 | |
| Currency | Russian ruble (RUB or руб or ₽) |
|---|---|
| Calendar year[1] | |
Trade organizations | WTO,BRICS,EAEU,CIS,GECF,APEC,G20 and others |
Country group | |
| Statistics | |
| Population |  146,080,000 (late 2024 census)[4] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| |
Population belowpoverty line |  11% (2021)[8] |
 35.1medium (2021,World Bank)[9] | |
 26 out of 100 points (2023,141st rank) | |
Labor force | |
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | RUB 91,000 / €1,019 per month |
| RUB 78,590 / €880 per month | |
Main industries | Complete range ofmining and extractive industries producingcoal,oil,gas,chemicals, andmetals; all forms of machine building from rolling mills to high-performanceaircraft andspace vehicles; defence industries (includingradar,missile production,advanced electronic components),shipbuilding; road and railtransportation equipment;communications equipment; agricultural machinery, tractors, andconstruction equipment; electric power generating and transmitting equipment;medical and scientific instruments;consumer durables,textiles,foodstuffs,handicrafts |
| External | |
| Exports | $465.43 billion (2023)[15] |
Export goods | Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019) |
Main export partners | |
| Imports | $378.61 billion (2023)[17] |
Import goods | Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019) |
Main import partners | |
FDI stock | |
Grossexternal debt | $381.77 billion (December 2022)[21] |
| Public finances | |
| $606.7 billion (July 2024)[22] (4th) | |
| 3.8% of GDP (2022)[23] | |
| Revenues | 65,808 ₽ trillion (2024)[20] 35.61% of GDP (2024)[20] |
| Expenses | 69,334 ₽ trillion (2024)[20] 37.52% of GDP (2024)[20] |
All values, unless otherwise stated, are inUS dollars. | |
Theeconomy ofRussia is ahigh-income,[28] industrialized,[29]mixed andmarket-orientedemerging[2] economy.[30] It has theninth-largest economy in the world by nominal GDP and thefourth-largest economy by GDP (PPP).[7] Due to a volatile currencyexchange rate, its GDP measured in nominal terms fluctuates sharply.[31] Russia was the last major economy to join theWorld Trade Organization (WTO), becoming a member in 2012.[32]
Russia has large amounts ofenergy resources throughout its vast landmass, particularlynatural gas andpetroleum, which play a crucial role in its energy self-sufficiency and exports.[33] The country has been widely described as anenergy superpower;[34] with it having thelargest natural gas reserves in the world,[35] thesecond-largest coal reserves,[36] theeighth-largest oil reserves,[37] and the largestoil shale reserves in Europe.[38] Russia is thethird-largest exporter ofnatural gas,[39] thesecond-largest natural gas producer,[40] thesecond-largest oil exporter[41] andproducer,[42] and the third-largest coal exporter.[43] As of 2020, itsforeign exchange reserves were thefifth-largest in the world.[44] Russia has a labour force of about 73 million people, which is theeighth-largest in the world.[12] It is thethird-largest exporter of arms in the world.[45] The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.[46]
Russia'shuman development isranked as "very high" in the annualHuman Development Index.[47] Roughly 70% of Russia's total GDP is driven by domestic consumption,[48] and the country has the world'stwelfth-largest consumer market.[49] Itssocial security system comprised roughly 16% of the total GDP in 2015.[50][needs update] Russia has thefifth-highest number of billionaires in the world.[51] However, itsincome inequality remains comparatively high,[52] caused by the variance of natural resources among itsfederal subjects, leading to regional economic disparities.[53][54] Highlevels of corruption,[55] a shrinking labor force and labor shortages,[56][57] abrain drain problem,[58] and anaging anddeclining population also remain major barriers to future economic growth.[59][60]
Following the 2022Russian invasion of Ukraine, the country has facedextensive sanctions and other negative financial actions from theWestern world and its allies which have the aim of isolating the Russian economy from the Western financial system.[61] However, Russia's economy has shown resilience to such measures broadly, and has maintained economic stability and growth—driven primarily by highmilitary expenditure,[62] risinghousehold consumption andwages,[63] lowunemployment,[14] and increasedgovernment spending.[64] Yet,inflation has remained comparatively high,[65] with experts predicting the sanctions will have a long-term negative effect on the Russian economy.[66]
The Russian economy has been volatile over the past multiple decades. After 1989, its institutional environment was transformed from acommand economy based uponsocialist organizations to acapitalistic system. Its industrial structure dramatically shifted away over the course of several years from heavy investment inmanufacturing as well as in traditional Sovietagriculture towardsfree market related developments innatural gas and oil extraction in additional to businesses engaged inmining. Aservice economy also expanded during this time. The academic analyst Richard Connolly has argued that, over the last four centuries in a broad sense, there were 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.[67]
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The economy of theRussian Empire covers theeconomic history of Russia from 1721 to theOctober Revolution of 1917 (which ushered in a period of civil war, culminating in the creation of the Soviet Union).
Russian national income per capita increased and moved to closer to the most developed economies of Northern and Western Europe from the late 17th century to the mid 18th century.[68][69] After the mid 18th century, the Russian economystagnated and declined.[68][69] In the 18th century, Russian national income per capita was about 40–70% of British per capita income but higher than Poland's.[68] By 1860, Russian GDP per capita was similar to that of Japan; one-third of GDP per capita in the United States or the United Kingdom; and twice that of China or India.[68] Russia was a lateindustrializer.[68] Over the course of the late 19th century and early 20th century, Russia's railroad system expanded considerably, enabling greater industrialization.[70]
Serfdom, which held back development of the wagelabor market and created a shortage of labor for industry, was abolished in 1861.[68][69] In the aftermath, GDP per capita was volatile and did not substantially increase.[68][69] Steady economic growth began in the 1890s, alongside a structural transformation of the Russian economy.[68] By the time World War I started, more than half the Russian economy was still devoted to agriculture.[68][71] By the early 20th century, the Russian economy had fallen further behind the American and British economies.[68] From the late 19th century to the early 20th century, the economy grew at a similar pace as the Japanese economy and faster than the Brazilian, Indian and Chinese economies.[68]Beginning in 1928, the course of theSoviet Union's economy was guided by a series offive-year plans. By the 1950s, the Soviet Union had rapidly evolved from a mainlyagrarian society into a major industrial power.[72] By the 1970s theSoviet Union was in anEra of Stagnation. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners inMoscow 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.
From 1975 to 1985, corruption and data manipulation became common practice within thebureaucracy to report satisfied targets and quotas, thus entrenching the crisis.
Starting in 1986,Mikhail Gorbachev attempted to address economic problems by moving towards amarket-oriented socialist economy. Gorbachev's policies ofPerestroika failed to rejuvenate the Soviet economy; instead, a process of political and economic disintegration culminated in thebreakup of the Soviet Union in 1991.
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Following the collapse of theSoviet Union, Russia underwent a radical transformation, moving from acentrally planned economy to aglobally integratedmarket economy. Corrupt and haphazardprivatization 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 theWashington Consensus, recommendations of the IMF and a group of top American economists, includingLarry Summers[73][74][75] who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."[76] With deepcorruption 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.[77][78] 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.[79]
Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,[80] along with increased excess mortality[81][82][83] and a decline in life expectancy.[84] Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country.[85] 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.[86]
The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders[87] for far less than they were worth.[74] 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.[88] Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.[89] This rapidprivatization of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."[90]
Difficulties in collecting government revenues amid the collapsing economy and dependence on short-term borrowing to finance budget deficits led to the1998 Russian financial crisis.
In the 1990s, Russia was a major borrower from theInternational Monetary Fund, with loan facilities 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".[91][92]
On 24 September 1993, at a meeting of theCommonwealth of Independent States (CIS) Council of Heads of State inMoscow, Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan signed the Treaty on the creation of an Economic Union which reinforces by an international agreement the intention to create an economic union through the step-by-step creation of a free trade area, a customs union and conditions for the free movement of goods, services, capital and labor. All these countries have ratified the Treaty and it entered into force on 14 January 1994. Turkmenistan[93] and Georgia joined in 1994 and ratified the Treaty, but Georgia withdrew in 2009.[94]
On 15 April 1994, at a meeting of theCommonwealth of Independent States (CIS) Council of Heads of State inMoscow, all 12 post-Soviet states signed the internationalAgreement on the Establishment of a Free Trade Area in order to move towards the creation of an economic union. Article 17 also confirmed the intention to conclude a free trade agreement in services.[95] Article 1 indicated that this was "the first stage of the creation of the Economic Union", but in 1999 the countries agreed to remove this phrase from the agreement.[96] Russia concluded bilateral free trade agreements with all CIS countries and did not switch to a multilateral free trade regime in 1999. Bilateral free trade agreements, except for Georgia, Azerbaijan and Turkmenistan[97][98] (all of these are in force as of 2024[update]), ceased to apply only after 2012 with Russia's accession to the new multilateral CIS free trade area.
Further integration took place outside the legal framework of the CIS. Pursuant to the Treaty on the creation of an Economic Union, the Agreement on the Customs Union between the Russian Federation and the Republic of Belarus was signed on 6 January 1995 in Minsk.[99] The Government of the Republic of Belarus and the Government of the Russian Federation, on the one side, and the Government of the Republic of Kazakhstan, on the other side, signed an Agreement on the Customs Union in Moscow on 20 January 1995 in order to move towards the creation of an economic union as envisaged by the treaty.[100] The implementation of these agreements made it possible to launch theCustoms Union of the Eurasian Economic Community in 2010. As of 2025[update], according to the database of international treaties of theEurasian Economic Union, these agreements are still in force and apply in part not contrary to the Treaty on the Eurasian Economic Union.[101][102]
International agreements such as the following have further deepened trade and economic relations and integration with Belarus. The Community of Belarus and Russia was founded on 2 April 1996. The "Treaty on the Union between Belarus and Russia" was signed on 2 April 1997. And finally the Treaty on the Creation of aUnion State of Russia and Belarus was signed on 8 December 1999.
In 1997, for the first time in many years, economic growth and low inflation were achieved. Russia had almost completed the main economic reforms necessary to complete the transition to a market economy, including the basic legislative framework, with the exception of macroeconomic stabilization. In 1997, the ruble was redenominated.
The poor situation on Asian international markets led to low oil prices, which, given the fixed and strong ruble exchange rate, did not allow for compensation for low tax collection within the country. The country's budget was not secured by revenues because the Soviet Union had virtually no taxes or fiscal system in the modern sense, which had to be created from scratch. Due to the almost fixed and strong ruble exchange rate, domestic producers suffered from cheap imports.
The combination of a large number of problems at once prevented the weak market economy from coping with the new challenges.
Russia recovered quickly from the August 1998 financial crash, partly because of a devaluation of the ruble, which made domestic producers more competitive nationally and internationally. Strong economic growth began in the autumn 1998. The devaluation of the ruble protected domestic producers from imported competitors. At the same time, the devaluation of the ruble allowed the budget to be filled with revenues.
Between 2000 and 2002, significant pro-growth economic reforms included a comprehensive tax reform, which introduced a flatincome tax of 13%; and a broad effort atderegulation which benefitedsmall and medium-sized enterprises.[103]
Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.[77] Disposable incomes more than doubled and indollar-denominated terms increased eightfold.[104] The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.[105][106] The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.[107][108]
Russia repaid its borrowing of $3.3 billion from the IMF three years early in 2005.[109]
Inflation remained a problem however, as thecentral bank aggressively expandedmoney supply to combat appreciation of the ruble.[110] Nevertheless, in 2007 theWorld Bank declared that the Russian economy achieved "unprecedented macroeconomic stability".[111] Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.[103]
Russian banks were affected by the2008 financial crisis, though no long term damage was done due to a proactive and timely response by the government and central bank.[112][113][114] A sharp, but briefrecession in Russia was followed by a strong recovery beginning in late 2009.[77]
Between 2000 and 2012, Russia's energy exports fuelled a rapid growth inliving standards, with realdisposable income rising by 160%.[115] Indollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.[104] In the same period, unemployment and poverty more than halved and Russians' self-assessedlife satisfaction also rose significantly.[116] This growth was a combined result of the2000s commodities boom,high oil prices, as well as prudent economic and fiscal policies.[117] However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of allfinancial assets held by Russianhouseholds.[118][119] Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.[120] Since 2008Forbes has repeatedly namedMoscow the "billionaire capital of the world".[121]
In July 2010, Russia, together with Belarus and Kazakhstan, became a founding member of theCustoms Union of theEurasian Economic Community (EurAsEC), and theEurAsEC Single Economic Space, acommon market of the same countries, came into force on 1 January 2012, superseding the bilateral agreements on free trade. At the same time Russia's membership to theWTO was accepted in 2011.[122] Russia joined theWorld Trade Organization (WTO) on 22 August 2012 after 19 years of negotiations.[123][124][125] On 20 September 2012, the multi-lateralFree Trade Area of theCommonwealth of Independent States (CIS FTA) came into force for Russia and subsequently superseded previous bilateral agreements among 9 participating post-Soviet states.[126] In 2015, Russia became a founding member of theEurasian Economic Union (EAEU), which replaced EurAsEC and envisaged a supranationaleconomic union (the deepest stage ofeconomic integration[127]).[128]
Rapid GDP and income growth continued until 2013. The most important topic of discussion in the economy for a decade was themiddle-income trap. In 2013, theWorld Bank announced that Russia had graduated to ahigh-income economy based on the results of 2012[129][130][131] but in 2016 it was reclassified as anupper-middle income economy[132][133] due to changes in the exchange rate of the Russian ruble, which is afloating currency. While the UNHuman Development Index, which assesses progress in the standard of living, health and education, ranks Russia among the 'very high human development' countries.[134][135]
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.[136] In 2012 oil, gas and petroleum products accounted for over 70% of total exports.[137] 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.[77] Several reasons were proposed to explain the slowdown, including a prolongedrecession in the EU, which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity anddemographic problems.[138] Political turmoil in neighbouringUkraine added to the uncertainty and suppressed investment.
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Following theannexation of Crimea in March 2014 and Russia's involvement in the ongoingWar in Donbas, the United States, the European Union, Canada, and Japanimposed sanctions on Russia.[139] 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 theRussian economic ministry in July 2014, GDP growth in the first half of 2014 was 1%. The ministry projected growth of 0.5% for 2014.[140] The Russian economy grew by a better than expected 0.6% in 2014.[141] Russia is rated one of the most unequal of the world's major economies.[142]
As a result of the World Bank's designation of a high-income economy, Barack Obama issued a proclamation 9188: "I have determined that Russia is sufficiently advanced in economic development and improved in trade competitiveness that it is appropriate to terminate the designation of Russia as a beneficiary developing country effective October 3, 2014."[143] U.S. Customs and Border Protection (CBP) indicated that Russia formally graduated from the GSP program on 4 October 2014.[144]
As of 2015,real income was still lower for 99% of Russians than it was in 1991.[85]
The Russian economy risked going into recession from early 2014, mainly due to fallingoil prices,sanctions, and the subsequentcapital flight.[145] While in 2014 GDP growth remained positive at 0.6%,[146] in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.[147] 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%.[148][149]
In January 2016,Bloomberg rated Russia's economy as the 12th most innovative in the world,[150] up from 14th in January 2015[151] and 18th in January 2014.[152] 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.[150]
According to the British company BP (Statistical Yearbook 2018), proven oil reserves in Russia at the end of 2017 were 14.5 billion tonnes (14.3 billion long tons; 16.0 billion short tons), natural gas was 35 trillion cubic metres (1.2 quadrillion cubic feet).[153] Gold reserves in Russia's subsoil, according to the U.S. Geological Survey, were 5,500 tonnes (5,400 long tons; 6,100 short tons) at the end of 2017.[154]
In 2019, theMinistry of Natural Resources estimated the country's mineral reserves in physical terms. At the end of 2017, oil reserves were 9.04 billion tonnes (8.90 billion long tons; 9.96 billion short tons), gas reserves were 14.47 trillion cubic metres (511 trillion cubic feet), gold reserves were 1,407 tonnes (1,385 long tons; 1,551 short tons), and diamonds reserves were 375 million carats (75 tonnes). 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".[155][156]
In theInternational Comparison Program 2021, the Commonwealth of Independent States (CIS) region was linked through the standard global core list approach, unlike in ICP 2017. Based on the results, theWorld Bank announced that in 2021 Russia was the 4th largest economy in the world ($5.7 trillion and 3.8 percent of the world) and the largest economy in Europe and Central Asia when measured in PPP terms.[157]
In 2022,heavy sanctions were enacted due to theRussian invasion of Ukraine which will likely result in a steep recession.[158] Since early 2022, many official economic statistics have not been published.[159] Sanctions also included asset freezes on theRussian Central Bank,[160] which holds $630 billion inforeign-exchange reserves,[161] to prevent it from offsetting the effects of sanctions.[162]
On 7 March 2022, theGovernment of Russia in the first time approved alist of foreign states and territories that commit unfriendly acts against Russia, its legal entities and individuals.[163][164] The Russian Federation believes that the countries that have restricted trade with Russia have directly violated the rules of the World Trade Organization. Russia distributed a statement to members of the organization, and the World Trade Organization published it on its website.[165] In accordance with paragraph 2 of Article 40 of the Treaty on the Eurasian Economic Union,Russian Prime MinisterMikhail Mishustin has imposedincreased tariffs on goods from unfriendly countries. A duty of 35% is imposed on imports of personal hygiene items, incense and weapons from unfriendly countries. The list includes shampoos and other hair products, individual deodorants and antiperspirants, products for aromatizing indoor air, detergents and cleaning products.[166][167] The full list of goods subject to import duties of 20-50% from unfriendly countries is established by the government decree No. 2240 of 7 December 2022, which has been amended several times in 2023-2025.[168]
According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.[169][170][171] In 2022, Russiadefaulted on part of its foreign currency, its first such defaultsince 1918.[172]
In November 2022, it was reported that Russia had officially entered a recession as theFederal State Statistics Service had reported a national GDP loss for the second consecutive quarter.[173]
As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of theG7 group agreed tocap the price of Russian oil and petroleum products, designed to allow Russia to maintain production, but limiting revenue from oil sales.[174][175]
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 due to the invasion of Ukraine.[176] In December 2022, a study at Bank of Russia's Research and Forecasting Department, found 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.[177]
TASS reported poor results for the Russian economy the first quarter of 2023 with revenue of 5.7 trillion roubles – down 21% (mainly due to falling oil revenue), expenditure 8.1 trillion roubles – up 34% (mainly due to increased military costs), creating a deficit 2.4 trillion roubles – ($29.4 billion)[178]
FollowingCentral Bank of Russia interventions, the exchange rate of the rouble against the dollar remained relatively stable in 2022, although in 2023 it started to decrease significantly, reaching RUB 97 per USD 1 on 15 August 2023. Both the interventions and the exchange rate decrease resulted in significant criticism of the Central Bank by Russian state propaganda.[179] 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.[180]
After 11 years of negotiations, on 8 June 2023, in Sochi, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan signed theCommonwealth of Independent States Agreement on Free Trade in Services, Establishment, Operations and Investment to partly integrate Uzbekistan and Tajikistan on the common standards of the WTO (General Agreement on Trade in Services) and theEAEU (some provisions were borrowed from EAEU law) even without their membership in the WTO (Uzbekistan) or the EAEU (Uzbekistan and Tajikistan).[181] The Treaty on the Eurasian Economic Union has preserved international agreements on trade in services in the sphere of national competence of the member states therefore, the EAEU is not a party to the agreement.
On 19 June 2023, Lavrov stated that theGreat Eurasian Partnership had become Russia's flagship project.[182]
In August and September 2023, 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 RUB 95.[183] 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%.[184] In October 2023 the "psychological barrier" of RUB 100 per USD 1 was crossed.[185] In July 2024 the Russian Central Bank raised the key interest rate to 18%.[186]
Russia's ranking as Europe's largest economy in terms of PPP and the world's fourth largest economy was first released in May 2024.[187] In July 2024, the World Bank again reclassified Russia as a high-income economy based on 2023 results.[28]
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 USD 1 exchange rate and inflation of 4.5%.[needs update] Defence spending will double to 10.78 trillion, 29.4% of expenditure. Russia currently has a record low unemployment rate of just 3 percent,[188] due to a demographic decline, demands of the war for industrial and military manpower, and large scale emigration.
In January 2025, it was reported that Russia had used a two-prong strategy to finance the large costs of theRusso-Ukrainian war since early 2022. In addition to the official Russian governmentdefense budget—direct financial expenditure for waging the war was estimated at US$250 billion through June 2024,[189] rising to over 20% of annual GDP—an off-budget financing mechanism was employed to fund the war with over US$200 billion from preferential bank loans made to defence contractors and war-related businesses, loans compelled by the Russian government.[190][191] Defense and security spending accounted for approximately 40% of Russia's total government spending in 2025,[192][193] exceeding combined spending on education, healthcare, social policy and the national economy.[194]
Despite experiencing significant expansions in both 2023 and 2024, analysts have warned that the Russian economy risks stagnation in 2025 and onward due to labor shortages, high inflation, military overspending, falling resource prices and a dwindling National Wealth Fund.[195][196][197][198]
The Iran-EAEU FTA came into force on 15 May 2025.[199] TheMongolia-EAEU Interim free trade in goods agreement signed on 27 June 2025.[200][201][202] TheUnited Arab Emirates-EAEU free trade in goods agreement signed on 27 June 2025.[200][201][202]
On 7 August 2025, Russia signed a free trade agreement in services and investments with the UAE.[203][204]
Original data are obtained and published in the national currency of the Russian Federation, the Russian ruble, by theFederal State Statistics Service Rosstat, as well as other organizations of which Russia is a member, such as theEurasian Economic Commission and the Statistical Committee of theCommonwealth of Independent States. Due to the conversion of values into other currencies, the volume in other nominal currencies may fluctuate sharply. The average annual exchange rate of the ruble is usually used to convert annual data. The World Bank uses theAtlas method (a three-year average) to estimateGNI. Purchasing power parities is calculated as part of the successive cycles of theWorld Bank'sInternational Comparison Program and comes into effect after several years (ICP 2021 data were published in May 2024[205][206] and applies by the World Bank since July 2024 and by the IMF since October 2024).
The following table shows the main economic indicators in 1990[207]–2024 and future estimates (indicated *) by the IMF.[208]
| Year | GDP (in billionint$ PPP) | GDP per capita (inint$ PPP) | GDP (in billion US$ nominal) | GDP per capita (in US$ nominal) | GDP growth (real, originally prices are in Russian rubles) | Inflation rate (in Per cent) | Unemployment (in Per cent) | Government debt (in % of GDP) |
|---|---|---|---|---|---|---|---|---|
| 1990 | n/a | 12,760[207][failed verification] | n/a | n/a | n/a | n/a | n/a | n/a |
| 1991 | n/a | 12,490[207][failed verification] | n/a | n/a | n/a | n/a | n/a | n/a |
| 1992 | 1,621.277 | 10,914.894 | 71.603 | 482.052 | n/a | n/a | 5.2% | n/a |
| 1993 | 1,515.308 | 10,206.910 | 196.227 | 1,321.756 | -8.700% | 874.3% | 5.9% | n/a |
| 1994 | 1,351.113 | 9,104.043 | 293.768 | 1,979.465 | -12.700% | 307.5% | 8.1% | n/a |
| 1995 | 1,322.881 | 8,915.733 | 335.777 | 2,263.016 | -4.100% | 197.3% | 8.3% | n/a |
| 1996 | 1,298.858 | 8,766.589 | 412.685 | 2,785.404 | -3.581% | 47.8% | 9.3% | n/a |
| 1997 | 1,339.434 | 9,055.431 | 433.704 | 2,932.113 | 1.376% | 14.8% | 10.8% | 51.519% |
| 1998 | 1,282.445 | 8,684.472 | 287.672 | 1,948.059 | -5.319% | 27.7% | 11.9% | 135.193% |
| 1999 | 1,383.147 | 9,395.419 | 209.657 | 1,424.156 | 6.347% | 85.7% | 13.0% | 92.379% |
| 2000 | 1,556.696 | 10,618.878 | 278.264 | 1,898.155 | 10.054% | 20.8% | 10.6% | 55.868% |
| 2001 | 1,672.634 | 11,458.280 | 328.475 | 2,250.201 | 5.082% | 21.5% | 8.9% | 44.438% |
| 2002 | 1,779.247 | 12,244.827 | 370.062 | 2,546.779 | 4.746% | 15.8% | 8.0% | 37.577% |
| 2003 | 1,947.833 | 13,465.930 | 461.518 | 3,190.609 | 7.356% | 13.7% | 8.2% | 28.334% |
| 2004 | 2,143.132 | 14,875.940 | 633.294 | 4,395.830 | 7.145% | 10.9% | 7.7% | 20.828% |
| 2005 | 2,351.723 | 16,386.143 | 817.717 | 5,697.621 | 6.397% | 12.7% | 7.2% | 14.851% |
| 2006 | 2,622.193 | 18,330.602 | 1,060.901 | 7,416.297 | 8.165% | 9.7% | 7.1% | 9.804% |
| 2007 | 2,923.515 | 20,472.076 | 1,393.416 | 9,757.472 | 8.550% | 9.0% | 6.0% | 8.033% |
| 2008 | 3,136.188 | 21,971.026 | 1,779.109 | 12,463.807 | 5.247% | 14.1% | 6.2% | 7.446% |
| 2009 | 2,908.738 | 20,371.457 | 1,307.927 | 9,160.112 | -7.821% | 11.6% | 8.2% | 9.918% |
| 2010 | 3,076.938 | 21,539.793 | 1,633.111 | 11,432.428 | 4.512% | 6.8% | 7.4% | 10.105% |
| 2011 | 3,265.874 | 22,835.402 | 2,046.621 | 14,310.233 | 3.995% | 8.4% | 6.5% | 10.340% |
| 2012 | 3,460.550 | 24,135.854 | 2,191.486 | 15,284.673 | 4.024% | 5.1% | 5.5% | 11.167% |
| 2013 | 3,581.230 | 24,903.206 | 2,288.428 | 15,913.302 | 1.755% | 6.8% |  5.5% | 12.348% |
| 2014 | 3,670.432 | 25,052.774 | 2,048.837 | 13,984.474 | 0.736% | 7.8% | 5.2% | 15.136% |
| 2015 | 3,631.416 | 24,709.731 | 1,356.703 | 9,231.599 | -1.973% | 15.5% | 5.6% | 15.286% |
| 2016 | 3,673.023 | 24,921.954 | 1,280.648 | 8,689.368 | 0.194% | 7.0% | 5.5% | 14.849% |
| 2017 | 3,807.099 | 25,777.812 | 1,575.140 | 10,665.247 | 1.827% | 3.7% | 5.2% | 14.311% |
| 2018 | 4,205.230 | 28,448.510 | 1,653.005 | 11,182.629 | 2.806% | 2.9% | 4.8% | 13.620% |
| 2019 | 4,579.554 | 30,963.855 | 1,695.724 | 11,465.343 | 2.198% | 4.470% | 4.600% | 13.748% |
| 2020 | 4,651.430 | 31,490.815 | 1,488.118 | 10,074.759 | -2.654% | 3.382% | 5.767% | 19.156% |
| 2021 | 5,688.268 | 38,638.428 | 1,828.927 | 12,423.263 | 5.866% | 6.694% | 4.833% | 16.524% |
| 2022 | 6,006.308 | 40,938.963 | 2,295.527 | 15,646.297 | -1.436% | 13.750% | 3.950% | 18.480% |
| 2023 | 6,476.516 | 44,269.007 | 2,059.762 | 14,079.116 | 4.083% | 5.859% | 3.167% | 19.487% |
| 2024 | 6,905.073 | 47,269.220 | 2,161.205 | 14,794.697 | 4.100% | 8.444% | 2.516% | 20.303% |
| 2025* | 7,191.718 | 49,382.880 | 2,076.396 | 14,257.845 | 1.456% | 9.265% | 2.777% | 21.383% |
| 2026* | 7,412.470 | 51,064.384 | 2,085.148 | 14,364.549 | 0.865% | 5.492% | 3.539% | 22.547% |
| 2027* | 7,631.910 | 52,753.122 | 2,153.274 | 14,883.813 | 1.100 | 4.000% | 4.088 | 23.660 |
In Russia, areas where income is higher have increased air pollution. However while income may have been higher in these regions a greater disparity inincome 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".[209] 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.[209]
On 25 December 1993, theConstitution of the Russian Federation came into force, where the main provisions were prescribed in the Article 75. The currency in the Russian Federation is theruble. Monetary emission is carried out exclusively by theCentral Bank of the Russian Federation (the Bank of Russia). The introduction and emission of other money in the Russian Federation is not allowed. The protection and ensuring the stability of the ruble is the main function of the Central Bank of the Russian Federation, which it carries out independently of other government bodies.[210] On 1 September 2013, the Bank of Russia also became a regulator of financial markets, applying the integrated model of financial sector supervision.[211]
TheCentral Bank of the Russian Federation followsinflation 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.
The currency exchange rate of theRussian ruble isfloating.
In 2011, the Bank of Russia, which was then headed bySergei Ignatiev, took a course towards abolishing the currency corridor and designated a transition to a floating exchange rate for the ruble. Already under the new head of the Central Bank of the Russian Federation,Elvira Nabiullina, it was planned to complete the transition to a floating exchange rate regime from 1 January 2015. The Bank of Russia dismantled the currency corridor two months earlier - on 10 November 2014, so as not to waste gold and foreign exchange reserves.[212]
Ruble'sReal Effective Exchange Rate remained in 2022–25 higher and stronger than in 1994 and 1998[213] when the sharp devaluations happened relative to the foreign currency.
The Russian ruble is a freely convertible currency, and Russia allows the free movement of capital in Russian rubles. Within thecommon market of the Commonwealth of Independent States, thesingle market of the Eurasian Economic Union, and on the basis of bilateral agreements with other countries, the free movement of capital, payments and the free convertibility of the Russian ruble are ensured.
Russia built its banking system from scratch and created one of the most advanced banking systems in the world.[214]
From 2010 to 2018, the number of cashless card transactions in Russia increased by 30 times. At the same time, Russia became the world leader in the number of secure tokenized transactions which was called the "Russian miracle", according to theBoston Consulting Group (BCG). With tokenization, the card number is not stored on a mobile device, on the smartphone manufacturer's servers, or at the merchant. The adoption ofcontactless payments and mobile payments (Apple Pay,Samsung Pay) has also been more successful in Russia than anywhere else in the world.[215] In 2020, Mark Barnett, President ofMastercard Europe, noted that Russia is one of the most advanced and developed payment markets in Europe.[216] In 2020, the "Russian miracle" continued, as the pandemic gave a boost to the development of digital technologies. Russia ranked fourth in the global ranking of countries whose population actively abandoned cash in favor of cashless payments during the pandemic.[217]
Sberbank became the world's leader in terms of the number of transactions processed in 2024 in the ranking compiled by the Nilson analytical agency. Over the year, the number of transactions conducted by Sberbank exceeded 52 billion, surpassing the American companies JPMorgan Chase and Worldpay.[218][219][220] In October 2025, Governor Elvira Nabiullina announced thatcashless payments accounted for 87.5% of Russia's retail turnover in the first quarter.[221]
As of 1 January 2025 theRussia's national payments system comprises 28 payment systems, 354 money transfer operators.[222]
The Bank of Russia's payment system (in Russian rubles) is an integral part of the national payment system. Funds transfers are carried out by the Bank of Russia through urgent funds transfers, non-urgent funds transfers and theFaster Payment System ( instant 24/7 payments for work, goods, and services, including transactions made via QR code, mobile phone number and NFC).[223][224] The Faster Payments System (SBP) was launched in 2019.[222] In 2014, the Bank of Russia established theNational Payment Card System Joint Stock Company (NSPK) that launchedMir payment system cards. NSPK also processes domestic payments made in Russia with cards of international payment systems.[222]
TheSystem for Transfer of Financial Messages for non-Ruble transfers only within Russia (and also outside of Russia) is an equivalent of theSWIFT financial transfer system. Both systems only transmit text messages. Settlements are made individually between credit institutions within the framework of correspondent relations.[225]
Russia was expected to have a Government Budget deficit of $21 billion in 2016.[226][needs update] The budget deficit narrowed to 0.6% of GDP in 2017 from 2.8% in 2016.[227]
Russia is acreditor nation. As the IMF reported in 2016, Russia has a floating exchange rate, large official foreign exchange reserves, a positive net international investment position of about 20 percent of GDP, and a current account surplus.[228] As reported in 2017, despite the low level of foreign direct investment (FDI) and capital market investments, Russia has been a net creditor for most of the last 25 years.[229] As of 2022, Russia is a net creditor on international markets: the value of its foreign assets exceeds the value of its foreign liabilities.[230] Russia has a positivenet international investment position (NIIP) from December 2013 to September 2024.[231]
Russia has one of thelowest government debts (total external and domestic) andlowest external debts (total public/government and private) among world's economies.[232][233][234][235]
In 2022, domestic government debt increased by 13.9 percent to 18.78 billion rubles.[236] Russia Domestic government Debt data was reported at RUB 19,801.921 billion in May 2023.[237]
In 2022, the share of external debt to GDP was 17%, decreasing from 26.3% in 2021.[202][238] Russia's external debt was estimated at 381.8 billion U.S. dollars as of 1 January 2023, down 20.8 percent from the previous year.[239] Russia External Debt reached USD 357.9 billion in March 2023, compared with USD 380.5 billion in the previous quarter.[240]
On 1 January 2004, theGovernment of Russia established theStabilization fund of the Russian Federation as part of thefederal budget to balance it ifprice 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 had started with $32 billion in 2008 and by August 2022, peaked at $201 billion.[241] December 2023 saw it fall to $133 billion with liquid assets also down at $56 billion.[242]
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Russia was the lowest rated European country inTransparency International'sCorruption Perceptions Index for 2020; ranking 129th out of 180 countries.[243] Corruption is perceived as a significant problem in Russia,[244] affecting various aspects of life, including the economy,[245] business,[246]public administration,[247][248]law enforcement,[249]healthcare,[250] andeducation.[251] The phenomenon of corruption is strongly established in the historical model of public governance in Russia and attributed to general weakness ofrule of law in Russia.[252] 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.[253]
According to theMoscow Government, the Moscow economy is the largest among the Russian Federation constituent entities: the capital accounts for one fifth of the country's totalgross regional product. Moscow is one of the largest urban economies in the world in terms of GDP (purchasing power parity, PPP) and one of the top 5 global megalopolises according to this value.[254] The Moscow GDP (PPP) in 2021 amounted to USD 25.500 billion, which is more than that of Seoul, Shanghai or Paris.[254][needs update] The government refers to Oxford Economics stating that Moscow ranked third among the world's cities in terms of GDP at purchasing power parity in 2020.[255]
According to statements by theMayor of Moscow in 2024, Moscow contributed more than 20 per cent of the country's GDP. This contribution is related to innovation, IT sector and services.Labour productivity in Moscow is on average 2.5 times higher than in Russia due to the high concentration of residents.[256]
In May 2025, Mayor Sobyanin reported to President Putin that Moscow's gross regional product at purchasing power parity for 2024 had grown toint$ 1.39 trillion, allowing the Russian capital to rank second among the world's largest urban economies, second only to New York and ahead of Shanghai. "In 2020, we were in fifth place and since 2023, we have moved up to second place," said the mayor of Moscow.[257][258][259]
Moscow is home to 90billionaires in 2025 – 16 more than a year ago. Moscow comes in second place behind New York City according toForbes.[260]
Russia is divided intotwelve economic regions.[261][262]
In 2018, theRussian Ministry of Economic Development developed a strategy for the spatial development of Russia, in which it was proposed to introduce the division into 14 macro-regions.[263][264] In February 2019, the strategy was approved and the division into 12 macro-regions was implemented.[265]
There are also macrozones such as theBaikal Amur Mainline economic zone.
According to a 2011 research article, the nature of the relationship between the centre and the regions in Russia today corresponds to the so-called "centre-periphery" model; excessive centralisation, the absence of alternative (to Moscow) centres in the country's territorial structure and weak horizontal links are stable characteristics of the Russian political and economic space and are constantly reproduced over time.[266]
More than a decade ago, ProfessorNatalia Zubarevich proposed an extension of the centre-periphery model and is known as the author of the "theory of four Russias".[267] According to Zubarevich, the different speed ofsocial modernisation is more accurately explained by the centre-periphery model. The entire population of the country can be divided into three roughly equal parts - about a third of citizens in each. Theunderdeveloped republics, where 6% of the country's population lives - this "fourth" Russia has its own specific features.[268][269][270] According to the concept, "First Russia" is thecities with millions of inhabitants, i.e. the most modernised and economically developed territories. "Second Russia" are medium-sized cities with a pronounced industrial profile. "Third Russia" - small towns, workers' settlements, rural areas. Compared to "first" and "second Russia" - this is a deep periphery in terms of the quality of socio-economic life. The "fourth Russia" is made up of the national republics of the Caucasus, as well as the south of Siberia (Tuva, the Altai Republic). These territories also represent a periphery, but a specific one: thedemographic transition has not been completed here,urbanisation is in its infancy, andpatriarchal-clan principles are still strong in society.[267]
Monoprofile towns (monotowns) are the most unstable part of the "second Russia".[269]
The mineral-packedUral Mountains and the vastfossil fuel (oil, gas,coal), and timber reserves ofSiberia and theRussian Far East make Russia rich in natural resources, which dominate Russian exports. Oil and gas exports, specifically, continue to be the main source ofhard currency.
Russia has been widely described as anenergy superpower;[34] as it has the world's largestnatural gas reserves,[35] the second-largestcoal reserves,[36] the eighth-largestoil reserves,[37] and the largestoil shale reserves in Europe.[38] It is thesecond-largest natural gas producer,[40] the second-largest oilexporter[41] andproducer,[42] and the third largest coal exporter.[43] Fossil fuels cause most of thegreenhouse gas emissions by Russia.[271] The country was the world's fourth-largestelectricity producer,[272] and the ninth-largestrenewable energy producer in 2019.[273] Russia was also the world's first country to develop civilian nuclear power, and built the world'sfirst nuclear power plant.[274] In 2019, It was the world's fourth-largestnuclear energy producer.[275] After the collapse of the Soviet Union, the Russian state nuclear conglomerate Rosatom became the dominant actor in international nuclear power markets, training experts, constructing nuclear power plants, supplying fuel and taking care of spent fuel in around the world.[276] Whereas oil and gas were subject to international sanctions after Russia's full-scale invasion of Ukraine in February 2023, its nuclear industry was not targeted by sanctions.[276]
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.[277] 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,[278] 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, amounted to 16.9% in 2017, 21.1% in 2018, 19.2% in 2019 and 15.2% in 2020. To compare the data obtained using the same methodology, the source provides data for other countries. This is more than the share of GDP in the United States (8%) and Canada (less 10%). This is comparable to the share of GDP in Norway (14%) and Kazakhstan (13.3%). It is much lower than the share of GDP in the United Arab Emirates (30%) and Saudi Arabia (50%). This assessment did not include, for example, the production of used pumps or specialized education, which should have been included, according to experts.[279][280][281][282][283] 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.[284][285] 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 24% of Russia's GDP. Michael Alexeyev (son ofLyudmila Alexeyeva), a professor of economics atIndiana 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.[286] There is also such an indicator as the oil rent (% of GDP), which is published by the World Bank. It is 9.7% for Russia, 14.8% for Kazakhstan, 6.1% for Norway, 23.7% for Saudi Arabia, 15.7% for the United Arab Emirates, 2.8% for Canada and 0.6% for the United States.[287]
2023 saw a fall in Russia's oil and gas tax revenues of 24% to 8.8 trillion roubles ($99.4 billion) compared to 2022.[288]
As of September 2025, Ukrainian drone and missile strikes have disrupted nearly 40% of Russia's oil refining capacity, forcing Moscow to import gasoline from Asian nations and creating widespread fuel shortages across multiple Russian regions. The sustained campaign has knocked approximately 338,000 tons per day of crude oil processing offline, with over 20 regions experiencing shortages and gas stations implementing fuel rationing measures.[289]
In September 2025 theInternational Energy Agency stated that Russia's revenues fromoil product exports had in August declined to five-year lows, contributing to Russia's economic slowdown.[290]
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 millioncarats in 2013, or 25% of global output valued at over $3.4 billion, with state-ownedALROSA accounting for approximately 95% of all Russian production.[291]
In 2019, the country was the 3rd world producer ofgold;[292] 2nd worldwide producer ofplatinum;[293] 4th worldwide producer ofsilver;[294] 9th largest world producer ofcopper;[295] 3rd largest world producer ofnickel;[296] 6th largest world producer oflead;[297] 9th largest world producer ofbauxite;[298] 10th largest world producer ofzinc;[299] 2nd worldwide producer ofvanadium;[300] 2nd largest world producer ofcobalt;[301] 5th largest world producer ofiron ore;[302] 7th largest world producer ofboron;[303] 9th largest world producer ofmolybdenum;[304] 13th largest world producer oftin;[305] 3rd largest world producer ofsulfur;[306] 4th largest world producer ofphosphate;[307] 8th largest world producer ofgypsum;[308] in addition to being the world's 10th largest producer ofsalt.[309] It was the world's 6th largest producer ofuranium in 2018.[310]
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.[311] It has the world'sthird-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 isagricultural,[1] and only 7.4% of its land isarable.[312] The main product of Russian farming has always beengrain, which occupies considerably more than half of the cropland.[311] Russia is the world'slargest exporter of wheat,[313] and is the largest producer ofbarley,[314]buckwheat,oats,[315] andrye,[316] and the second-largest producer ofsunflower seed.[317] Various analysts ofclimate 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.[318]
More than one-third of the sown area is devoted to fodder crops, and the remaining farmland is devoted toindustrial crops, vegetables, and fruits.[311] Owing to its large coastline along three oceans, Russia maintains one of the world'slargest fishing fleets, ranking sixth in the world in tonnage of fish caught; capturing 4.77 million tonnes (4.69 million long tons; 5.26 million short tons) of fish in 2018.[319] It is also home to the world's finest caviar (thebeluga), and produces about one-third of all canned fish, and some one-fourth of the world's total fresh and frozen fish.[311]
Thedefence 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 afifth-generation fighter jet,nuclear powered submarines,firearms, andshort range/long range ballistic missiles.[1]
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 asMiG-29 andSu-30, while new projects such as theSukhoi Superjet 100 are hoped to revive the fortunes of the civilian aircraft segment. In 2009, companies belonging to theUnited 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.[320]
TheSpace industry of Russia consists of over 100 companies and employs 250,000 people.[321]
Automotive production is a significant industry in Russia, directly employing around 600,000 people or 1% of the country's total workforce.[citation needed] 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.[322] 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.[323] The main local brands are light vehicle producersAvtoVAZ andGAZ, whileKamAZ 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.[324]
Russia was experiencing a regrowth of microelectronics, with the revival ofJCS Mikron until sanctions took effect in 2022.[325][326][327]
As of 2013, Russians spent 60% of their pre-tax income on shopping, the highest percentage in Europe.[needs update] 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.[328] Asupermarket selling groceries is a typical anchor store in a Russian mall.[329]
Retail sales in Russia[330]
| 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 |
Russia's telecommunications industry is growing in size and maturity. In 2024 the revenue of Russian telecom operators amounted to more than 2.1 trillion rubles, which is 7.8% more than last year.[331]
As of December 2007, there were an estimated 4,900,000 broadband lines in Russia.[332]
As of 2020[update], 122,488,468 Russians (85% of the country's total population) were Internet users.[333]
There are four national mobile phone networks, MegaFon, Tele2, Beeline and MTS with total subscriptions between 2011 and 2021 ranging between 200 and 240 million.[334]
According to the World Bank, 94% of Russia's population uses the Internet in 2024.[335]
As of 2024, Russia has 270 million active mobile subscribers, 188 million of them are mobile Internet users and 39 million active fixed-line Internet subscribers.[331]
Railway transport in Russia is mostly under the control of the state-runRussian Railways.[336] The total length of common-used railway tracks is the world'sthird-longest, and exceeds 87,157 km (54,157 mi).[337] As of 2016[update], Russia has1,452.2 thousand km of roads,[338] and its road density is among the world's lowest.[339] Russia's inland waterways are the world'ssecond-longest, and total 102,000 km (63,380 mi).[340] AmongRussia's 1,218 airports,[341] thebusiest isSheremetyevo International Airport in Moscow.[342]
Russia's largest port is thePort of Novorossiysk inKrasnodar Krai along the Black Sea.[343] Russia is the world's sole country to operatenuclear-powered icebreakers, which advance the economic exploitation of the Arcticcontinental shelf of Russia, and the development of sea trade through theNorthern Sea Route.[344]
In 2022, construction was worth 13 trillion rubles, 5% more than in 2021. Residential construction in 2022 reached 126.7 million square metres (1,364 million square feet).[345]
The 2020–2030 target for construction is 1 billion square metres (1.1×1010 square feet) of housing, 20% of all housing stock to be renovated and to increase space from 27.8 square metres (299 sq ft) up to 33.3 square metres (358 sq ft) per person.[345]
 | This section needs to beupdated. Please help update this article to reflect recent events or newly available information.(October 2025) |
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 exceptcompulsory 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).[346] 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.[347]
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.[349] 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.[350] Meanwhile, the fastest growing segment of the IT market isoffshore programming.
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 locations: Moscow, Novosibirsk, Nizhny Novgorod, Kaluga, Tumen, Republic of Tatarstan and St. Peterburg Region.[349]
Under agovernment 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 asGazprom,Rosneft,Russian Railways,Rosatom, andTransneft. 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.[351]
Russia is one of the few countries in the world with a homegrowninternet search engine with a significant marketshare as the Russian-based search engineYandex is used by 53.8% of internet users in the country.[352][353][354]
Known Russian IT companies areABBYY (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).
According to aUNWTO 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.[355] Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019.[356] According toFederal Agency for Tourism, the number of inbound trips of foreign citizens to Russia amounted to 24.4 million in 2019.[357] Russia's international tourism receipts in 2018 amounted to $11.6 billion.[355] In 2020, tourism accounted for about 4% of country's GDP.[358] Major tourist routes in Russia include a journey around theGolden Ringtheme route of ancient cities, cruises on the big rivers like theVolga, and journeys on the famousTrans-Siberian Railway.[359] Russia's most visited and popular landmarks includeRed Square, thePeterhof Palace, theKazan Kremlin, theTrinity Lavra of St. Sergius andLake Baikal.[360]
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| Top 4 largest economies (China, the US, India, Russia) in the world byPPP-adjusted GDP in 2023 according to theWorld Bank, the members of theEurasian Economic Union as well as Tajikistan andUzbekistan that are forming acommon market within the CIS (EAEU+2)[361] |
Russia joined theWorld Trade Organization (WTO) on 22 August 2012.[123]On 20 September 2012, theFree Trade Agreement of the Commonwealth of Independent States signed on 18 October 2011 came into force (CIS FTA) for Russia and superseded previous agreements.[126] Russia is a founding member of theEurasian 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.[362] The EAEU Treaty in 2015 superseded previous integration agreements and envisaged aneconomic union (the deepest stage ofeconomic integration[127]). 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 aEurasian Customs Union and an integratedsingle market of 183 million people.[128]
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Since thecollapse of theBretton Woods system and the creation of theJamaican monetary system, membership in theInternational Monetary Fund no longer requires the use of the US dollar, and by 1973 the US dollar was no longer the soleglobal currency. Russia joined the IMF in 1992, although the USSR had previously refused to ratify the founding document.
The Soviet Union and other socialist countries used the so-calledtransferable ruble andclearing ruble.
TheInterstate Bank became the first international financial organization created by the Commonwealth of Independent States, which was given the specific goal of developing mutual settlements in national currencies. The mechanism for cross-border settlements in national currencies (payment and settlement system), based on the use of direct correspondent accounts with central banks and access to payment systems, has been in operation for more than 15 years (since circa 2005), as reported in 2020.[364] The Agreement on Establishment of theInterstate Bank was signed on 22 January 1993 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, Ukraine and ratified by all countries except Ukraine, which revoked its signature in 1997.[365]
Back in February 2010, online retailerSportmaster announced its intention to become the first Russian company to switch to the national currency for settlements with suppliers and to use the yuan for trade with China.[366] On 13 December 2010, BankHSBC announced that it had processed Russia's first international transaction in yuan for the Sportmaster group of companies.[367][368] As part of China's efforts tointernationalize the yuan, trading in the ruble/yuan currency pair began on the MICEX on 16 December 2010. TheMoscow Interbank Currency Exchange (MICEX) became the first organized (i.e., exchange-based) platform for yuan trading outside China. This was made possible by an agreement signed in April 2010 on the mutual launch of trading in yuan and rubles. Since the end of November 2010, rubles can be bought in China on theChina Foreign Exchange Trade System.[369][370]
In 2017, apayment versus payment (PVP) system was created for the first time for transactions between the yuan and foreign currencies, according to a statement published on the website of the China Foreign Exchange Trade System (CFETS). The ruble became the first foreign currency to be included in the system. Earlier, the Russian central bank opened its first overseas office in Beijing, and theIndustrial and Commercial Bank of China (ICBC) officially began operating as a Chinese clearing bank for yuan settlements in Russia.[371] In 2020, VTB's Shanghai branch connected to China's national domestic payment system, CNAPS (China National Advanced Payment System).[372]It has direct access to the CNAPS national payment system, which allows payments to be made to all local banks connected to this system, i.e., virtually all banks in China. Settlements are made through accounts with thecentral bank of the People's Republic of China.[373]
By 2022, 23 Russian banks had been connected to the ChineseCross-Border Interbank Payment System.[374] Back in 2022, nine Russian banks, including Sberbank and VTB Bank, opened special accounts in India for settlements in rupees for Indian-Russian trade transactions in order tointernationalize the rupee and facilitate international trade operations.[375]
In 2023, the vice president of the Interstate Bank noted that payments in national currencies had increased significantly.[376] By 2023, the Russian ruble had become the main currency for trade with the CIS.[377]
In 2023, Elvira Nabiullina, Governor of the Bank of Russia, attended theAsian Clearing Union summit in Tehran.[378] In 2023, theCentral Bank of Iran announced that by connecting to the Russian Central Bank's payment system, it had also gained access to more than 100 banks in 13 countries, in addition to Russia.[379] An Iranian banking official revealed that all Russian banks and 106 banks in 13 other countries have been connected to Iran’s financial messaging system known asSEPAM.[380] In 2024, Mohammad Reza Farzin, head of the Central Bank of Iran, announced a newACUMER system to replace SWIFT and a new agreement with Russia.[381][382] In 2024, Farzin emphasized Iran's readiness to provide technical capabilities for Russia's membership in the Asian Clearing Union. "Belarus recently requested to join this union, and we invite Russia to join as well," he said.[383] TheNational Bank of Belarus, Russia's closest ally, has already become a member of the Asian Clearing Union.[384]
Launched in 2025,Digital renminbi is already available in Russia and other CIS countries, saidBoris Titov, co-chairman of the Russian-Chinese Friendship Committee.[385][386]
Russia has become the leader among European countries surpassing Britain in terms of incoming cryptocurrency flows, according to a report by the analytical company Chainalysis for the period from July 2024 to June 2025. Analysts estimate the volume of cryptocurrencies that entered Russia during this period at $376.3 billion. One reason for the rapid growth of the Russian cryptocurrency market has been cross-border settlements, primarily using the ruble-peggedstablecoinA7A5.[387]
The share of payments in Russian rubles in Russia's foreign trade settlements in August 2025 once again reached an all-time high, reaching 55.2%, according to calculations based on data on the currency structure of foreign trade settlements on the Bank of Russia website. The share of payments in rubles for Russian exports was record high in August, rising to 56.3%. The share of payments in Russian rubles for imported goods and services to Russia in August was 54.1%. Payments in currencies of friendly countries accounted for 29.4% of exports from Russia in August. In payments for imports to Russia, this figure was 30.1% in August. The share of "toxic" currencies in payments for exports in August was 14.3%, and for imports to Russia, it was 15.7%.[388] Russia and Iran already conduct 80% of their mutual settlements in rials and rubles.[389] According to the Ministry of Economic Development, the share of national currencies in trade with CIS countries has already exceeded 85%, and with China it has come close to 95%.[390] In November 2025, MinisterSiluanov stated that the ruble and yuan now account for over 99% of trade settlements between Russia and China.[391]
A 2025 study said that an important constraint on the economy was “Russia’s dependence on hard currencies like the dollar and the euro, with only partial “yuanization” of its foreign trade transactions”.[392]
Russiahas concluded a number ofBilateral Investment Treaties (BITs),Treaties with Investment Provisions (TIPs) andInvestment Related Instruments (IRIs) according to the database ofUNCTAD.[393] 65 agreements have entered into force.[394]
Russia recorded a trade surplus of US$15.8 billion in 2013.[395] 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%).[396]
Russia top exports in 2021 were: Crude oil $110.9b, Processed oil $69.9b, gold $17.3b, coal $15.4b and natural gas $7.3b.[397]
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 $3.3b.[397]
Foreign trade of Russia – Russian export and import[397]
| Year | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Export (US$ 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 |
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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.[398] 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.[399] 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 exportstotaled $492 billion in 2021, up 46% from 2020 (not adjusting for inflation). Minerals, including oil and gas, made up nearly 45% of these exports. Goods imports rose by 27%, reaching $294 billion in 2021. Machinery and mechanical appliances topped the list of imports, 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 data is available. The country was a net importer of services, exporting $49 billion worth of services and importing $76 billion.[362]
According to the World Bank, imports of goods and services accounted for 21.3% of Russia's gross domestic product (GDP) in 2021,[400] while exports made up 30.9%.[401] Russia hastrade-to-GDP ratio (trade openness) 49.26%[402] which is below the global average. In a December 2022 study, an economist from the Bank of Russia's Research and Forecasting Department found that Russia's import dependence is relatively low, does not exceed the median for other countries and the share of imports in most industries is lower than in other countries. The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials. However, 60% of Russia's imports come from the countries that have imposed sanctions against it.[177]
Between 1985 and 2018, almost 28,500 mergers or acquisitions have been announced in Russia. This cumulates to an overall value of around USD 984 billion which translates to RUB 5.456 billion. In terms of value, 2007 has been the most active year with USD 158 billion, whereas the number of deals peaked in 2010 with 3,684 (964 compared to the value record year 2007). Since 2010 value and numbers have decreased constantly and another wave of M&A is expected.[403]
The majority of deals in, into or out of Russia have taken place in the financial sector (29%), followed by banks (8.6%), oil and gas (7.8%), and Metals and Mining (7.2%).
Here is a list of the top deals with Russian companies participating ranked by deal value in million USD:
| Date announced | Acquiror name | Acquiror mid industry | Acquiror nation | Target name | Target mid industry | Target nation | Value of transaction ($mil) |
|---|---|---|---|---|---|---|---|
| 22 October 2012 | Rosneft Oil Co | Oil & gas | Russian Fed | TNK-BP Ltd | Oil & gas | Russian Fed | 27854.12 |
| 24 July 2012 | Rosneft Oil Co | Oil & gas | Russian Fed | TNK-BP Ltd | Oil & gas | Russian Fed | 26061.15 |
| 22 April 2003 | Yukosneftegaz | Oil & gas | Russian Fed | Sibirskaia Neftianaia Co | Oil & gas | Russian Fed | 13615.23 |
| 28 September 2005 | Gazprom | Oil & gas | Russian Fed | Sibneft | Oil & gas | Russian Fed | 13101.08 |
| 13 April 2005 | Shareholders | Other financials | Russian Fed | Polyus | Metals & mining | Russian Fed | 12867.39 |
| 16 December 2010 | MMC Norilsk Nickel PJSC | Metals & mining | Russian Fed | MMC Norilsk Nickel PJSC | Metals & mining | Russian Fed | 12800 |
| 27 July 2007 | Shareholders | Other financials | Russian Fed | HydroOGK | Power | Russian Fed | 12381.83 |
| 10 December 2016 | QHG Shares Pte Ltd | Other financials | Singapore | Rosneft Oil Co | Oil & gas | Russian Fed | |
| 30 June 2010 | KazakhGold Group Ltd | Metals & mining | Kazakhstan | Polyus Zoloto | Metals & mining | Russian Fed | 10261.33 |
| 5 August 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.
Russia's unemployment rate dropped to a record-low 2.6% in April and real wages soared in March, data published by the federal statistics service showed on Wednesday, highlighting the extent of Russia's tight labour market.
...and the countries of the former Soviet Union and Central and Eastern Europe, of which several, including Russia and the Czech Republic, are heavily industrialized.
Russia is one of the world's richest countries in raw materials, many of which are significant inputs for an industrial economy. Russia accounts for around 20 per cent of the world's production of oil and natural gas and possesses large reserves of both fuels. This abundance has made Russia virtually self-sufficient in energy and a large-scale exporter of fuels.
Russia is the world's second-largest producer of natural gas, behind the United States, and has the world's largest gas reserves.
The five largest exporters were the United States, France, Russia, China and Germany.
Russian Federation's HDI value for 2022 is 0.821— which put the country in the Very High human development category—positioning it at 56 out of 193 countries and territories.
The war against Ukraine and the West is not only the Kremlin's biggest priority; it is now also the main driver of Russia's economic growth.
In the mortality belt of the European former Soviet Union, an aggressive health policy intervention might have prevented tens of thousands of excess deaths, or at least generated a different perception of Western intentions. Instead, Western self-congratulatory triumphalism, the political priority to irreversibly destroy the communist system, and the desire to integrate East European economies into the capitalist world at any cost took precedence.
{{cite web}}:Cite uses generic title (help)Now Russia is one of the least indebted countries in the world – thanks to all the oil revenue.
1954: The first nuclear power plant to be connected to an external grid goes operational inObninsk, outside of Moscow... The nuclear reactor, used to generate electricity, heralded Obninsk's new role as a major Soviet scientific city, a status it retains in the Russian Federation where it carries the sobriquet of First Russian Science City.
This statistic provides a forecast of barley production volume worldwide in 2020/2021, by country. In that year, Russia produced about 20.63 million metric tons of barley.
Russia is also a major producer of sunflower seeds worldwide, with a production volume of 15.3 million metric tons in 2019/2020.
I feel like I'm in Disneyland
The Russian sea port Novorossiysk, located in the Azov-Black Sea basin, handled almost 142 million metric tons of cargo in 2020 and became the leading port in the country by the cargo throughput.
Russia is the only country constructing nuclear-powered icebreakers in the world. They were purposely built for the strategic importance of the Northern Sea Route and a more evident need to guarantee the safety of the Russian trade vessels in winter and Arctic settlements' dependency on supplies.
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This article incorporates text from this source, which is in thepublic domain. Soviet Union: A Country Study.Federal Research Division.
