poland 3 2 Italy 3 1 Japan 2 9 Netherlands 2 8 France 2 7 United States 2 6 2021 18 FDI stockInward 38 billion 2021 19 Outward 64 billion 2021 19 Current account 259 34 billion 2022 20 12 15 of GDP 2022 20 Gross external debt 381 77 billion December 2022 21 Public financesGovernment debt24 175 trillion 16 19 of GDP 2022 20 Budget balance3 8 of GDP 2022 22 Revenues49 606 trillion 20 33 22 of GDP 2022 20 Expenses53 038 trillion 20 35 52 of GDP 2022 20 Credit ratingStandard amp Poor s 23 24 SD Domestic SD Foreign SD T amp C Assessment Outlook N AMoody s 25 Ca Outlook NegativeFitch 26 C Outlook N AForeign reserves 592 billion January 2023 27 4th Main data source CIA World Fact Book All values unless otherwise stated are in US dollars Russia s vast geography is an important determinant of its economic activity with the country holding a large share of the world s natural resources 32 It has been widely described as an energy superpower 33 as it has the world s largest natural gas reserves 34 2nd largest coal reserves 35 8th largest oil reserves 36 and the largest oil shale reserves in Europe 37 It is the world s leading natural gas exporter 38 the 2nd largest natural gas producer 39 and the 2nd largest oil exporter 40 and producer 41 Russia s foreign exchange reserves are the world s 4th largest 42 It has a labour force of roughly 70 million people which is the world s 7th largest 43 Russia is the world s 3rd largest exporter of arms 44 The oil and gas sector accounted up to roughly 40 of Russia s federal budget revenues and up to 60 of its exports in 2019 45 Russia has the world s 5th largest number of billionaires 46 Russias inequality of household income and wealth remains comparatively high 47 Following the 2022 Russian invasion of Ukraine the country has faced extensive sanctions and boycotts from the Western world and its allies which are aimed at isolating the Russian economy from the Western financial system so as to reduce its warring capabilities 48 In spite of economic sanctions Russia s economy appears relatively resilient 49 50 51 52 Contents 1 History 1 1 Russian Empire 1 2 Soviet Union 1 3 Transition to market economy 1991 98 1 4 Recovery and growth 1999 2008 1 5 2009 14 1 6 2014 21 1 7 2022 present 2 Data 3 Income inequality 4 Currency and monetary policy 5 Public policy 5 1 Federal regional and municipal budgets 5 2 Fiscal policy 5 3 Debts 5 3 1 National wealth fund 5 4 Corruption 6 Sectors 6 1 Primary 6 1 1 Energy 6 1 2 Mining 6 1 3 Agriculture 6 2 Industry 6 2 1 Defence industry 6 2 2 Aerospace 6 2 3 Automotive industry 6 2 4 Electronics 6 3 Services 6 3 1 Retail 6 3 2 Telecommunications 6 3 3 Transportation 6 3 4 Construction 6 3 5 Insurance 6 3 6 Information technology 6 3 7 Tourism 7 Economic integration 8 External trade and investment 8 1 Trade 8 2 2013 9 Mergers and acquisitions 10 See also 11 References 12 Further reading 13 External linksHistoryMain articles Economic history of the Russian Federation and Economy of the Soviet Union The Russian economy is volatile Since 1989 its institutional environment was transformed from a socialist command economy to a capitalistic market system Its industrial structure dramatically shifted away from heavy investment in manufacturing and agriculture toward market services oil gas and mining Richard Connolly argues that for the last four centuries there are four main characteristics of the Russian economy that have shaped the system and persisted despite the political upheavals First of all the weakness of the legal system means that impartial courts do not rule and contracts are problematic Second is the underdevelopment of modern economic activities with very basic peasant agriculture dominant into the 1930s Third is technological underdevelopment eased somewhat by borrowing from the West in the 1920s And fourth lower living standards compared to Western Europe and North America 53 Russian Empire This section is an excerpt from Economy of the Russian Empire after the abolition of serfdom edit In the second half of the 19th century it became clear that the preservation of the power and political influence of the Russian Empire would be impossible without the reform and transformation of the political system Among the economic prerequisites the crisis of the landlord economy the poverty of the peasants and the low purchasing power of the population held back development of the domestic market Serfdom held back development of the wage labor market and created a shortage of labor for industry Therefore the reign of Alexander II became a period of fundamental transformation of Russian society Soviet Union Main article Economy of the Soviet Union Beginning in 1928 the course of the Soviet Union s economy was guided by a series of five year plans By the 1950s the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power 54 By the 1970s the Soviet Union was in an Era of Stagnation The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners The volume of decisions facing planners in Moscow became overwhelming The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation innovation customers and suppliers nbsp Workers of Moscow Likhachev Automotive Plant 1963From 1975 to 1985 corruption and data manipulation became common practice within the bureaucracy to report satisfied targets and quotas thus entrenching the crisis Starting in 1986 Mikhail Gorbachev attempted to address economic problems by moving towards a market oriented socialist economy Gorbachev s policies of Perestroika failed to rejuvenate the Soviet economy instead a process of political and economic disintegration culminated in the breakup of the Soviet Union in 1991 Transition to market economy 1991 98 nbsp Russian inflation rate 1993 2022 nbsp Main Directorate of the Bank of Russia for the Central Federal District nbsp Russia s GDP by purchasing power parity PPP in 1991 2019 in international dollars Following the collapse of the Soviet Union Russia underwent a radical transformation moving from a centrally planned economy to a globally integrated market economy Corrupt and haphazard privatization processes turned over major state owned firms to politically connected oligarchs which has left equity ownership highly concentrated Yeltsin s program of radical market oriented reform came to be known as a shock therapy It was based on the policies associated with the Washington Consensus recommendations of the IMF and a group of top American economists including Larry Summers 55 56 57 who in 1994 urged for the three ations privatization stabilization and liberalization to be completed as soon as possible 58 With deep corruption afflicting the process the result was disastrous with real GDP falling by more than 40 by 1999 hyperinflation which wiped out personal savings crime and destitution spreading rapidly 59 60 The jump in prices from shock therapy wiped out the modest savings accumulated by Russians under socialism and resulted in a regressive redistribution of wealth in favour of elites who owned non monetary assets 61 Shock therapy was accompanied by a drop in the standard of living including surging economic inequality and poverty 62 along with increased excess mortality 63 64 and a decline in life expectancy 65 Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country 66 Likewise the consumption of meat decreased in 1990 an average citizen of the RSFSR consumed 63 kg of meat a year by 1999 it had decreased to 45 kg 67 The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders 68 for far less than they were worth 56 For example the director of a factory during the Soviet regime would often become the owner of the same enterprise Under the government s cover outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government 69 Many of them promptly invested their newfound wealth abroad producing an enormous capital flight 70 This rapid privatization of public assets and the widespread corruption associated with it became widely known throughout Russia as prikhvatizatisiya or grab itization 71 Difficulties in collecting government revenues amid the collapsing economy and dependence on short term borrowing to finance budget deficits led to the 1998 Russian financial crisis In the 1990s Russia was the largest borrower from the International Monetary Fund with loans totalling 20 billion The IMF was criticised for lending so much as Russia introduced little of the reforms promised for the money and a large part of these funds could have been diverted from their intended purpose and included in the flows of capital that left the country illegally 72 73 Recovery and growth 1999 2008 nbsp Oil prices in the 2000sRussia bounced back quickly from the August 1998 financial crash partly because of a devaluation of the ruble which made domestic producers more competitive nationally and internationally Between 2000 and 2002 significant pro growth economic reforms included a comprehensive tax reform which introduced a flat income tax of 13 and a broad effort at deregulation which benefited small and medium sized enterprises 74 Between 2000 and 2008 Russian economy got a major boost from rising commodity prices GDP grew on average 7 per year 59 Disposable incomes more than doubled and in dollar denominated terms increased eightfold 75 The volume of consumer credit between 2000 and 2006 increased 45 times fuelling a boom in private consumption 76 77 The number of people living below poverty line declined from 30 in 2000 to 14 in 2008 78 79 Inflation remained a problem however as the central bank aggressively expanded money supply to combat appreciation of the ruble 80 Nevertheless in 2007 the World Bank declared that the Russian economy achieved unprecedented macroeconomic stability 81 Until October 2007 Russia maintained impressive fiscal discipline with budget surpluses every year from 2000 74 2009 14 nbsp Changes in the credit rating foreign of Russia Standard amp Poor sRussian banks were hit by the global credit crunch in 2008 though no long term damage was done thanks to proactive and timely response by the government and central bank which shielded the banking system from effects of the global financial crisis 82 83 84 A sharp but brief recession in Russia was followed by a strong recovery beginning in late 2009 59 nbsp Russian bonds Inverted yield curves to tame inflation during their wars Russo Georgian War Russo Ukrainian War 2022 Russian invasion of Ukraine 20 year bond 10 year bond 1 year bond 3 month bondBetween 2000 and 2012 Russia s energy exports fuelled a rapid growth in living standards with real disposable income rising by 160 85 In dollar denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000 75 In the same period unemployment and poverty more than halved and Russians self assessed life satisfaction also rose significantly 86 This growth was a combined result of the 2000s commodities boom high oil prices as well as prudent economic and fiscal policies 87 However these gains have been distributed unevenly as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35 of all financial assets held by Russian households 88 89 Russia also has the second largest volume of illicit money outflows having lost over 880 billion between 2002 and 2011 in this way 90 Since 2008 Forbes has repeatedly named Moscow the billionaire capital of the world 91 In July 2010 Russia together with Belarus and Kazakhstan became a founding member of the Customs Union of the Eurasian Economic Community EurAsEC and the EurAsEC Single Economic Space a common market of the same countries came into force on January 1 2012 superseding the bilateral agreements on free trade At the same time Russia s membership to the WTO was accepted in 2011 92 Russia joined the World Trade Organization WTO on 22 August 2012 after 19 years of negotiations 93 94 95 On September 20 2012 the multi lateral Free Trade Area of the Commonwealth of Independent States CIS FTA came into force for Russia and subsequently superseded previous bilateral agreements among 9 participating post Soviet states 96 In 2015 Russia became a founding member of the Eurasian Economic Union EAEU which replaced EurAsEC and envisaged a supranational economic union the deepest stage of economic integration 97 98 Rapid GDP and income growth continued until 2013 The most important topic of discussion in the economy for a decade was the middle income trap In 2013 the World Bank announced that Russia had graduated to a high income economy based on the results of 2012 99 100 101 but in 2016 it was reclassified as an upper middle income economy 102 103 due to changes in the exchange rate of the Russian ruble which is a floating currency While the UN Human Development Index which assesses progress in the standard of living health and education ranks Russia among the very high human development countries 104 105 Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high technology sector 106 In 2012 oil gas and petroleum products accounted for over 70 of total exports 107 This economic model appeared to show its limits when after years of strong performance the Russian economy expanded by a mere 1 3 in 2013 59 Several reasons were proposed to explain the slowdown including a prolonged recession in the EU which is Russia s largest trading partner stagnant oil prices lack of spare industrial capacity and demographic problems 108 Political turmoil in neighbouring Ukraine added to the uncertainty and suppressed investment 2014 21 nbsp Countries by natural gas proven reserves 2014 based on data from The World Factbook Russia has the world s largest reserves Following the annexation of Crimea in March 2014 and Russia s involvement in the ongoing War in Donbas the United States the European Union Canada and Japan imposed sanctions on Russia 109 This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis Russia responded with sanctions against a number of countries including a one year period of total ban on food imports from the European Union and the United States According to the Russian economic ministry in July 2014 GDP growth in the first half of 2014 was 1 The ministry projected growth of 0 5 for 2014 110 The Russian economy grew by a better than expected 0 6 in 2014 111 Russia is rated one of the most unequal of the world s major economies 112 As of 2015 real income was still lower for 99 of Russians than it was in 1991 66 The Russian economy risked going into recession from early 2014 mainly due to falling oil prices sanctions and the subsequent capital flight 113 While in 2014 GDP growth remained positive at 0 6 114 in 2015 the Russian economy shrunk by 3 7 and was expected to shrink further in 2016 115 By 2016 the Russian economy rebounded with 0 3 GDP growth and officially exited recession The growth continued in 2017 with an increase of 1 5 116 117 In January 2016 Bloomberg rated Russia s economy as the 12th most innovative in the world 118 up from 14th in January 2015 119 and 18th in January 2014 120 Russia has the world s 15th highest patent application rate the 8th highest concentration of high tech public companies such as internet and aerospace and the third highest graduation rate of scientists and engineers 118 According to the British company BP Statistical Yearbook 2018 proven oil reserves in Russia at the end of 2017 were 14 5 billion tons natural gas was 35 trillion cubic meters 121 Gold reserves in Russia s subsoil according to the U S Geological Survey were 5 500 tons at the end of 2017 122 In 2019 the Ministry of Natural Resources estimated the country s mineral reserves in physical terms At the end of 2017 oil reserves were 9 04 billion tons gas reserves were 14 47 trillion cubic meters gold reserves were 1 407 tons and diamonds reserves were 375 million metric carats Then for the first time the Ministry evaluated the mineral reserves of Russia in terms of value The value of oil reserves amounted to 39 6 trillion rubles the value of gas amounted to 11 3 trillion rubles coking coal amounted to almost 2 trillion rubles iron ore amounted to 808 billion rubles diamonds amounted to 505 billion rubles gold amounted to 480 billion rubles The combined value of all mineral and energy resources oil gas gold copper iron ore thermal and lignite coal and diamonds amounted to 55 24 trillion rubles US 844 billion or 60 of GDP for 2017 The assessment occurred after the adoption of a new classification of reserves in Russia and the object of the methodology was only those fields for which a license was issued so the assessment of the Ministry of Natural Resources is less than the total volume of explored reserves Experts criticized such an unsuccessful attempt to estimate reserves pointing out that one should not take such an estimate seriously and the form contains an incorrect formula for calculating the value 123 124 2022 present See also Economic impact of the Russian invasion of Ukraine and 2022 Russian debt default In 2022 there have been heavy sanctions due to the Russian invasion of Ukraine that will likely result in steep recession 125 Since early 2022 many official economic statistics are not published 126 Sanctions also included asset freezes on the Russian Central Bank 127 which holds 630 billion in foreign exchange reserves 128 to prevent it from offsetting the impact of sanctions 129 According to most estimates every day of the war in Ukraine costs Russia 500 million to 1 billion 130 131 132 On 27 June 2022 Russia defaulted on part of its foreign currency its first such default since 1918 133 In November 2022 it was reported that Russia had officially entered a recession as the Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter 134 As part of the sanctions imposed on Russia on 2 September 2022 the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products designed to allow Russia to maintain production but limiting the revenue from oil sales 135 136 In 2022 the Economist calculated that Russia did graduate into the category of high income economies by 2022 if counted at purchasing power parity rather than the exchange rate but could fall below the threshold because of invasion of Ukraine 137 In December 2022 in a study an economist at the Bank of Russia s Research and Forecasting Department finds that the import dependence of the Russian economy is relatively low does not exceed the median for other countries and the share of imports in most industries is lower than in other countries The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials However 60 of Russia s imports come from the countries that have announced sanctions against Russia 138 TASS reported poor results for the Russian economy for quarter 1 2023 with revenues of 5 7 trillion roubles down 21 mainly due to falling oil revenues expenditure 8 1 trillion roubles up 34 mainly due to increased military costs creating a deficit 2 4 trillion roubles 29 4 billion 139 Following Central Bank of Russia interventions the exchange rate of rouble against the dollar remained relatively stable in 2022 although in 2023 it started to decrease significantly reaching 97 RUB per 1 USD on 15 August 2023 Both the interventions and the exchange rate decrease resulted in significant criticism of the Central Bank by Russian state propaganda 140 Quarter 2 of 2023 saw a 13 fall in the value of the rouble against the dollar and a current account surplus estimated in to be falling by 80 from the annual 2022 surplus of 233 billion 141 In August and September 2022 the Central Bank of Russia started raising the key lending rate ending up at 13 in September while USD to RUB exchange rate remained at 95 RUB 142 As of June 2023 share of Russia s exports to EU dropped to 1 7 while Russia s imports from EU dropped to 1 5 143 In October 2023 the psychological barrier of 100 RUB per 1 USD was crossed 144 The 2024 budget expects revenues of 35 trillion rubles 349 billion with expenditure of 36 6 trillion based on a Urals oil forecast of 71 30 per barrel a 90 1 rubles to 1 USD exchange rate and inflation of 4 5 Defence spending will double to 10 78 trillion 29 4 of expenditure Russia currently has a record low unemployment rate of just 3 percent 145 nbsp Gross domestic product PPP per capita in April 2022 nbsp Unemployment rate of Russia since the fall of the Soviet Union nbsp Russian inflation rate 2012 2022DataThe following table shows the main economic indicators in 1980 2021 Inflation below 5 is in green 146 Year GDP in Bil US PPP GDP per capita in US PPP GDP in Bil US nominal GDP per capita in US nominal GDP growth real Inflation rate in Per cent Unemployment in Per cent Government debt in of GDP 1992 1 602 6 10 805 2 71 6 482 8 n a n a 5 2 n a1993 nbsp 1 497 9 nbsp 10 091 3 nbsp 196 2 nbsp 1 322 0 nbsp 8 7 nbsp 874 3 nbsp 5 9 n a1994 nbsp 1 335 6 nbsp 8 999 0 nbsp 293 8 nbsp 1 979 4 nbsp 12 7 nbsp 307 5 nbsp 8 1 n a1995 nbsp 1 307 7 nbsp 8 818 3 nbsp 335 8 nbsp 2 264 3 nbsp 4 1 nbsp 197 3 nbsp 8 3 n a1996 nbsp 1 283 6 nbsp 8 668 4 nbsp 412 7 nbsp 2 787 0 nbsp 3 6 nbsp 47 8 nbsp 9 3 n a1997 nbsp 1 323 7 nbsp 8 958 2 nbsp 433 7 nbsp 2 935 0 nbsp 1 4 nbsp 14 8 nbsp 10 8 51 5 1998 nbsp 1 267 1 nbsp 8 588 1 nbsp 287 7 nbsp 1 949 8 nbsp 5 3 nbsp 27 7 nbsp 11 9 nbsp 135 2 1999 nbsp 1 366 5 nbsp 9 303 2 nbsp 209 7 nbsp 1 427 3 nbsp 6 4 nbsp 85 7 nbsp 13 0 nbsp 92 4 2000 nbsp 1 537 9 nbsp 10 511 7 nbsp 278 3 nbsp 1 902 0 nbsp 10 0 nbsp 20 8 nbsp 10 6 nbsp 55 9 2001 nbsp 1 652 6 nbsp 11 346 4 nbsp 328 5 nbsp 2 255 3 nbsp 5 1 nbsp 21 5 nbsp 8 9 nbsp 44 4 2002 nbsp 1 758 0 nbsp 12 127 0 nbsp 370 1 nbsp 2 552 8 nbsp 4 7 nbsp 15 8 nbsp 8 0 nbsp 37 6 2003 nbsp 1 924 4 nbsp 13 333 1 nbsp 461 5 nbsp 3 197 6 nbsp 7 3 nbsp 13 7 nbsp 8 2 nbsp 28 3 2004 nbsp 2 117 9 nbsp 14 727 8 nbsp 633 3 nbsp 4 404 0 nbsp 7 2 nbsp 10 9 nbsp 7 7 nbsp 20 8 2005 nbsp 2 323 6 nbsp 16 221 8 nbsp 817 7 nbsp 5 708 8 nbsp 6 4 nbsp 12 7 nbsp 7 2 nbsp 14 9 2006 nbsp 2 590 6 nbsp 18 133 2 nbsp 1 060 9 nbsp 7 426 0 nbsp 8 2 nbsp 9 7 nbsp 7 1 nbsp 9 8 2007 nbsp 2 887 6 nbsp 20 229 0 nbsp 1 393 4 nbsp 9 761 4 nbsp 8 5 nbsp 9 0 nbsp 6 0 nbsp 8 0 2008 nbsp 3 097 5 nbsp 21 700 5 nbsp 1 779 1 nbsp 12 464 2 nbsp 5 2 nbsp 14 1 nbsp 6 2 nbsp 7 4 2009 nbsp 2 873 5 nbsp 20 117 9 nbsp 1 307 9 nbsp 9 157 0 nbsp 7 8 nbsp 11 6 nbsp 8 2 nbsp 9 9 2010 nbsp 3 039 0 nbsp 21 271 9 nbsp 1 633 1 nbsp 11 431 1 nbsp 4 5 nbsp 6 8 nbsp 7 4 nbsp 10 1 2011 nbsp 3 259 3 nbsp 22 783 5 nbsp 2 046 6 nbsp 14 306 4 nbsp 5 1 nbsp 8 4 nbsp 6 5 nbsp 10 3 2012 nbsp 3 480 3 nbsp 24 278 8 nbsp 2 191 5 nbsp 15 288 0 nbsp 4 0 nbsp 5 1 nbsp 5 5 nbsp 11 2 2013 nbsp 3 741 8 nbsp 26 044 8 nbsp 2 288 4 nbsp 15 928 7 nbsp 1 8 nbsp 6 8 nbsp 5 5 nbsp 12 3 2014 nbsp 3 763 5 nbsp 25 730 6 nbsp 2 048 8 nbsp 14 007 5 nbsp 0 7 nbsp 7 8 nbsp 5 2 nbsp 15 1 2015 nbsp 3 526 2 nbsp 24 062 5 nbsp 1 356 7 nbsp 9 257 9 nbsp 2 0 nbsp 15 5 nbsp 5 6 nbsp 15 3 2016 nbsp 3 538 6 nbsp 24 104 1 nbsp 1 280 6 nbsp 8 723 5 nbsp 0 2 nbsp 7 0 nbsp 5 5 nbsp 14 8 2017 nbsp 3 818 8 nbsp 25 999 3 nbsp 1 575 1 nbsp 10 724 0 nbsp 1 8 nbsp 3 7 nbsp 5 2 nbsp 14 3 2018 nbsp 4 019 8 nbsp 27 386 2 nbsp 1 653 0 nbsp 11 261 7 nbsp 2 8 nbsp 2 9 nbsp 4 8 nbsp 13 6 2019 nbsp 4 181 6 nbsp 28 495 0 nbsp 1 695 7 nbsp 11 555 3 nbsp 2 2 nbsp 4 5 nbsp 4 6 nbsp 13 7 2020 nbsp 4 119 3 nbsp 28 181 2 nbsp 1 484 4 nbsp 10 155 3 nbsp 2 7 nbsp 3 4 nbsp 5 8 nbsp 19 2 2021 nbsp 4 494 2 nbsp 30 875 8 nbsp 1 778 5 nbsp 12 218 7 nbsp 4 7 nbsp 6 7 nbsp 4 8 nbsp 17 0 2022Income inequalityIn Russia areas where income is higher have increased air pollution However while income may have been higher in these regions a greater disparity in income inequality was found It was discovered that greater income inequality within a region is associated with more pollution implying that it is not only the level of income that matters but also its distribution 147 In Russia areas lacking in hospital beds suffer from greater air pollution than areas with higher numbers of beds per capita which implies that the poor or inadequate distribution of public services also may add to the environmental inequality of that region 147 Currency and monetary policyThe currency of the Russian Federation is the Russian ruble The currency exchange rate is floating The Central Bank of the Russian Federation follows inflation targeting policy Higher inflation than in developed countries has remained throughout the last 25 30 post Soviet years and the devaluation of the currency in relation to foreign currencies and in relation to domestic goods is significantly compensated by higher interest rates and an increase in nominal incomes and assets This situation is typical for developing markets Typically devaluations of the ruble relative to foreign currency strongly stimulate the export oriented economy of Russia Ruble s Real Effective Exchange Rate remains in 2022 23 higher than in 1996 and 1998 148 when the sharp devaluations happened relative to the foreign currency Public policyFederal regional and municipal budgets See also Federal budget of Russia Fiscal policy Russia was expected to have a Government Budget deficit of 21 billion in 2016 149 The budget deficit narrowed to 0 6 of GDP in 2017 from 2 8 in 2016 150 Debts Russia is a creditor nation and has a positive net international investment position NIMP Russia has one of the lowest government debts total external and domestic and lowest external debts total public and private among major economies 151 152 153 154 In 2022 domestic government debt increased by 13 9 percent to 18 78 billion rubles 155 156 Russia Domestic government Debt data was reported at 19 801 921 RUB bn in May 2023 157 In 2022 the share of external debt to GDP was 17 decreasing from 26 3 in 2021 153 158 Russia s external debt was estimated at 381 8 billion U S dollars as of January 1 2023 down 20 8 percent from the previous year 159 Russia External Debt reached 357 9 USD billion in March 2023 compared with 380 5 USD billion in the previous quarter 160 National wealth fund See also Russian National Wealth Fund On 1 January 2004 the Government of Russia established the Stabilization fund of the Russian Federation as part of the federal budget to balance it if price of oil falls On 1 February 2008 the Stabilization fund was divided into two parts The first is a reserve fund equal to 10 of GDP and was to be invested in a similar way as the Stabilization Fund The second is the National Welfare Fund of the Russian Federation to be invested in more risky instruments including some shares in domestic and foreign companies The Reserve fund which started with 125 billion was exhausted by 2017 and discontinued The National Wealth Fund started with 32 billion in 2008 and by December 2022 was 148 billion 161 Russia has one of the lowest foreign debts among major economies 162 Corruption nbsp Corruption Perceptions Index by Transparency International 2019Russia was the lowest rated European country in Transparency International s Corruption Perceptions Index for 2020 ranking 129th out of 180 countries 163 Corruption is perceived as a significant problem in Russia 164 impacting various aspects of life including the economy 165 business 166 public administration 167 168 law enforcement 169 healthcare 170 and education 171 The phenomenon of corruption is strongly established in the historical model of public governance in Russia and attributed to general weakness of rule of law in Russia 172 As of 2020 the percentage of business owners who distrust law enforcement agencies rose to 70 from 45 in 2017 75 don t believe in impartiality of courts and 79 do not believe that legal institutions protect them from abuse of law such as racketeering or arrest on dubious grounds 173 SectorsPrimary Energy Main article Energy in Russia See also List of countries by natural gas proven reserves List of countries by natural gas exports List of countries by oil exports and Russia in the European energy sector nbsp Until 2022 Russia was a key oil and gas supplier to much of Europe nbsp Rosneft headquarters on the bank of the Moskva River MoscowThe mineral packed Ural Mountains and the vast fossil fuel oil gas coal and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources which dominate Russian exports Oil and gas exports specifically continue to be the main source of hard currency Russia has been widely described as an energy superpower 33 as it has the world s largest natural gas reserves 34 the second largest coal reserves 35 the eighth largest oil reserves 36 and the largest oil shale reserves in Europe 37 It is the world s leading natural gas exporter 38 the second largest natural gas producer 39 and the second largest oil exporter 40 and producer 41 Fossil fuels cause most of the greenhouse gas emissions by Russia 174 The country is the world s fourth largest electricity producer 175 and the ninth largest renewable energy producer in 2019 176 Russia was also the world s first country to develop civilian nuclear power and to construct the world s first nuclear power plant 177 In 2019 It was the world s fourth largest nuclear energy producer 178 In the mid 2000s the share of the oil and gas sector in GDP was around 20 and in 2013 it was 20 21 of GDP 179 The share of oil and gas in Russia s exports about 50 and federal budget revenues about 50 is large and the dynamics of Russia s GDP are highly dependent on oil and gas prices 180 but the share in GDP is much less than 50 According to the first such comprehensive assessment published by the Russian statistics agency Rosstat in 2021 the maximum total share of the oil and gas sector in Russia s GDP including extraction refining transport sale of oil and gas all goods and services used and all supporting activities amounts to 16 9 in 2017 21 1 in 2018 19 2 in 2019 and 15 2 in 2020 181 182 183 184 185 Russia consumes domestically two thirds of its gas production and a quarter of its oil production while it sells three quarters of its oil on the world market and Russia s share of the traded world oil market is 17 5 more than Saudi Arabia s 186 187 At the same time experts note that there are formal and informal part of the rent and the total oil and gas rent in 2023 can be estimated at about 24 of Russia s GDP Michael Alexeyev a professor of economics at Indiana University notes that the oil and gas taxes reported by the government do not include corporate dividends and the so called indirect or additional revenues derived from the expenditure of oil and gas rents in the economy 188 Mining Main articles Mining industry of Russia and Metallurgy of Russia Russia is also a leading producer and exporter of minerals and gold Russia is the largest diamond producing nation in the world estimated to produce over 33 million carats in 2013 or 25 of global output valued at over 3 4 billion with state owned ALROSA accounting for approximately 95 of all Russian production 189 In 2019 the country was the 3rd world producer of gold 190 2nd worldwide producer of platinum 191 4th worldwide producer of silver 192 9th largest world producer of copper 193 3rd largest world producer of nickel 194 6th largest world producer of lead 195 9th largest world producer of bauxite 196 10th largest world producer of zinc 197 2nd worldwide producer of vanadium 198 2nd largest world producer of cobalt 199 5th largest world producer of iron ore 200 7th largest world producer of boron 201 9th largest world producer of molybdenum 202 13th largest world producer of tin 203 3rd largest world producer of sulfur 204 4th largest world producer of phosphate 205 8th largest world producer of gypsum 206 in addition to being the world s 10th largest producer of salt 207 It was the world s 6th largest producer of uranium in 2018 208 Agriculture Main articles Agriculture in Russia and Fishing industry in Russia nbsp A combine harvester in Rostov OblastRussia s agriculture sector contributes about 5 of the country s total GDP although the sector employs about one eighth of the total labour force 209 It has the world s third largest cultivated area at 1 265 267 square kilometres 488 522 sq mi However due to the harshness of its environment about 13 1 of its land is agricultural 1 and only 7 4 of its land is arable 210 The main product of Russian farming has always been grain which occupies considerably more than half of the cropland 209 Russia is the world s largest exporter of wheat 211 and is the largest producer of barley 212 buckwheat oats 213 and rye 214 and the second largest producer of sunflower seed 215 Various analysts of climate change adaptation foresee large opportunities for Russian agriculture during the rest of the 21st century as arability increases in Siberia which would lead to both internal and external migration to the region 216 More than one third of the sown area is devoted to fodder crops and the remaining farmland is devoted to industrial crops vegetables and fruits 209 Owing to its large coastline along three oceans Russia maintains one of the world s largest fishing fleets ranking sixth in the world in tonnage of fish caught capturing 4 773 413 tons of fish in 2018 217 It is also home to the world s finest caviar the beluga and produces about one third of all canned fish and some one fourth of the world s total fresh and frozen fish 209 Industry nbsp Russia s industrial growth per year 1992 2010Defence industry Main articles Defence industry of Russia and Science and technology in Russia nbsp President Vladimir Putin meeting with workers of Kalashnikov Concern 2016 nbsp A view of T 14 Armata tankThe defence industry of Russia is a strategically important sector and a large employer in the country Russia has a large and sophisticated arms industry capable of designing and manufacturing high tech military equipment including a fifth generation fighter jet nuclear powered submarines firearms and short range long range ballistic missiles It is the world s second largest exporter of arms behind only the United States 1 Aerospace nbsp The Sukhoi Superjet 100 is one of Russia s most recent civilian aviation products The regional passenger plane was ordered around 280 times for various airlines and leasing companies as of 2018Main articles Aircraft industry of Russia and Space industry of Russia Aircraft manufacturing is an important industry sector in Russia employing around 355 300 people The Russian aircraft industry offers a portfolio of internationally competitive military aircraft such as MiG 29 and Su 30 while new projects such as the Sukhoi Superjet 100 are hoped to revive the fortunes of the civilian aircraft segment In 2009 companies belonging to the United Aircraft Corporation delivered 95 new fixed wing aircraft to its customers including 15 civilian models In addition the industry produced over 141 helicopters It is one of the most science intensive hi tech sectors and employs the largest number of skilled personnel The production and value of the military aircraft branch far outstrips other defence industry sectors and aircraft products make up more than half of the country s arms exports 218 The Space industry of Russia consists of over 100 companies and employs 250 000 people 219 Automotive industry Main article Automotive industry in Russia nbsp Lada is a brand of AvtoVAZ the largest Russian car manufacturer in the Russian automotive industry nbsp Aurus Senat a recent armoured limousine project by NAMIAutomotive production is a significant industry in Russia directly employing around 600 000 people or 1 of the country s total workforce Russia produced 1 767 674 vehicles in 2018 ranking 13th among car producing nations in 2018 and accounting for 1 8 of the worldwide production 220 Following the 2022 sanctions and the withdrawal of Western manufacturers the production dropped to 450 000 passenger cars in 2022 the lowest level since the dissolution of the Soviet Union in 1991 221 The main local brands are light vehicle producers AvtoVAZ and GAZ while KamAZ is the leading heavy vehicle producer In December 2022 the only foreign car manufacturers are eleven Chinese carmakers that have production operations or are constructing their plants in Russia 222 Electronics Russia was experiencing a regrowth of microelectronics with the revival of JCS Mikron until sanctions took effect in 2022 223 224 225 Services Retail As of 2013 Russians spent 60 of their pre tax income on shopping the highest percentage in Europe This is possible because many Russians pay no rent or house payments owning their own home after privatization of state owned Soviet housing Shopping malls were popular with international investors and shoppers from the emerging middle class Russia had over 1 000 shopping malls in 2020 although in 2022 many international companies left Russia resulting in empty stores in malls 226 A supermarket selling groceries is a typical anchor store in a Russian mall 227 Retail sales in Russia 228 Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Total retail sales RUB trillions 14 60 16 49 19 08 21 3 23 7 26 4 27 6 29 75 27 88 31 58 33 62 33 56 39 47 42 51Telecommunications Main articles Telecommunications in Russia and Internet in Russia Russia s telecommunications industry is growing in size and maturity As of December 2007 there were an estimated 4 900 000 broadband lines in Russia 229 As of 2020 update 122 488 468 Russians 85 of the country s total population were Internet users 230 There are four national mobile phone networks MegaFon Tele2 Beeline and MTS with total subscriptions between 2011 to 2021 ranging between 200 and 240 million 231 Transportation Main articles Transport in Russia and Russian Railways nbsp The Trans Siberian Railway the longest railway line in the world as seen across the coast of Lake Baikal nbsp The Russky Bridge in Vladivostok is the longest cable stayed bridge in the worldRailway transport in Russia is mostly under the control of the state run Russian Railways 232 The total length of common used railway tracks is the world s third longest and exceeds 87 157 km 54 157 mi 233 As of 2016 update Russia has 1 452 2 thousand km of roads 234 and its road density is among the world s lowest 235 Russia s inland waterways are the world s second longest and total 102 000 km 63 380 mi 236 Among Russia s 1 218 airports 237 the busiest is Sheremetyevo International Airport in Moscow 238 Russia s largest port is the Port of Novorossiysk in Krasnodar Krai along the Black Sea 239 Russia is the world s sole country to operate nuclear powered icebreakers which advance the economic exploitation of the Arctic continental shelf of Russia and the development of sea trade through the Northern Sea Route 240 Construction nbsp The Port of NovorossiyskIn 2022 construction was worth 13 trillion rubles 5 more than in 2021 Residential construction in 2022 reached 126 7 million square metres 241 The 2020 2030 target for construction is 1 billion m2 of housing 20 of all housing stock to be renovated and to increase space from 27 8 m2 up to 33 3 m2 per person 241 Insurance According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013 The concentration of insurance business is significant across all major segments except compulsory motor third party liability market CMTPL ru as the top 10 companies in 2013 charged 58 1 premiums in total without compulsory health insurance CHI 242 Russian insurance market in 2013 demonstrated quite significant rate of growth in operations Total amount of premiums charged without CHI in 2013 is RUB 904 9 bln increase on 11 8 compared to 2012 total amount of claims paid is RUB 420 8 bln increase on 13 9 compared to 2012 Premiums to GDP ratio total without CHI in 2013 increased to 1 36 compared to 1 31 a year before The share of premiums in household spending increased to 1 39 Level of claims paid on the market total without CHI is 46 5 an insufficient increase compared to 2012 The number of policies in 2013 increased on 0 1 compared to 2012 to 139 6 mln policies Although relative indicators of the Russian insurance market returned to pre crisis levels the progress is achieved mainly by the increase of life insurance and accident insurance the input of these two market segments in premium growth in 2013 largely exceeds their share on the market As before life insurance and accident insurance are often used by banks as an appendix to a credit contract protecting creditors from the risk of credit default in case of borrower s death or disability The rise of these lines is connected evidently with the increase in consumer loans as the total sum of credit obligations of population in 2013 increased by 28 to RUB 9 9 trillion At the same time premium to GDP ratio net of life and accident insurance remained at the same level of 1 1 as in 2012 Thus if banking lines of business are excluded Russian insurance market is in stagnation stage for the last four years as premiums to GDP ratio net of life and accident insurance remains at the same level of 1 1 since 2010 243 Information technology Main article Information technology in Russia nbsp Russia has more academic graduates than any other country in Europe And world leader in percentage of population with associate degree or higher 54 compared to 31 in UK 244 The IT market is one of the most dynamic sectors of the Russian economy Russian software exports have risen from just 120 million in 2000 to 3 3 billion in 2010 245 Since the year 2000 the IT market has started growth rates of 30 40 a year growing by 54 in 2006 alone The biggest sector in terms of revenue is system and network integration which accounts for 28 3 of the total market revenues 246 Meanwhile the fastest growing segment of the IT market is offshore programming nbsp Interior of the Beriev Scientific and Technical Complex in TaganrogThe government has launched a program promoting construction of IT oriented technology parks Technoparks special zones that have an established infrastructure and enjoy a favorable tax and customs regime in seven different places around the country Moscow Novosibirsk Nizhny Novgorod Kaluga Tumen Republic of Tatarstan and St Peterburg Regions 245 Under a government decree signed in June 2013 a special roadmap is expected to ease business suppliers access to the procurement programs of state owned infrastructure monopolies including such large ones as Gazprom Rosneft Russian Railways Rosatom and Transneft These companies will be expected to increase the proportion of domestic technology solutions they use in their operations The decree puts special emphasis on purchases of innovation products and technologies According to the new decree by 2015 government connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018 247 Russia is one of the few countries in the world with a home grown internet search engine who owns a relevant marketshare as the Russian based search engine Yandex is used by 53 8 of internet users in the country 248 249 250 Known Russian IT companies are ABBYY FineReader OCR system and Lingvo dictionaries Kaspersky Lab Kaspersky Anti Virus Kaspersky Internet Security Mail Ru portal search engine mail service Mail ru Agent messenger ICQ Odnoklassniki social network online media sources Tourism Main article Tourism in Russia nbsp Peterhof Palace in Saint Petersburg a UNESCO World Heritage Site According to a UNWTO report Russia is the sixteenth most visited country in the world and the tenth most visited country in Europe as of 2018 with 24 6 million visits 251 Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019 252 According to Federal Agency for Tourism the number of inbound trips of foreign citizens to Russia amounted to 24 4 million in 2019 253 Russia s international tourism receipts in 2018 amounted to 11 6 billion 251 In 2020 tourism accounted for about 4 of country s GDP 254 Major tourist routes in Russia include a journey around the Golden Ring theme route of ancient cities cruises on the big rivers like the Volga and journeys on the famous Trans Siberian Railway 255 Russia s most visited and popular landmarks include Red Square the Peterhof Palace the Kazan Kremlin the Trinity Lavra of St Sergius and Lake Baikal 256 Economic integrationRussia joined the World Trade Organization WTO on 22 August 2012 93 On September 20 2012 the Free Trade Agreement of the Commonwealth of Independent States signed on October 18 2011 came into force CIS FTA for Russia and superseded previous agreements 96 Russia is a founding member of the Eurasian Economic Union EAEU and is party to EAEU trade agreements with Vietnam Iran Singapore and Serbia In 2018 the EAEU signed a trade cooperation agreement with China and it is in trade negotiations with India Israel and Egypt Russia is also a party to several agreements that predate the EAEU 257 The EAEU Treaty in 2015 superseded previous integration agreements and envisaged an economic union the deepest stage of economic integration 97 The EAEU provides for free movement of goods services capital and labour without a work permit four economic freedoms as in the European Union pursues coordinated harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union The EAEU has an Eurasian Customs Union and an integrated single market of 183 million people 98 External trade and investment nbsp Zapolyarnoye gas field nbsp Novolipetsk Steel operated steel plant in LipetskTrade Russia recorded a trade surplus of US 15 8 billion in 2013 258 Balance of trade in Russia is reported by the Central Bank of Russia Historically from 1997 until 2013 Russia balance of trade averaged US 8 338billion reaching an all time high of US 20 647 billion in December 2011 and a record low of 185 US million in February 1998 Russia runs regular trade surpluses primarily due to exports of commodities In 2015 Russia main exports are oil and natural gas 62 8 of total exports ores and metals 5 9 chemical products 5 8 machinery and transport equipment 5 4 and food 4 7 Others include agricultural raw materials 2 2 and textiles 0 2 259 Russia top exports in 2021 were Crude oil 110 9b Processed oil 69 9b gold 17 3b coal 15 4b and natural gat 7 3b 260 Russia top imports in 2021 were Transmission equipment 10 7b medication 7 3b tankers 3 7b parts and accessories for data processing 3 7b and storage units 3 3b 260 Foreign trade of Russia Russian export and import 260 Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Export US Billions 241 302 352 468 302 397 517 525 527 498 344 302 379 451 427 337 492Import US Billions 99 138 200 267 171 229 306 316 315 287 183 207 260 240 247 231 293Top Trading Partners for Russia for 2021 260 Imports into Russia 2021Ranking Country Value USD World 293 4b 100 0 1 China 72 7b 24 7 2 Germany 27 3b 9 3 3 United States 17 2b 5 8 4 Belarus 15 6b 5 3 5 South Korea 12 9b 4 4 6 France 12 2b 4 1 7 Italy 12 0b 4 1 8 Japan 9 1b 3 1 9 Kazakhstan 7 1b 2 4 10 Turkey 6 5b 2 2 Exports from Russia for 2021Ranking Country Value USD World 492 3b 100 0 1 China 68 6b 13 9 2 Netherlands 42 1b 8 5 3 Germany 29 6b 6 0 4 Turkey 26 4b 5 3 5 Belarus 23 1b 4 7 6 United Kingdom 22 2b 4 5 7 Italy 19 2b 3 9 8 Kazakhstan 18 4b 3 7 9 United States 17 7b 3 6 10 South Korea 16 8b 3 4 nbsp GRP per capita 2016 US dollars 50 000 and over 30 000 50 000 9 750 Russian average 20 000 7 500 9 750 5 000 7 500 under 3 0002013 nbsp Port of Saint Petersburg nbsp Magnitogorsk Iron and Steel WorksIn 2017 Russian Federation s commercial services shares of total exports and imports were 13 9 and 26 8 respectively Russian Federation had a trade to GDP ratio of 46 6 in 2017 261 In 2013 2017 Russia had a trade surplus for goods and a trade deficit for services Since trade in goods is larger than trade in services Russia had a significant trade surplus 262 Trade is relatively important to the Russian economy the ratio of Russia s goods trade exports plus imports to GDP has averaged about 40 in recent years compared to 20 for the United States In 2021 Russia ranked 13th among world goods exporters and 22nd among importers According to Russian official sources its goods exports totaled 492 billion in 2021 up 46 from 2020 not adjusting for inflation Minerals including oil and gas accounted for almost 45 of these exports Goods imports increased 27 to 294 billion in 2021 Machinery and mechanical appliances was the top import category accounting for almost a third of Russia s goods imports In services trade Russia ranked 26th among world exporters and 19th among importers in 2020 the most recent year for which there is data It was a net services importer exporting 49 billion worth of services and importing 76 billion 257 According to the World Bank imports of goods and services occupied 21 3 of the Russian gross domestic product GDP in 2021 263 and exports of goods and services occupied 30 9 of Russia s GDP 264 Russia has trade to GDP ratio trade openness 49 26 265 which is lower than an average of the countries In December 2022 in a study an economist at the Bank of Russia s Research and Forecasting Department finds that the import dependence of the Russian economy is relatively low does not exceed the median for other countries and the share of imports in most industries is lower than in other countries The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials However 60 of Russia s imports come from the countries that have announced sanctions against Russia 138 Mergers and acquisitionsBetween 1985 and 2018 almost 28 500 mergers or acquisitions have been announced in Russia This cumulates to an overall value of around 984 bil USD which translates to 5 456 bil RUB In terms of value 2007 has been the most active year with 158 bil USD whereas the number of deals peaked in 2010 with 3 684 964 compared to the value record year 2007 Since 2010 value and numbers have decreased constantly and another wave of M amp A is expected 266 The majority of deals in into or out of Russia have taken place in the financial sector 29 followed by banks 8 6 oil and gas 7 8 and Metals and Mining 7 2 Here is a list of the top deals with Russian companies participating ranked by deal value in mil USD Date Announced Acquiror Name Acquiror Mid Industry Acquiror Nation Target Name Target Mid Industry Target Nation Value of Transaction mil 10 22 2012 Rosneft Oil Co Oil amp Gas Russian Fed TNK BP Ltd Oil amp Gas Russian Fed 27854 1207 24 2012 Rosneft Oil Co Oil amp Gas Russian Fed TNK BP Ltd Oil amp Gas Russian Fed 26061 1504 22 2003 Yukosneftegaz Oil amp Gas Russian Fed Sibirskaia Neftianaia Co Oil amp Gas Russian Fed 13615 2309 28 2005 Gazprom Oil amp Gas Russian Fed Sibneft Oil amp Gas Russian Fed 13101 0804 13 2005 Shareholders Other Financials Russian Fed Polyus Metals amp Mining Russian Fed 12867 3912 16 2010 MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed 1280007 27 2007 Shareholders Other Financials Russian Fed HydroOGK Power Russian Fed 12381 8312 10 2016 QHG Shares Pte Ltd Other Financials Singapore Rosneft Oil Co Oil amp Gas Russian Fed06 30 2010 KazakhGold Group Ltd Metals amp Mining Kazakhstan Polyus Zoloto Metals amp Mining Russian Fed 10261 3308 05 2008 Vladimir Potanin Other Financials Russian Fed MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed 10021 11The majority of the top 10 deals are within the Russian Oil and Gas sector followed by Metals and Mining See also nbsp Russia portal nbsp Business portalHistory of Russia 1991 present List of companies of Russia List of Russian federal districts by GDP Monotown a town whose economy is dominated by a single industry or company The term is sometimes used regarding some towns in Russia Politics of Russia Taxation in Russia Types of legal entities in Russia Unitary enterprise a government owned corporation in Russia and some other post Soviet states List of federal subjects of Russia by GDP per capitaReferences a b c d Russia CIA gov Central Intelligence Agency Retrieved 30 May 2023 World Economic Outlook Database April 2019 IMF org International Monetary Fund Retrieved 29 September 2019 World Bank Country and Lending Groups datahelpdesk worldbank org World Bank Retrieved 29 September 2019 Including 2 482 450 people living in annexed Crimea Tom 1 Chislennost i razmeshenie naseleniya Russian Federal State Statistics Service in Russian Archived from the original on 24 January 2020 Retrieved 3 September 2022 a b c d e f World Economic Outlook database October 2023 IMF org International Monetary Fund Retrieved 11 April 2023 a b Central Intelligence Agency Cia gov Retrieved 5 April 2015 https www theguardian com world 2023 oct 27 russia raises interest rate to 15 after steep climb in inflation Poverty headcount ratio at national poverty lines of population Russian Federation data worldbank org World Bank Retrieved 21 March 2020 Poverty and Inequality Platform World Bank Retrieved 17 May 2022 Gini index World Bank estimate Russian Federation data worldbank org World Bank Retrieved 28 October 2020 Human Development Index HDI hdr undp org HDRO Human Development Report Office United Nations 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post of Ombudsman for the fight against corruption Izvestiya in Russian Izvestia Retrieved 5 November 2020 span, wikipedia, wiki, book, books, library,

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