Economy of Russia#Recovery and growth (1999–2008)

{{main|Economic history of the Russian Federation|Economy of the Soviet Union}}

The Russian economy has been volatile over the past multiple decades. After 1989, its institutional environment was transformed from a command economy based upon socialist organizations to a capitalistic system. Its industrial structure dramatically shifted away over the course of several years from heavy investment in manufacturing as well as in traditional Soviet agriculture towards free market related developments in natural gas and oil extraction in additional to businesses engaged in mining. A service 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.Richard Connolly, The Russian economy: a very short introduction (2020) pp 2–11.

{{Excerpt|Economy of the Russian Empire after the abolition of serfdom}}

{{Main|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.{{sfn|Davies|1998|p=[https://books.google.com/books?id=mNffDWnt25wC&pg=PA1 1], [https://books.google.com/books?id=mNffDWnt25wC&pg=PA3 3]}}

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.

File:RIAN archive 695084 Workers of Moscow Likhachev Automotive Plant.jpg, 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.

File:Russian inflation rate 1993-2022.webp

File:Yakimanka District, Moscow, Russia - panoramio (309).jpg for the Central Federal District]]

File:GDP per Capita PPP Russia.png)]]

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{{cite book|last1=Appel|first1=Hilary|last2=Orenstein|first2=Mitchell A.|date=2018|title=From Triumph to Crisis: Neoliberal Economic Reform in Postcommunist Countries|url=https://books.google.com/books?id=PHhTDwAAQBAJ&pg=PA3|publisher=Cambridge University Press|page=3|isbn=978-1108435055|access-date=30 December 2020|archive-date=5 March 2024|archive-url=https://web.archive.org/web/20240305113214/https://books.google.com/books?id=PHhTDwAAQBAJ&pg=PA3#v=onepage&q&f=false|url-status=live}}{{cite web|title=Nuffield Poultry Study Group — Visit to Russia 6th–14th October 2006|publisher=The BEMB Research and Education Trust|url=http://www.bembtrust.org.uk/Russia%20Report%20no%20app.pdf|date=2007|access-date=27 December 2007|archive-url=https://web.archive.org/web/20070807214106/http://www.bembtrust.org.uk/Russia%20Report%20no%20app.pdf|archive-date=7 August 2007}}{{cite web |title=How Harvard lost Russia |work=Institutional Investor |url=https://www.institutionalinvestor.com/article/b150npp3q49x7w/how-harvard-lost-russia|date=27 February 2006|access-date=24 July 2014 |archive-url=https://web.archive.org/web/20140717072300/http://www.institutionalinvestor.com/Article/1020662/How-Harvard-lost-Russia.html?ArticleId=1020662&single=true#.U8d57nbP2M8 |archive-date=17 July 2014|url-status=live }} who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."{{cite book|last=Mattei|first=Clara E.|date=2022|title=The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism|page=302|url=https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html|location=|publisher=University of Chicago Press|isbn=978-0226818399|access-date=4 December 2022|archive-date=4 January 2023|archive-url=https://web.archive.org/web/20230104180917/https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html|url-status=live}} 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.{{cite web |url=http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/countries |title=GDP growth (annual %) |publisher=World Bank |access-date=26 July 2014 |archive-date=28 June 2016 |archive-url=https://web.archive.org/web/20160628122934/http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/countries |url-status=live }}{{cite web|title=Members|publisher=APEC Study Center; City University of Hong Kong|url=http://www.fb.cityu.edu.hk/research/apec/index.cfm?page=members|archive-url=https://web.archive.org/web/20070810232257/http://www.fb.cityu.edu.hk/research/apec/index.cfm?page=members|archive-date=10 August 2007|access-date=27 December 2007 }} 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.{{Cite book |last=Weber |first=Isabella |author-link=Isabella Weber |url=https://www.worldcat.org/oclc/1228187814 |title=How China escaped shock therapy : the market reform debate |date=2021 |publisher=Routledge |isbn=978-0-429-49012-5 |location=Abingdon, Oxon |pages=5 |oclc=1228187814}}

Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,{{cite book |last=Scheidel |first=Walter |author-link=Walter Scheidel |title=The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century |publisher=Princeton University Press |year=2017 |isbn=978-0691165028 |page=222 }} along with increased excess mortality[http://news.bbc.co.uk/2/hi/health/7828901.stm Privatisation 'raised death rate'] {{Webarchive|url=https://web.archive.org/web/20160306005653/http://news.bbc.co.uk/2/hi/health/7828901.stm |date=6 March 2016 }}. BBC, 15 January 2009. Retrieved 24 November 2018.{{cite journal |last1= Rosefielde|first1=Steven|date=2001 |title=Premature Deaths: Russia's Radical Economic Transition in Soviet Perspective|journal=Europe-Asia Studies|volume=53 |issue=8 |pages=1159–1176|doi= 10.1080/09668130120093174|s2cid=145733112|author-link=Steven Rosefielde}}{{cite book |last1=Ghodsee |first1=Kristen |author1-link=Kristen Ghodsee |title=Taking Stock of Shock: Social Consequences of the 1989 Revolutions |last2=Orenstein |first2=Mitchell A. |date=2021 |publisher=Oxford University Press |isbn=978-0197549247 |location=New York |pages=195–196 |doi=10.1093/oso/9780197549230.001.0001 |quote=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.}} and a decline in life expectancy.{{cite book|last=Ghodsee|first=Kristen|date=2017|title=Red Hangover: Legacies of Twentieth-Century Communism|url=https://www.dukeupress.edu/red-hangover|publisher=Duke University Press|pages=63–64|isbn=978-0822369493|author-link=Kristen R. Ghodsee|access-date=24 November 2018|archive-date=4 August 2018|archive-url=https://web.archive.org/web/20180804180848/https://www.dukeupress.edu/red-hangover|url-status=live}} Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country. 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.{{cite web |title=Поторебление мяса на душу населения в СССР, россии и развитьіх странах |url=http://kaig.ru/rf/postmeat.pdf |archive-url=https://web.archive.org/web/20211217173436/http://kaig.ru/rf/postmeat.pdf |archive-date=17 December 2021}}

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders{{cite web|last=Nicholson|first=Alex|title=Metal is the latest natural resource bonanza for Russia|work=International Herald Tribune |url=http://www.iht.com/articles/2007/08/14/business/metal.php |archive-url=https://web.archive.org/web/20070816225640/http://www.iht.com/articles/2007/08/14/business/metal.php |archive-date=16 August 2007}} for far less than they were worth. 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.{{cite news|last=Page|first=Jeremy|title=Analysis: punished for his political ambitions|work=The Times|location=UK|url=http://www.timesonline.co.uk/tol/news/world/article523129.ece|access-date=27 December 2007|date=16 May 2005|archive-date=1 June 2010|archive-url=https://web.archive.org/web/20100601020807/http://www.timesonline.co.uk/tol/news/world/article523129.ece|url-status=dead}} Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.{{cite news|title=Russia: Clawing Its Way Back to Life (int'l edition)|work=BusinessWeek|date=29 November 1999|url=https://www.bloomberg.com/news/articles/1999-11-28/russia-clawing-its-way-back-to-life-intl-edition|access-date=27 December 2007|archive-date=30 March 2019|archive-url=https://web.archive.org/web/20190330174734/https://www.bloomberg.com/news/articles/1999-11-28/russia-clawing-its-way-back-to-life-intl-edition|url-status=live}} This rapid privatization of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."{{cite book |last1=Ghodsee|first1=Kristen|last2=Orenstein|first2=Mitchell A.|author-link1=Kristen Ghodsee|date=2021|title=Taking Stock of Shock: Social Consequences of the 1989 Revolutions|publisher=Oxford University Press|page=31|doi=10.1093/oso/9780197549230.001.0001 |isbn=978-0197549247}}

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 a major borrower from the International 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".{{cite news | url=http://news.bbc.co.uk/2/hi/business/455673.stm | title=Business: The Economy Russia: The IMF's biggest failure | publisher=BBC | access-date=10 May 2015 | author=| date=23 September 1999 | archive-date=2 August 2019 | archive-url=https://web.archive.org/web/20190802123400/http://news.bbc.co.uk/2/hi/business/455673.stm | url-status=live }}{{cite web | url=https://www.imf.org/external/np/vc/1999/091399.htm | title=Facts About IMF Lending to Russia | publisher=International Monetary Fund | date=13 September 1999 | access-date=10 May 2015 | archive-date=29 August 2016 | archive-url=https://web.archive.org/web/20160829030318/https://www.imf.org/external/np/vc/1999/091399.htm | url-status=live }}

On 24 September 1993, at a meeting of the Commonwealth of Independent States (CIS) Council of Heads of State in Moscow, 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. TurkmenistanAccording to the Unified Register of Legal Acts and Other Documents of the Commonwealth of Independent States, on 24 December 1993, Turkmenistan sent a notification of accession to the Treaty on the Establishment of the Economic Union. It entered into force for Turkmenistan on 22 January 1994. As of 2024, the agreement is in force according to the register (CIS Executive Committee). See https://cis.minsk.by/reestrv2/doc/257#documentCard {{Webarchive|url=https://web.archive.org/web/20240104174357/https://cis.minsk.by/reestrv2/doc/257#documentCard |date=4 January 2024 }} and Georgia joined in 1994 and ratified the Treaty, but Georgia withdrew in 2009.{{cite web | url=https://cis.minsk.by/reestrv2/doc/257#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104174357/https://cis.minsk.by/reestrv2/doc/257#documentCard | url-status=live }}

On 15 April 1994, at a meeting of the Commonwealth of Independent States (CIS) Council of Heads of State in Moscow, all 12 post-Soviet states signed the international Agreement 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.{{cite web | url=https://cis.minsk.by/reestrv2/doc/321#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=28 October 2023 | archive-url=https://web.archive.org/web/20231028125322/https://cis.minsk.by/reestrv2/doc/321#documentCard | url-status=live }} 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.

{{cite web | url=https://cis.minsk.by/reestrv2/doc/884#text | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104174358/https://cis.minsk.by/reestrv2/doc/884#text | url-status=live }} 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{{cite web | url=https://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=862 | title=WTO | Regional trade agreements | access-date=5 January 2024 | archive-date=5 May 2017 | archive-url=https://web.archive.org/web/20170505184433/http://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=862 | url-status=live }}{{cite web | url=https://www.macmap.org/en/query/trade-agreement?reporter=795&relation=I&partner=all | title=Market Access Map | access-date=5 January 2024 | archive-date=5 January 2024 | archive-url=https://web.archive.org/web/20240105031651/https://www.macmap.org/en/query/trade-agreement?reporter=795&relation=I&partner=all | url-status=live }} (all of these are in force as of 2024), 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.https://docs.eaeunion.org/docs/ru-ru/0054920/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174402/https://docs.eaeunion.org/docs/ru-ru/0054920/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}} 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.https://docs.eaeunion.org/docs/ru-ru/0055079/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174404/https://docs.eaeunion.org/docs/ru-ru/0055079/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}} The implementation of these agreements made it possible to launch the Customs Union of the Eurasian Economic Community in 2010. According to the database of international treaties of the Eurasian Economic Union, these agreements are still in force as of 2024 and apply in part not contrary to the Treaty on the Eurasian Economic Union.

https://docs.eaeunion.org/en-us/pages/alldocuments.aspx#npbdocumentbelongsta {{Webarchive|url=https://web.archive.org/web/20240104174356/https://docs.eaeunion.org/en-us/pages/alldocuments.aspx#npbdocumentbelongsta |date=4 January 2024 }} {{bare URL inline|date=February 2024}}https://docs.eaeunion.org/docs/en-us/0054920/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174356/https://docs.eaeunion.org/docs/en-us/0054920/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}https://docs.eaeunion.org/docs/en-us/0055079/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174359/https://docs.eaeunion.org/docs/en-us/0055079/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}

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 a Union State of Russia and Belarus was signed on 8 December 1999.

File:Oil Prices Medium Term.png in the 2000s]]

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.

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.[http://www.iie.com/publications/papers/paper.cfm?ResearchID=974 An Assessment of Putin's Economic Policy] {{Webarchive|url=https://web.archive.org/web/20160322111033/http://www.iie.com/publications/papers/paper.cfm?ResearchID=974 |date=22 March 2016 }}, by Anders Aslund, Peterson Institute for International Economics, July 2008

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year. Disposable incomes more than doubled and in dollar-denominated terms increased eightfold.{{cite web|url=https://www.kpmg.com/NL/nl/IssuesAndInsights/ArticlesPublications/Documents/PDF/High-Growth-Markets/Investing-in-Russia1.pdf|title=Investing in Russia|date=April 2013|publisher=KPMG|access-date=21 July 2014|archive-date=28 December 2013|archive-url=https://web.archive.org/web/20131228055629/http://www.kpmg.com/NL/nl/IssuesAndInsights/ArticlesPublications/Documents/PDF/High-Growth-Markets/Investing-in-Russia1.pdf|url-status=live}} The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.{{cite web|url=http://www.vtbmagazine.ru/number_detail.asp?aid=87|archive-url=https://web.archive.org/web/20060619041538/http://www.vtbmagazine.ru/number_detail.asp?aid=87|archive-date=19 June 2006 |script-title=ru:РОЗНИЧНЫЙ ПОДХОД. Российские банки борются за частников |publisher=Vtbmagazine.ru |language=ru|access-date=12 November 2011}}{{cite web|url=http://bank.samaratoday.ru/showNews.php?idNews=741|archive-url=https://web.archive.org/web/20111021205725/http://bank.samaratoday.ru/showNews.php?idNews=741|archive-date=21 October 2011 |title=Ежегодно объем потребительского кредитования в России удваивается |publisher=Bank.samaratoday.ru |access-date=12 November 2011}} The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.{{cite web|url=http://www.gks.ru/free_doc/2006/b06_11/07-01.htm|archive-url=https://web.archive.org/web/20060715183735/http://www.gks.ru/free_doc/2006/b06_11/07-01.htm|archive-date=15 July 2006 |title=Основные Социально-Экономические Индикаторы Уровня Жизни Населения |publisher=Gks.ru |access-date=12 November 2011}}{{cite web |url=https://www.cia.gov/the-world-factbook/countries/russia/ |title=CIA – The World Factbook – Russia |publisher=Cia.gov |access-date=12 November 2011 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109173026/https://www.cia.gov/the-world-factbook/countries/russia/ |url-status=live }}

Russia repaid its borrowing of $3.3 billion from the IMF three years early in 2005.{{cite journal | title=Russia pays off IMF debt early | journal=Imf Survey | url=https://www.elibrary.imf.org/view/journals/023/0034/002/article-A004-en.xml#:~:text=due%20in%202008.-,Abstract,its%20remaining%20%243.33%20billion%20debt. | date=8 February 2005 | volume=34 | issue=2 | access-date=28 December 2023 | archive-date=2 January 2022 | archive-url=https://web.archive.org/web/20220102032820/https://www.elibrary.imf.org/view/journals/023/0034/002/article-A004-en.xml#:~:text=due%20in%202008.-,Abstract,its%20remaining%20%243.33%20billion%20debt. | url-status=live }}

Inflation remained a problem however, as the central bank aggressively expanded money supply to combat appreciation of the ruble.{{cite web|title=In Russia, a modern institution is quietly gaining ground|publisher=Emerging Markets|url=http://www.emergingmarkets.org/Article/3124142/In-Russia-a-modern-institution-is-quietly-gaining-ground.html|date=26 November 2012|access-date=27 July 2014|archive-url=https://web.archive.org/web/20140808161811/http://www.emergingmarkets.org/Article/3124142/In-Russia-a-modern-institution-is-quietly-gaining-ground.html|archive-date=8 August 2014|url-status=dead}} Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability".[http://news.bbc.co.uk/2/hi/business/7096426.stm Russia attracts investors despite its image] {{Webarchive|url=https://web.archive.org/web/20160305213615/http://news.bbc.co.uk/2/hi/business/7096426.stm |date=5 March 2016 }} BBC News Retrieved in March 2008 Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.

File:Standard & Poor’s rating dynamics Russia.png]]

Russian banks were affected by the 2008 financial crisis, though no long term damage was done due to a proactive and timely response by the government and central bank.{{cite web|author1=Jarko Fidrmuc|author2=Philipp Johann Süß|title=The Outbreak of the Russian Banking Crisis|publisher=University of Munich|url=https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|date=September 2009|access-date=26 July 2014|archive-date=12 August 2016|archive-url=https://web.archive.org/web/20160812014351/https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|url-status=live}}{{cite news|url=https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|work=The Guardian|title=Financial crisis: action taken by central banks and governments|date=21 October 2008|access-date=26 July 2014|archive-date=15 November 2020|archive-url=https://web.archive.org/web/20201115182048/https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|url-status=live}}{{cite news | url=https://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | work=Reuters | title=Insight: No more easy pickings in Russia's banking market | date=22 May 2013 | access-date=26 July 2014 | archive-date=1 January 2016 | archive-url=https://web.archive.org/web/20160101114511/http://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | url-status=live }} A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009.

Between 2000 and 2012, Russia's energy exports fuelled a rapid growth in living standards, with real disposable income rising by 160%.{{cite web|url=http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|publisher=Rosstat|language=ru|script-title=ru:ДИНАМИКА РЕАЛЬНЫХ ДОХОДОВ НАСЕЛЕНИЯ|access-date=21 July 2014|archive-date=13 January 2021|archive-url=https://web.archive.org/web/20210113160837/http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|url-status=dead}} In dollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000. In the same period, unemployment and poverty more than halved and Russians' self-assessed life satisfaction also rose significantly.{{cite book|title=Russia After the Global Economic Crisis|url=https://archive.org/details/russiaaftergloba00aslu|url-access=limited|last1=Guriev|first1=Sergei|last2=Tsyvinski|first2=Aleh|publisher=Peterson Institute for International Economics; Centre for Strategic and International Studies; New Economic School|year=2010|isbn=9780881324976|editor=Anders Åslund |editor2=Sergei Guriev |editor3=Andrew C. Kuchins|pages=[https://archive.org/details/russiaaftergloba00aslu/page/n22 12]–13|chapter=Challenges Facing the Russian Economy after the Crisis}} This growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies.Putin: Russia's Choice, (Routledge 2007), by Richard Sakwa, Chapter 9 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.{{cite web|url=https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|title=Global Wealth Report 2013 – Pg. 53|publisher=Credit Suisse|access-date=13 April 2015|archive-url=https://web.archive.org/web/20150214155424/https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|archive-date=14 February 2015|url-status=dead}}{{cite news|url=https://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|title=Russia's Wealth Inequality One Of Highest In The World|date=9 October 2013|work=Huffington Post|access-date=21 July 2014|archive-url=https://web.archive.org/web/20131009154921/http://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|archive-date=9 October 2013}} Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.{{cite web |url=http://gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf |title=Illicit Financial Flows from Developing Countries: 2002–2011|date=2013 |publisher=Global Financial Integrity|access-date=5 December 2014|archive-date=8 April 2016|archive-url=https://web.archive.org/web/20160408000634/http://www.gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf|url-status=live}} Since 2008 Forbes has repeatedly named Moscow the "billionaire capital of the world".{{cite magazine|url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|title=Cities Of The Billionaires|last=Vorasarun|first=Chaniga|date=30 April 2008|access-date=21 August 2014|magazine=Forbes|archive-date=17 April 2009|archive-url=https://web.archive.org/web/20090417171221/http://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|url-status=live}}
{{cite magazine|url=https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|title=Forbes Top 10 Billionaire Cities – Moscow Beats New York Again|last=Geromel|first=Ricardo|date=14 March 2013|access-date=21 August 2014|magazine=Forbes|archive-date=15 January 2021|archive-url=https://web.archive.org/web/20210115160142/https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|url-status=live}}

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 1 January 2012, superseding the bilateral agreements on free trade. At the same time Russia's membership to the WTO was accepted in 2011.{{cite web |title=Russia becomes WTO member after 18 years of talks |url=https://www.bbc.com/news/business-16212643 |website=BBC |access-date=26 January 2021 |date=16 December 2011 |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506170131/https://www.bbc.com/news/business-16212643 |url-status=live }} Russia joined the World Trade Organization (WTO) on 22 August 2012 after 19 years of negotiations.{{cite web | url=https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | title=WTO | Russian Federation - Member information | access-date=19 June 2023 | archive-date=16 February 2016 | archive-url=https://web.archive.org/web/20160216210915/https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | url-status=live }}{{Cite web |title=Russia joins WTO after 19 years of talks {{!}} Financial Times |url=https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |access-date=15 August 2023 |website=www.ft.com |archive-date=18 June 2023 |archive-url=https://web.archive.org/web/20230618173812/https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |url-status=live }}{{cite news | url=https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | title=Russia's entry to WTO ends 19 years of negotiations | newspaper=The Guardian | date=22 August 2012 | last1=Elliott | first1=Larry | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173804/https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | url-status=live }} On 20 September 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.{{cite web | url=https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | title=CIS Free Trade Agreement Comes into Force - U.S.-Ukraine Business Council (USUBC) | date=20 October 2012 | access-date=19 June 2023 | archive-date=21 March 2023 | archive-url=https://web.archive.org/web/20230321165528/https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | url-status=live }} 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{{cite web | url=https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | title=Stages of Economic Integration: From Autarky to Economic Union | access-date=19 June 2023 | archive-date=10 October 2022 | archive-url=https://web.archive.org/web/20221010225658/https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | url-status=live }}).{{Cite web|url=http://www.eaeunion.org/?lang=en#about|title=Eurasian Economic Union|website=www.eaeunion.org|access-date=19 June 2023|archive-date=1 April 2020|archive-url=https://web.archive.org/web/20200401235136/http://www.eaeunion.org/?lang=en#about|url-status=live}}

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{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications | title=New Country Classifications | date=2 July 2013 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://blogs.worldbank.org/opendata/new-country-classifications | url-status=live }}{{cite web|url=http://data.worldbank.org/about/country-and-lending-groups|archive-url=https://web.archive.org/web/20140702131322/http://data.worldbank.org/about/country-and-lending-groups|archive-date=2 July 2014|title=Country and Lending Groups|publisher=World Bank|access-date=1 July 2013}}{{cite web | url=https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | title=World Bank updates its country classification by GNI per capita | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173812/https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | url-status=live }} but in 2016 it was reclassified as an upper-middle income economy{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications-2016 | title=New country classifications by income level: 2016-2017 | date=July 2016 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618202633/https://blogs.worldbank.org/opendata/new-country-classifications-2016 | url-status=live }}{{cite web | url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | title=World Bank Country and Lending Groups – World Bank Data Help Desk | access-date=26 August 2016 | archive-date=28 October 2019 | archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | url-status=live }} 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.https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf {{Webarchive|url=https://web.archive.org/web/20230318014833/https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf |date=18 March 2023 }} {{bare URL PDF|date=February 2024}}{{cite web | url=https://www.statista.com/statistics/877144/human-development-index-of-russia/ | title=Russia HDI 2021 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://www.statista.com/statistics/877144/human-development-index-of-russia/ | url-status=live }}

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.{{cite news |url=https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |work=The New York Times |title=Economic Reforms Likely to Continue Under Putin |date=22 September 2011 |access-date=27 July 2014 |first=Andrew E. |last=Kramer |archive-date=1 April 2019 |archive-url=https://web.archive.org/web/20190401105303/https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |url-status=live }} In 2012 oil, gas and petroleum products accounted for over 70% of total exports.{{cite web|url=https://www.eia.gov/international/analysis/country/RUS|title=Russia – Analysis|publisher=EIA|date=31 October 2017|access-date=17 February 2021|archive-date=17 February 2021|archive-url=https://web.archive.org/web/20210217013340/https://www.eia.gov/international/analysis/country/RUS|url-status=live}} 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. 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.{{cite web|url=http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|title=On Bank of Russia key rate|publisher=Bank of Russia|date=16 June 2014|access-date=26 July 2014|archive-date=1 January 2016|archive-url=https://web.archive.org/web/20160101114510/http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|url-status=live}} Political turmoil in neighbouring Ukraine added to the uncertainty and suppressed investment.

File:Countries by Natural Gas Proven Reserves (2014).svg (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.{{cite web|title = EUROPA – EU Newsroom – EU sanctions against Russia over Ukraine crisis|url = http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm|website = europa.eu|access-date = 22 June 2015|archive-date = 11 June 2015|archive-url = https://web.archive.org/web/20150611143544/http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm|url-status = live}} 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.{{cite news|url=http://www.vedomosti.ru/finance/news/2014/07/25/vvp-rossii-v-pervom-polugodii-vyros-na-1-minekonomrazvitiya|newspaper=Vedomosti|script-title=ru:ВВП России в первом полугодии вырос на 1% — Минэкономразвития|date=27 July 2014|access-date=7 August 2014|language=ru|archive-date=23 September 2015|archive-url=https://web.archive.org/web/20150923143455/http://www.vedomosti.ru/finance/news/2014/07/25/vvp-rossii-v-pervom-polugodii-vyros-na-1-minekonomrazvitiya|url-status=live}} The Russian economy grew by a better than expected 0.6% in 2014.{{cite news|url=https://www.bloomberg.com/news/articles/2015-04-01/russia-s-economy-unexpectedly-expanded-0-4-in-fourth-quarter|title=Russian Economy Unexpectedly Expanded 0.4% in Fourth Quarter|author=Anna Andrianova|date=2 April 2015|work=Bloomberg.com|access-date=30 April 2015|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828112036/https://www.bloomberg.com/news/articles/2015-04-01/russia-s-economy-unexpectedly-expanded-0-4-in-fourth-quarter|url-status=live}} Russia is rated one of the most unequal of the world's major economies.{{cite news|url=https://www.theguardian.com/inequality/2017/apr/25/unequal-russia-is-anger-stirring-in-the-global-capital-of-inequality?CMP=share_btn_tw|title=Unequal Russia: is anger stirring in the global capital of inequality?|newspaper=The Guardian|date=25 April 2017|access-date=27 April 2017|archive-date=11 January 2021|archive-url=https://web.archive.org/web/20210111232642/https://www.theguardian.com/inequality/2017/apr/25/unequal-russia-is-anger-stirring-in-the-global-capital-of-inequality?CMP=share_btn_tw|url-status=live}}

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."{{cite web | url=https://obamawhitehouse.archives.gov/the-press-office/2014/05/07/message-congress-respect-russia-s-status-under-generalized-system-prefer | title=Message to the Congress -- with respect to Russia's status under the Generalized System of Preferences | date=7 May 2014 | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104155043/https://obamawhitehouse.archives.gov/the-press-office/2014/05/07/message-congress-respect-russia-s-status-under-generalized-system-prefer | url-status=live }} U.S. Customs and Border Protection (CBP) indicated that Russia formally graduated from the GSP program on 4 October 2014.{{cite web | url=https://www.cbp.gov/trade/trade-community/outreach-programs/trade-agreements/special-trade-programs/gsp/gsp-renewal | title=Renewal of the Generalized System of Preference (GSP) | U.S. Customs and Border Protection | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104155044/https://www.cbp.gov/trade/trade-community/outreach-programs/trade-agreements/special-trade-programs/gsp/gsp-renewal | url-status=live }}

As of 2015, real income was still lower for 99% of Russians than it was in 1991.{{Cite book |last=Weber |first=Isabella |url=https://www.worldcat.org/oclc/1228187814 |title=How China escaped shock therapy : the market reform debate |date=2021 |publisher=Routledge |isbn=978-0-429-49012-5 |location=Abingdon, Oxon |pages=2 |oclc=1228187814}}

File:Russian bonds.webps to tame inflation during their wars (Russo-Georgian War, Russo-Ukrainian War, Russian invasion of Ukraine)

{{legend-line|#FFD900 solid 3px|20-year bond}}

{{legend-line|#929292 solid 3px|10-year bond}}

{{legend-line|#E4181C solid 3px|1-year bond}}

{{legend-line|#1C3578 solid 3px|3-month bond}}

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The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight.{{cite web|url=https://www.bbc.com/news/business-29643612|title=Falling oil prices: Who are the winners and losers?|author=Tim Bowler|date=19 January 2015|work=BBC News|access-date=30 April 2015|archive-date=14 February 2018|archive-url=https://web.archive.org/web/20180214013857/https://www.bbc.com/news/business-29643612|url-status=live}} While in 2014 GDP growth remained positive at 0.6%,{{cite web|url=http://www.gks.ru/bgd/free/b04_03/IssWWW.exe/Stg/d05/75.htm|work=gks.ru|language=ru|script-title=ru:О состоянии внешней торговли в январе-феврале 2015 года|trans-title=On the state of foreign trade in January–February 2015|archive-url=https://web.archive.org/web/20150427143206/http://www.gks.ru/bgd/free/b04_03/IssWWW.exe/Stg/d05/75.htm|archive-date=27 April 2015|access-date=30 April 2015}} in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.{{cite news|url=https://www.bloomberg.com/news/articles/2016-01-28/russia-s-economy-faces-long-term-decline|title=Russia's Great Downward Shift|author=Matlack, Carol|newspaper=Bloomberg.com|date=28 January 2016|publisher=Bloomberg L.P.|access-date=28 January 2016|archive-date=29 January 2016|archive-url=https://web.archive.org/web/20160129095302/http://www.bloomberg.com/news/articles/2016-01-28/russia-s-economy-faces-long-term-decline|url-status=live}} 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%.{{cite web|url=http://www.gks.ru/bgd/free/B04_03/IssWWW.exe/Stg/d03/20.htm|title=О производстве и использовании валового внутреннего продукта (ВВП) за 2017 год|website=www.gks.ru|access-date=1 February 2018|archive-url=https://web.archive.org/web/20180612210719/http://www.gks.ru/bgd/free/B04_03/IssWWW.exe/Stg/d03/20.htm|archive-date=12 June 2018|url-status=dead}}{{cite news|url=https://www.bloomberg.com/news/articles/2017-03-31/russian-economy-crawls-to-0-3-growth-with-recession-in-rearview|title=Russian Economy Crawled to Growth With Recession in Rearview|date=31 March 2017|agency=Bloomberg|access-date=10 April 2017|archive-date=21 April 2019|archive-url=https://web.archive.org/web/20190421013616/https://www.bloomberg.com/news/articles/2017-03-31/russian-economy-crawls-to-0-3-growth-with-recession-in-rearview|url-status=live}}

In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world,[https://www.bloomberg.com/news/articles/2016-01-19/these-are-the-world-s-most-innovative-economies These Are the World's Most Innovative Economies] {{Webarchive|url=https://web.archive.org/web/20220402041320/https://www.bloomberg.com/news/articles/2016-01-19/these-are-the-world-s-most-innovative-economies |date=2 April 2022 }} Bloomberg Business. up from 14th in January 2015[https://web.archive.org/web/20150127083847/http://www.bloomberg.com/visual-data/best-and-worst/most-innovative-countries Most Innovative: Countries] Bloomberg Business. and 18th in January 2014.[https://www.bloomberg.com/slideshow/2014-01-22/30-most-innovative-countries.html#slide14 30 Most Innovative Countries] {{Webarchive|url=https://web.archive.org/web/20160701043449/http://www.bloomberg.com/slideshow/2014-01-22/30-most-innovative-countries.html#slide14 |date=1 July 2016 }} Bloomberg Business. 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.

According to the British company BP (Statistical Yearbook 2018), proven oil reserves in Russia at the end of 2017 were {{convert|14.5|e9t|e9LT e9ST|abbr=off}}, natural gas was {{convert|35|e12m3|abbr=off}}.{{Cite web |title=Statistical Review of World Energy |url=https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html |access-date=11 May 2023 |website=bp.com |archive-date=15 January 2023 |archive-url=https://web.archive.org/web/20230115042241/https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html |url-status=dead }} Gold reserves in Russia's subsoil, according to the U.S. Geological Survey, were {{convert|5500|t}} at the end of 2017.{{Cite web|url=https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf|title=Mineral Commodity Summaries | U.S. Geological Survey|website=minerals.usgs.gov|access-date=30 April 2023|archive-date=25 January 2019|archive-url=https://web.archive.org/web/20190125055346/https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf|url-status=live}}

In 2019, the Ministry of Natural Resources estimated the country's mineral reserves in physical terms. At the end of 2017, oil reserves were {{convert|9.04|e9t|e9LT e9ST|abbr=off}}, gas reserves were {{convert|14.47|e12m3|abbr=off}}, gold reserves were {{convert|1407|t}}, and diamonds reserves were {{convert|375|e6carat|0|abbr=off}}. 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".{{cite web | url=https://www.rbc.ru/economics/14/03/2019/5c8931029a7947b028b8886c | title=55 триллионов в запасе: как власти оценили все природные ресурсы России | date=14 March 2019 | access-date=30 April 2023 | archive-date=14 March 2019 | archive-url=https://web.archive.org/web/20190314075344/https://www.rbc.ru/economics/14/03/2019/5c8931029a7947b028b8886c | url-status=live }}{{Cite web|url=https://www.themoscowtimes.com/2019/03/14/russias-natural-resources-make-up-60-of-gdp-reports-a64800|title=Russia's Natural Resources Make Up 60% of GDP|date=14 March 2019|website=The Moscow Times|language=en|access-date=17 March 2019|archive-date=7 November 2020|archive-url=https://web.archive.org/web/20201107232241/https://www.themoscowtimes.com/2019/03/14/russias-natural-resources-valued-at-60-of-gdp-a64800|url-status=live}}

In the International 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, the World 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.https://thedocs.worldbank.org/en/doc/0274411350395ce53ccd3e91a431e924-0050022024/original/FINAL-ICP-2021-Global-and-regional-highlights.pdf

File:Imports of goods and services (% of GDP) - 2022 - World Bank.png

{{See also|Economic impact of the Russian invasion of Ukraine|2022 Russian debt default}}

In 2022, heavy sanctions were enacted due to the Russian invasion of Ukraine which will likely result in a steep recession.{{Cite web |title=Russian Invasion to Shrink Ukraine Economy by 45 Percent This Year |url=https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year |access-date=15 June 2022 |website=World Bank |language=en |archive-date=9 July 2022 |archive-url=https://web.archive.org/web/20220709085502/https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year |url-status=live }} Since early 2022, many official economic statistics have not been published.{{Cite web|url=https://carnegieendowment.org/russia-eurasia/politika/2022/07/secret-economy-what-hiding-the-stats-does-for-russia?lang=en|title=Secret Economy: What Hiding the Stats Does for Russia|access-date=17 July 2022|archive-date=21 July 2022|archive-url=https://web.archive.org/web/20220721074229/https://carnegieendowment.org/eurasiainsight/87432|url-status=live}} Sanctions also included asset freezes on the Russian Central Bank,{{cite news |title=Germany open to Russian Central Bank asset seizure to finance Ukraine's recovery |url=https://www.euractiv.com/section/eastern-europe/news/germany-open-to-russian-central-bank-asset-seizure-to-finance-ukraines-recovery/ |work=Euractiv |date=17 May 2022 |access-date=26 February 2023 |archive-date=25 October 2022 |archive-url=https://web.archive.org/web/20221025192552/https://www.euractiv.com/section/eastern-europe/news/germany-open-to-russian-central-bank-asset-seizure-to-finance-ukraines-recovery/ |url-status=live }} which holds $630 billion in foreign-exchange reserves,{{cite news |last1=Davidson |first1=Kate |last2=Weaver |first2=Aubree Eliza |title=The West declares economic war on Russia |url=https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |url-status=live |archive-url=https://ghostarchive.org/archive/20220301/https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |archive-date=1 March 2022 |work=Politico |date=28 February 2022}} to prevent it from offsetting the effects of sanctions.{{cite news |last=Pop |first=Valentina |date=25 February 2022 |title=EU leaders agree more Russia sanctions, but save some for later |work=Financial Times |url=https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |url-status=live |archive-url=https://ghostarchive.org/archive/20220226/https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |archive-date=26 February 2022 }}

According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.{{cite news |title=Cost of War: How much Russia spending each day on war with Ukraine? |url=https://groundreport.in/cost-of-war-how-much-russia-spending-each-day-on-war-with-ukraine/ |work=Ground Report |date=28 May 2022 |access-date=26 February 2023 |archive-date=4 February 2023 |archive-url=https://web.archive.org/web/20230204222452/https://groundreport.in/cost-of-war-how-much-russia-spending-each-day-on-war-with-ukraine/ |url-status=live }}{{cite news |title=Ukraine war: Russia shells out $900 million a day over 'special military operation' |url=https://www.wionews.com/world/ukraine-war-russia-spends-900-million-a-day-on-its-military-operation-477085 |work=WION |date=7 May 2022 |access-date=26 February 2023 |archive-date=22 October 2022 |archive-url=https://web.archive.org/web/20221022221946/https://www.wionews.com/world/ukraine-war-russia-spends-900-million-a-day-on-its-military-operation-477085 |url-status=live }}{{cite news |title=Moscow is having a hard time facing the costs of the Ukraine war |url=https://www.israelhayom.com/2022/08/22/moscow-is-having-a-hard-time-facing-the-costs-of-the-ukraine-war/ |work=Israel Hayom |date=22 August 2022 |access-date=26 February 2023 |archive-date=7 February 2023 |archive-url=https://web.archive.org/web/20230207014440/https://www.israelhayom.com/2022/08/22/moscow-is-having-a-hard-time-facing-the-costs-of-the-ukraine-war/ |url-status=live }}

On 27 June 2022, Russia defaulted on part of its foreign currency, its first such default since 1918.{{Cite news |date=25 June 2022 |title=Russia in debt default as payment deadline passes |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-61929926 |access-date=16 November 2022 |archive-date=9 July 2022 |archive-url=https://web.archive.org/web/20220709085856/https://www.bbc.com/news/business-61929926 |url-status=live }}

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.{{Cite web |date=16 November 2022 |title=Russia falls into recession |url=https://english.alarabiya.net/News/world/2022/11/16/Russia-falls-into-recession- |access-date=16 November 2022 |website=Al Arabiya English |language=en |archive-date=16 November 2022 |archive-url=https://web.archive.org/web/20221116191618/https://english.alarabiya.net/News/world/2022/11/16/Russia-falls-into-recession- |url-status=live }}

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 revenue from oil sales.{{cite news |title=Russia's main oil product is trading way below the $60 price cap as just a handful of buyers keep up trade with the heavily sanctioned nation |url=https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1 |work=Business Insider |date=9 January 2023 |access-date=26 February 2023 |archive-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226050427/https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1 |url-status=live }}{{cite news |title=Western sanctions push Russia's energy revenues to lowest since 2020 |url=https://www.reuters.com/business/energy/western-sanctions-push-russias-energy-revenues-lowest-level-since-2020-2023-02-03/ |work=Reuters |date=3 February 2023 |access-date=26 February 2023 |archive-date=8 June 2023 |archive-url=https://web.archive.org/web/20230608111648/https://www.reuters.com/business/energy/western-sanctions-push-russias-energy-revenues-lowest-level-since-2020-2023-02-03/ |url-status=live }}

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.{{cite news | url=https://www.economist.com/finance-and-economics/2023/03/30/which-countries-have-escaped-the-middle-income-trap | title=Which countries have escaped the middle-income trap? | newspaper=The Economist | access-date=19 June 2023 | archive-date=19 June 2023 | archive-url=https://web.archive.org/web/20230619034134/https://www.economist.com/finance-and-economics/2023/03/30/which-countries-have-escaped-the-middle-income-trap | url-status=live }} 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.{{cite web | url=https://econs.online/en/articles/economics/russia-s-import-dependence/ | title=Russia's Import Dependence — ECONS.ONLINE | date=26 January 2023 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618155005/https://econs.online/en/articles/economics/russia-s-import-dependence/ | url-status=live }}

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){{cite web |title=Russian budget deficit expected to reach $29.42 bln in Q1 — Finance Ministry |url=https://tass.com/economy/1601397 |website=TASS |date=7 April 2023 |url-status=live |archive-url=https://archive.today/20231202055945/https://tass.com/economy/1601397 |archive-date=2 December 2023 }}

Following Central 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.{{Cite web |title="The Most Powerful" Russian Currency and "Stable" Russian Economy: the Reality Behind the Propaganda |url=https://ukraineworld.org/articles/infowatch/russian-currency |date=18 August 2023 |first1=Alona |last1=Hryshko |access-date=18 August 2023 |website=UkraineWorld |language=en |url-status=live |archive-url=https://web.archive.org/web/20230818111740/https://ukraineworld.org/articles/infowatch/russian-currency |archive-date=18 August 2023 }} 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.{{cite web |title=Russian Cash Flood Turns to $5.4 Billion Trickle, Strains Ruble |url=https://www.energyconnects.com/news/gas-lng/2023/july/russian-cash-flood-turns-to-5-4-billion-trickle-strains-ruble/ |agency=Bloomberg |website=Energy Connects |date=11 July 2023 |url-status=live |archive-url=https://web.archive.org/web/20231118212001/https://www.energyconnects.com/news/gas-lng/2023/july/russian-cash-flood-turns-to-5-4-billion-trickle-strains-ruble/ |archive-date= 18 November 2023 }}

After 11 years of negotiations, on 8 June 2023, in Sochi, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan signed the Commonwealth 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 the EAEU (some provisions were borrowed from EAEU law) even without their membership in the WTO (Uzbekistan) or the EAEU (Uzbekistan and Tajikistan).{{cite web | url=https://cis.minsk.by/reestrv2/doc/6738#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=28 October 2023 | archive-url=https://web.archive.org/web/20231028103539/https://cis.minsk.by/reestrv2/doc/6738#documentCard | url-status=live }} 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.

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.{{Cite web |date=15 September 2023 |title=Russia raises interest rate to 13% as economy struggles |url=https://www.euronews.com/2023/09/15/russia-raises-interest-rate-to-13-as-economy-struggles |first1=Andrey |last1=Poznyakov |first2=Daniel |last2=Bellamy |access-date=18 September 2023 |website=euronews |language=en |archive-date=18 September 2023 |archive-url=https://web.archive.org/web/20230918084219/https://www.euronews.com/2023/09/15/russia-raises-interest-rate-to-13-as-economy-struggles |url-status=live }} 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%.{{Cite web |title=Russia's share in EU trade falls below 2% - Products Eurostat News - Eurostat |url=https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230901-1 |access-date=6 October 2023 |website=ec.europa.eu |date=September 2023 |archive-date=20 September 2023 |archive-url=https://web.archive.org/web/20230920221905/https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230901-1 |url-status=live }} In October 2023 the "psychological barrier" of RUB 100 per USD 1 was crossed.{{Cite news |last=Marrow |first=Alexander |date=9 October 2023 |title=Russian rouble tumbles to over 18-month low vs dollar |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/russian-rouble-tumbles-over-18-month-low-vs-dollar-2023-10-09/ |access-date=9 October 2023 |archive-date=10 October 2023 |archive-url=https://web.archive.org/web/20231010184610/https://www.reuters.com/markets/currencies/russian-rouble-tumbles-over-18-month-low-vs-dollar-2023-10-09/ |url-status=live }} In July 2024 the Russian Central Bank raised the key interest rate to 18%.{{cite news | url=https://www.nytimes.com/2024/07/26/world/europe/russia-inflation-interest-rate.html | title=Battling Inflation, Russia Raises Key Interest Rate to 18 Percent | work=The New York Times | date=26 July 2024 | last1=Troianovski | first1=Anton }}

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%. Defence spending will double to 10.78 trillion, 29.4% of expenditure. Russia currently has a record low unemployment rate of just 3 percent,{{cite web |title=Russia's 2024 Budget Shows It's Planning for a Long War in Ukraine |url=https://carnegieendowment.org/russia-eurasia/politika/2023/09/russias-2024-budget-shows-its-planning-for-a-long-war-in-ukraine?lang=en |date=11 October 2023 |access-date=23 October 2023 |archive-date=12 October 2023 |archive-url=https://web.archive.org/web/20231012082647/https://carnegieendowment.org/politika/90753#:~:text=Planned%20expenditure%20is%2036.6%20trillion,percent%20of%20GDP%20in%202024. |url-status=live }} 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 the Russo-Ukrainian war since early 2022. In addition to the official Russian government defense budget

—direct financial expenditure for waging the war was estimated at US$250 billion through June 2024,{{cite news |last=Brumme|first=Christoph |title=In der Ukraine kämpft Russland um Rohstoffe |url=https://www.n-tv.de/politik/Der-Krieg-gegen-die-Ukraine-ist-fuer-Russland-ein-Kampf-um-Rohstoffe-article25032685.html |date=23 June 2024 |access-date=25 January 2025 |work=n-tv |language=de}} 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.{{cite news |title=Russia's Hidden War Debt Creates a Looming Credit Crisis |url=https://www.themoscowtimes.com/2025/01/14/russias-hidden-war-debt-creates-a-looming-credit-crisis-a87606 |last=Aris|first=Ben |work=Moscow Times |date=14 January 2025 |access-date=24 January 2025 }}{{cite news |title=Russia's Preferential Defense Loans a Ticking Bomb for Moscow's Economy |url=https://www.kyivpost.com/post/45424 |last=Hrazhdan|first=Olena |work=Kyiv Post |date=15 January 2025 |access-date=24 January 2025 }}

Russian economy had a significant expansion in 2023, because it is crowded out by defense spending. This became an inflationary output gap, which lead to a stagnation, and became a recession in 2025. Until 2026 Russian economy is expected to have a stagnation, because of the shrinking of the output gap, with the risk of a stagflation still remaining.{{Cite web |last=Briancon |first=Pierre |title=Russia's economy would struggle to cope with peace |url=https://www.reuters.com/breakingviews/russias-economy-would-struggle-cope-with-peace-2025-03-17/ |website=Reuters.com|date=17 March 2025 }}{{Cite web |last=BOFIT |title=BOFIT Forecast for Russia 2024–2026 |url=https://www.bofit.fi/en/forecasting/latest-forecast-for-russia/ |access-date=2025-03-21 |website=BOFIT |language=en}}{{Cite web |date=2025-03-22 |title=RUSSIAN FEDERATION |url=https://thedocs.worldbank.org/en/doc/d5f32ef28464d01f195827b7e020a3e8-0500022021/related/mpo-rus.pdf |access-date=2025-03-22 |website=www.worldbank.org}}{{Cite web |title=Russia's Economic Gamble: The Hidden Costs of War-Driven Growth |url=https://carnegieendowment.org/russia-eurasia/politika/2024/12/russia-economy-difficulties?lang=en |access-date=2025-03-21 |website=Carnegie Endowment for International Peace |language=en}}

File:Map of countries by GDP (PPP) per capita in 2022 by IMF.png|Gross domestic product (PPP) per capita in April 2022

File:Russiaunemployment.png|Unemployment rate of Russia since the fall of the Soviet Union

File:Russian inflation rate.webp|Russian inflation rate 2012–2022

Original data are obtained and published in the national currency of the Russian Federation, the Russian ruble, by the Federal State Statistics Service Rosstat, as well as other organizations of which Russia is a member, such as the Eurasian Economic Commission and the Statistical Committee of the Commonwealth 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 the Atlas method (a three-year average) to estimate GNI. Purchasing power parities is calculated as part of the successive cycles of the World Bank's International Comparison Program and comes into effect after several years (ICP 2021 data were published in May 2024{{cite web | url=https://blogs.worldbank.org/en/opendata/new-international-comparison-program-data-sheds-light-on-global- | title=New International Comparison Program data sheds light on global economy and living standards }} 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 1990https://www.imf.org/external/datamapper/PPPPC@WEO/RUS–2023 and future estimates (indicated *) by the IMF.{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=922,&s=NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPPC,NGDPDPC,PPPPC,PPPSH,PPPEX,PCPIPCH,PCPIEPCH,LUR,GGXWDG_NGDP,NGDP_FY,&sy=1990&ey=2029&ssm=1&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |website=IMF |language=en }}

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".{{Cite book |author=Vornovytskyy, Marina S. |title=Economic Inequality and Environmental Quality: Evidence of Pollution Shifting in Russia |author2=Boyce, James K. |date=1 January 2010 |publisher=ScholarWorks@UMass Amherst |oclc=698200672}} 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.

On 25 December 1993, the Constitution of the Russian Federation came into force, where the main provisions were prescribed in the Article 75. The currency in the Russian Federation is the ruble. Monetary emission is carried out exclusively by the Central 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.{{cite web | url=http://archive.kremlin.ru/eng/articles/ConstEng3.shtml | archive-url=https://web.archive.org/web/20101016005747/http://archive.kremlin.ru/eng/articles/ConstEng3.shtml | archive-date=16 October 2010 | title=President of Russia }} On 1 September 2013, the Bank of Russia also became a regulator of financial markets, applying the integrated model of financial sector supervision.{{cite web | url=http://rapsinews.ru/legislation_news/20130725/268322925.html | title=Путин подписал указ об упразднении ФСФР | date=25 July 2013 }}

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.

The currency exchange rate of the Russian ruble is floating.

In 2011, the Bank of Russia, which was then headed by Sergei 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.{{cite web | url=https://tass.ru/ekonomika/2377871 | title=Российский рубль прошел два десятка лет, чтобы стать свободно конвертируемым - ТАСС }} 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”.{{Cite journal |last1=Snegovaya |first1=Maria |last2=Fenton |first2=Nicholas |last3=Dolbaia |first3=Tina |last4=Bergmann |first4=Max |date=2025-06-05 |title=The Russian Wartime Economy: From Sugar High to Hangover |url=https://www.csis.org/analysis/russian-wartime-economy-sugar-high-hangover |language=en}}

Ruble's Real Effective Exchange Rate remained in 2022–24 higher and stronger than in 1994 and 1998{{cite web | url=https://www.ceicdata.com/en/indicator/russia/real-effective-exchange-rate | title=Russia Real Effective Exchange Rate, 1994 – 2023 | CEIC Data | access-date=12 October 2023 | archive-date=30 October 2023 | archive-url=https://web.archive.org/web/20231030045001/https://www.ceicdata.com/en/indicator/russia/real-effective-exchange-rate | url-status=live }} when the sharp devaluations happened relative to the foreign currency.

{{see also|Federal budget of Russia}}

Russia was expected to have a Government Budget deficit of $21 billion in 2016.{{cite news|title=Russia's Budget Deficit to Reach $21Bln in 2016 – Finance Ministry|url=http://www.themoscowtimes.com/business/article/russias-budget-deficit-to-reach-21bln-in-2016--finance-ministry/552575.html|archive-url=https://web.archive.org/web/20151214051747/http://www.themoscowtimes.com/business/article/russias-budget-deficit-to-reach-21bln-in-2016--finance-ministry/552575.html|archive-date=14 December 2015|access-date=30 May 2016|agency=The Moscow Times}} The budget deficit narrowed to 0.6% of GDP in 2017 from 2.8% in 2016.{{Cite news|url=http://www.worldbank.org/en/country/russia/overview#3|title=Overview|work=World Bank|access-date=22 April 2018|language=en|archive-date=13 May 2020|archive-url=https://web.archive.org/web/20200513190529/https://www.worldbank.org/en/country/russia/overview#3|url-status=live}}

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.{{cite web |url=https://www.trtworld.com/magazine/russian-finances-strong-but-economic-problems-persist-36750 |title=Russian finances strong but economic problems persist |work=TRT World |date=29 May 2020 |access-date=12 February 2022 |quote=Now Russia is one of the least indebted countries in the world – thanks to all the oil revenue. |archive-date=12 April 2022 |archive-url=https://web.archive.org/web/20220412005411/https://www.trtworld.com/magazine/russian-finances-strong-but-economic-problems-persist-36750 |url-status=live }}{{cite web | url=https://www.ceicdata.com/en/indicator/russia/government-debt--of-nominal-gdp | title=Russia Government Debt: % of GDP, 2011 – 2023 | CEIC Data | access-date=12 October 2023 | archive-date=25 September 2023 | archive-url=https://web.archive.org/web/20230925190428/https://www.ceicdata.com/en/indicator/russia/government-debt--of-nominal-gdp | url-status=live }}{{cite web | url=https://www.ceicdata.com/en/indicator/russia/external-debt--of-nominal-gdp | title=Russia External Debt: % of GDP, 1993 – 2023 | CEIC Data | access-date=12 October 2023 | archive-date=5 July 2023 | archive-url=https://web.archive.org/web/20230705163542/https://www.ceicdata.com/en/indicator/russia/external-debt--of-nominal-gdp | url-status=live }}{{cite web | url=https://data.worldbank.org/indicator/GC.DOD.TOTL.GD.ZS?locations=RU | title=World Bank Open Data | access-date=12 October 2023 | archive-date=5 July 2023 | archive-url=https://web.archive.org/web/20230705170547/https://data.worldbank.org/indicator/GC.DOD.TOTL.GD.ZS?locations=RU | url-status=live }}

In 2022, domestic government debt increased by 13.9 percent to 18.78 billion rubles.https://ach.gov.ru/upload/iblock/bca/ke0rrd7mtyvihkmhsjv43bgk5rzw1wc8.pdf {{Webarchive|url=https://web.archive.org/web/20230705163550/https://ach.gov.ru/upload/iblock/bca/ke0rrd7mtyvihkmhsjv43bgk5rzw1wc8.pdf |date=5 July 2023 }} {{bare URL PDF|date=February 2024}} Russia Domestic government Debt data was reported at RUB 19,801.921 billion in May 2023.{{cite web | url=https://www.ceicdata.com/en/russia/public-domestic-debt/domestic-debt | title=Russia Domestic Debt | Economic Indicators | CEIC | access-date=12 October 2023 | archive-date=5 July 2023 | archive-url=https://web.archive.org/web/20230705163543/https://www.ceicdata.com/en/russia/public-domestic-debt/domestic-debt | url-status=live }}

In 2022, the share of external debt to GDP was 17%, decreasing from 26.3% in 2021.{{cite web | url=https://www.statista.com/statistics/1049281/russia-external-debt-to-gdp-ratio/ | title=Russia: External debt to GDP 2022 | access-date=12 October 2023 | archive-date=5 July 2023 | archive-url=https://web.archive.org/web/20230705163543/https://www.statista.com/statistics/1049281/russia-external-debt-to-gdp-ratio/ | url-status=live }} 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.{{cite web | url=https://www.statista.com/statistics/1049304/russia-external-debt/ | title=Russia foreign debt 2023 | access-date=12 October 2023 | archive-date=6 July 2023 | archive-url=https://web.archive.org/web/20230706204712/https://www.statista.com/statistics/1049304/russia-external-debt/ | url-status=live }} Russia External Debt reached USD 357.9 billion in March 2023, compared with USD 380.5 billion in the previous quarter.{{cite web | url=https://www.ceicdata.com/en/indicator/russia/external-debt | title=Russia External Debt, 2000 – 2023 | CEIC Data | access-date=18 July 2021 | archive-date=12 August 2021 | archive-url=https://web.archive.org/web/20210812062357/https://www.ceicdata.com/en/indicator/russia/external-debt | url-status=live }}

{{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 had started with $32 billion in 2008 and by August 2022, peaked at $201 billion.{{cite web |title=Russian National Wealth Fund up almost $23 bln in July to over $200 bln, ministry says |url=https://tass.com/economy/1490871 |date=8 August 2022 |access-date=20 January 2024 |archive-date=3 December 2022 |archive-url=https://web.archive.org/web/20221203193014/https://tass.com/economy/1490871 |url-status=live }} December 2023 saw it fall to $133 billion with liquid assets also down at $56 billion.{{cite web |title=Russia's National Wealth Fund totals $135 bln as of January 1 — finance ministry |url=https://tass.com/economy/1733351 |date=17 January 2024 |access-date=18 January 2024 |archive-date=18 January 2024 |archive-url=https://web.archive.org/web/20240118170246/https://tass.com/economy/1733351 |url-status=live }}

File:Countries by Corruption Perceptions Index score (2019).png 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.{{Cite web|title=Corruptions Perceptions Index 2020|url=https://www.transparency.org/en/cpi/2020/index/rus|access-date=31 January 2021|website=Transparency.org|date=28 January 2021|language=en|archive-date=30 January 2021|archive-url=https://web.archive.org/web/20210130233226/https://www.transparency.org/en/cpi/2020/index/rus|url-status=live}} Corruption is perceived as a significant problem in Russia,{{cite web|title=Corruption Perceptions Index 2014|date=3 December 2014|url=http://www.transparency.org/cpi2014/results|access-date=4 December 2015|publisher=Transparency International|archive-date=29 September 2014|archive-url=https://web.archive.org/web/20140929023046/http://www.transparency.org/cpi2014/results|url-status=dead}} affecting various aspects of life, including the economy,{{Cite web|last=Alferova|first=Ekaterina|date=26 October 2020|title=В России предложили создать должность омбудсмена по борьбе с коррупцией|trans-title=Russia proposed to create the post of Ombudsman for the fight against corruption|url=https://iz.ru/1078501/2020-10-26/v-rossii-predlozhili-sozdat-dolzhnost-ombudsmena-po-borbe-s-korruptciei|access-date=5 November 2020|website=Известия|publisher=Izvestia|language=ru|archive-date=2 November 2020|archive-url=https://web.archive.org/web/20201102141829/https://iz.ru/1078501/2020-10-26/v-rossii-predlozhili-sozdat-dolzhnost-ombudsmena-po-borbe-s-korruptciei|url-status=live}} business,{{Cite web|date=June 2020|title=Russia Corruption Report|url=https://www.ganintegrity.com/portal/country-profiles/russia/|access-date=5 November 2020|website=GAN Integrity|language=en-US|archive-date=20 December 2019|archive-url=https://web.archive.org/web/20191220035258/https://www.ganintegrity.com/portal/country-profiles/russia/|url-status=live}} public administration,{{cite web|author=Suhara, Manabu|title=Corruption in Russia: A Historical Perspective|url=https://src-h.slav.hokudai.ac.jp/sympo/03september/pdf/M_Suhara.pdf|url-status=dead|archive-url=https://web.archive.org/web/20160304192618/https://src-h.slav.hokudai.ac.jp/sympo/03september/pdf/M_Suhara.pdf|archive-date=4 March 2016|access-date=4 December 2015}}{{Cite web|title=Russia lost 4 billion dollars on unfavorable state procurement contracts in the last year|url=https://meduza.io/en/news/2015/12/07/russia-lost-4-billion-dollars-on-unfavorable-state-procurement-contracts-in-the-last-year|access-date=7 December 2015|website=Meduza|archive-date=4 June 2016|archive-url=https://web.archive.org/web/20160604042405/https://meduza.io/en/news/2015/12/07/russia-lost-4-billion-dollars-on-unfavorable-state-procurement-contracts-in-the-last-year|url-status=live}} law enforcement,{{cite news|date=2010|title=Cops for hire|url=https://www.economist.com/node/15731344|newspaper=The Economist|access-date=4 December 2015|archive-date=8 December 2015|archive-url=https://web.archive.org/web/20151208110401/http://www.economist.com/node/15731344|url-status=live}} healthcare,{{cite web|author1=Klara Sabirianova Peter|author2=Tetyana Zelenska|date=2010|title=Corruption in Russian Health Care: The Determinants and Incidence of Bribery|url=http://www.iza.org/conference_files/worldb2010/zelenska_t5300.pdf|access-date=4 December 2015|archive-date=8 December 2015|archive-url=https://web.archive.org/web/20151208075733/http://www.iza.org/conference_files/worldb2010/zelenska_t5300.pdf|url-status=live}} and education.{{cite web|author1=Elena Denisova-Schmidt|author2=Elvira Leontyeva|author3=Yaroslav Prytula|date=2014|title=Corruption at Universities is a Common Disease for Russia and Ukraine|url=http://ethics.harvard.edu/blog/corruption-universities-common-disease-russia-and-ukraine|access-date=4 December 2015|publisher=Harvard University|archive-date=8 December 2015|archive-url=https://web.archive.org/web/20151208155403/http://ethics.harvard.edu/blog/corruption-universities-common-disease-russia-and-ukraine|url-status=live}} 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.{{Cite web|last=Maynes|first=Charles|date=26 January 2020|title=New Reports Highlight Russia's Deep-Seated Culture of Corruption|url=https://www.voanews.com/a/europe_new-reports-highlight-russias-deep-seated-culture-corruption/6183207.html|access-date=5 November 2020|website=Voice of America|publisher=Voice of America|language=en|archive-date=27 January 2020|archive-url=https://web.archive.org/web/20200127020812/https://www.voanews.com/europe/new-reports-highlight-russias-deep-seated-culture-corruption|url-status=live}} 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.{{Cite web|date=26 May 2021|title=80% of Russian Business Owners Fear Arbitrary Arrest|url=https://www.themoscowtimes.com/2021/05/26/80-of-russian-business-owners-fear-arbitrary-arrest-a74011|access-date=26 May 2021|website=The Moscow Times|language=en|archive-date=26 May 2021|archive-url=https://web.archive.org/web/20210526194653/https://www.themoscowtimes.com/2021/05/26/80-of-russian-business-owners-fear-arbitrary-arrest-a74011|url-status=live}}

{{main|List of Russian federal districts by GDP|List of federal subjects of Russia by GDP per capita}}

According to the Moscow Government, the Moscow economy is the largest among the Russian Federation constituent entities: the capital accounts for one fifth of the country's total gross 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. The Moscow GDP (PPP) in 2021 amounted to USD 25.500 billion, which is more than that of Seoul, Shanghai or Paris.{{cite web | url=https://en.investmoscow.ru/about-moscow/moscow-in-numbers | title=Moscow by the numbers }} The Government refers to Oxford Economics stating that Moscow ranked third among the world's cities in terms of GDP at purchasing power parity.{{cite web | url=https://www.mos.ru/news/item/100937073/ | title=Москва заняла третье место среди городов мира по объему ВВП по паритету покупательной способности | work=Сайт Москвы | date=6 January 2022 }}

According to statements by the Mayor of Moscow in 2024, Moscow contributes 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.{{cite web | url=https://www.kommersant.ru/doc/7232801 | title=Собянин заявил, что экономика Москвы обеспечивает более 20% ВВП России | date=16 October 2024 }}

Moscow is home to 90 billionaires in 2025 – 16 more than a year ago. Moscow comes in second place behind New York City according to Forbes.{{cite web | url=https://www.forbes.com/sites/gennacontino/2025/04/02/the-cities-with-the-most-billionaires-2025/ | title=The Cities with the Most Billionaires 2025 | website=Forbes }} Moscow is home to 30,000 high-net-worth individuals (HNWI), whose wealth is estimated at $1 million, according to Henley & Partners.{{cite web | url=https://www.henleyglobal.com/newsroom/press-releases/wealthiest-cities-report-2025 | title=The World's Wealthiest Cities in 2025 }}

{{main|Economic regions of Russia|List of economic zones and macrozones of Russia|List of economic zones and macrozones of Russia}}

Russia is divided into twelve economic regions.https://web.archive.org/web/20110820130626/http://www.economy.gov.ru/wps/wcm/connect/59fbe48040d8fac69441fc4d51240c37/OKER_5.pdf?MOD=AJPERES&CACHEID=59fbe48040d8fac69441fc4d51240c37&CACHE=NONE

{{cite web | url=https://www.consultant.ru/document/cons_doc_LAW_115583/0ea00b4142e612de60c5290a5a547b654573e76d/ | title=2. ЭКОНОМИЧЕСКИЕ РАЙОНЫ \ КонсультантПлюс }}

In 2018, the Russian 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.{{cite web | url=http://economy.gov.ru/minec/activity/sections/planning/sd/201817081 | archive-url=https://web.archive.org/web/20180827110418/http://economy.gov.ru/minec/activity/sections/planning/sd/201817081 | archive-date=27 August 2018 | title=Проект Стратегии пространственного развития России до 2025 года }}{{cite web | url=https://www.kommersant.ru/doc/3724754 | archive-url=https://web.archive.org/web/20220619063606/https://www.kommersant.ru/doc/3724754 | archive-date=19 June 2022 | title=Россию делят на четырнадцать | date=27 August 2018 }} In February 2019, the strategy was approved and the division into 12 macro-regions was implemented.https://web.archive.org/web/20220408174453/http://static.government.ru/media/files/UVAlqUtT08o60RktoOXl22JjAe7irNxc.pdf

There are also macrozones such as the Baikal Amur Mainline economic zone.

{{main|core-periphery model|Core–periphery model in Russia}}

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.{{cite journal | url=https://cyberleninka.ru/article/n/model-tsentr-periferiya-federalizm-i-problema-modernizatsii-rossiyskogo-gosudarstva | title=Модель «Центр - периферия», федерализм и проблема модернизации российского государства | journal=Политическая Наука | date=2011 | issue=4 | pages=53–70 }}

More than a decade ago, Professor Natalia Zubarevich proposed an extension of the centre-periphery model and is known as the author of the "theory of four Russias".{{cite web | url=https://trends.rbc.ru/trends/social/64e30dd89a7947b8f0158fe1 | title=Наталья Зубаревич — о том, какое будущее ждет «четыре России» }} According to Zubarevich, the different speed of social 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. The underdeveloped republics, where 6% of the country's population lives - this "fourth" Russia has its own specific features.{{cite web | url=https://www.vedomosti.ru/newspaper/articles/2013/09/24/chetyre-rossii-chto-dalshe | title=Перспектива: Четыре России: что дальше | date=24 September 2013 }}{{cite web | url=https://www.vedomosti.ru/opinion/articles/2011/12/30/chetyre_rossii | title=Наталья Зубаревич: Четыре России | date=30 December 2011 }}{{cite web | url=https://www.vedomosti.ru/authors/natalya-zubarevich | title=Наталья Зубаревич }} According to the concept, "First Russia" is the cities 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: the demographic transition has not been completed here, urbanisation is in its infancy, and patriarchal-clan principles are still strong in society.{{cite web | url=https://trends.rbc.ru/trends/social/64e30dd89a7947b8f0158fe1 | title=Наталья Зубаревич — о том, какое будущее ждет «четыре России» }}

Monoprofile towns (monotowns) are the most unstable part of the "second Russia".{{cite web | url=https://www.vedomosti.ru/opinion/articles/2011/12/30/chetyre_rossii | title=Наталья Зубаревич: Четыре России | date=30 December 2011 }}

{{Main|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|Russia in the European energy sector}}

File:RF NG pipestoEU.gif and gas supplier to much of Europe.]]

File:Moscow, Sofiyskaya embankment.jpg 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; as it has the world's largest natural gas reserves, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. It is the world's leading natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third largest coal exporter. Fossil fuels cause most of the greenhouse gas emissions by Russia.{{Cite web|title=Russia: greenhouse gas emissions by sector|url=https://www.statista.com/statistics/1048675/greenhouse-gas-emissions-by-sector-russia/|access-date=3 December 2020|website=Statista|language=en|archive-date=15 December 2020|archive-url=https://web.archive.org/web/20201215183811/https://www.statista.com/statistics/1048675/greenhouse-gas-emissions-by-sector-russia/|url-status=live}} The country is the world's fourth-largest electricity producer,{{cite web|url=https://www.cia.gov/the-world-factbook/field/electricity-production/country-comparison|title=Electricity – production|work=CIA World Factbook|publisher=Central Intelligence Agency|access-date=2 July 2021|archive-date=31 March 2022|archive-url=https://web.archive.org/web/20220331093053/https://www.cia.gov/the-world-factbook/field/electricity-production/country-comparison|url-status=dead}} and the ninth-largest renewable energy producer in 2019.{{Cite book|last1=Whiteman|first1=Adrian|last2=Rueda|first2=Sonia|last3=Akande|first3=Dennis|last4=Elhassan|first4=Nazik|last5=Escamilla|first5=Gerardo|last6=Arkhipova|first6=Iana|date=March 2020|title=Renewable capacity statistics 2020|url=https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2020/Mar/IRENA_RE_Capacity_Statistics_2020.pdf|access-date=8 November 2020|publisher=International Renewable Energy Agency|page=3|location=Abu Dhabi|isbn=978-92-9260-239-0|archive-date=26 March 2023|archive-url=https://web.archive.org/web/20230326013733/https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2020/Mar/IRENA_RE_Capacity_Statistics_2020.pdf|url-status=live}} Russia was also the world's first country to develop civilian nuclear power, and built the world's first nuclear power plant.{{cite magazine|url=https://www.wired.com/2012/06/june-27-1954-worlds-first-nuclear-power-plant-opens/|title=June 27, 1954: World's First Nuclear Power Plant Opens|magazine=Wired|first=Tony|last=Long|quote="1954: The first nuclear power plant to be connected to an external grid goes operational in Obninsk, 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."|date=27 June 2012|access-date=8 June 2021|archive-date=17 October 2022|archive-url=https://web.archive.org/web/20221017133814/https://www.wired.com/2012/06/june-27-1954-worlds-first-nuclear-power-plant-opens/|url-status=live}} In 2019, It was the world's fourth-largest nuclear energy producer.{{Cite web|date=October 2020|title=Nuclear Power Today|url=https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx|access-date=8 November 2020|website=www.world-nuclear.org|publisher=World Nuclear Association|archive-date=16 July 2021|archive-url=https://web.archive.org/web/20210716094103/https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx|url-status=live}} 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.{{Cite journal |last1=Szulecki |first1=Kacper |last2=Overland |first2=Indra |date=April 2023 |title=Russian nuclear energy diplomacy and its implications for energy security in the context of the war in Ukraine |journal=Nature Energy |language=en |volume=8 |issue=4 |pages=413–421 |doi=10.1038/s41560-023-01228-5 |bibcode=2023NatEn...8..413S |issn=2058-7546|doi-access=free |hdl=11250/3106595 |hdl-access=free }} 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.

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.{{Cite web|url=https://www.kommersant.ru/doc/2594003|title=Нефть со всеми вытекающими|date=27 October 2014|website=www.kommersant.ru|access-date=19 June 2023|archive-date=23 September 2023|archive-url=https://web.archive.org/web/20230923054551/https://www.kommersant.ru/doc/2594003|url-status=live}} 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,https://carnegiemoscow.org/commentary/61272 {{Webarchive|url=https://web.archive.org/web/20230514233219/https://carnegiemoscow.org/commentary/61272 |date=14 May 2023 }} {{bare URL inline|date=February 2024}} 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. 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.https://rosstat.gov.ru/storage/mediabank/1b5RpebS/Maximov-tezisy.pdf {{Webarchive|url=https://web.archive.org/web/20231011115554/http://rosstat.gov.ru/storage/mediabank/1b5RpebS/Maximov-tezisy.pdf |date=11 October 2023 }} {{bare URL PDF|date=February 2024}}{{Cite web|url=https://www.rbc.ru/economics/13/07/2021/60ec40d39a7947f74aeb2aae|title=Росстат впервые рассчитал долю нефти и газа в российском ВВП|website=РБК|date=13 July 2021|access-date=19 June 2023|archive-date=19 August 2021|archive-url=https://web.archive.org/web/20210819213024/https://www.rbc.ru/economics/13/07/2021/60ec40d39a7947f74aeb2aae|url-status=live}}{{Cite web|url=https://neftegazru.com/news/economics-markets-stocks/688594-oil-gas-share-of-russia-s-gdp-dropped-to-15-in-2020/|title=Oil & gas share of Russia's GDP dropped to 15% in 2020|website=neftegazru.com|date=14 July 2021|access-date=19 June 2023|archive-date=9 July 2023|archive-url=https://web.archive.org/web/20230709172407/https://neftegazru.com/news/economics-markets-stocks/688594-oil-gas-share-of-russia-s-gdp-dropped-to-15-in-2020/|url-status=live}}{{Cite web|url=https://norvanreports.com/oil-gas-share-of-russias-gdp-dropped-to-15-in-2020/|title=Oil & gas share of Russia's GDP dropped to 15% in 2020 | NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World|date=14 July 2021|access-date=19 June 2023|archive-date=9 July 2023|archive-url=https://web.archive.org/web/20230709183316/https://norvanreports.com/oil-gas-share-of-russias-gdp-dropped-to-15-in-2020/|url-status=live}}{{Cite web|url=https://oilprice.com/Latest-Energy-News/World-News/Oil-Gas-Share-Of-Russias-GDP-Dropped-To-15-In-2020.html|title=Oil & Gas Share Of Russia's GDP Dropped To 15% In 2020|website=OilPrice.com|access-date=19 June 2023|archive-date=6 May 2023|archive-url=https://web.archive.org/web/20230506093930/https://oilprice.com/Latest-Energy-News/World-News/Oil-Gas-Share-Of-Russias-GDP-Dropped-To-15-In-2020.html|url-status=live}} 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.{{cite web | url=https://ngs55.ru/text/economics/2022/03/12/70503305/ | title=Что происходит с российской нефтью и газом? Разбираемся вместе с экспертами | date=12 March 2022 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618155011/https://ngs55.ru/text/economics/2022/03/12/70503305/ | url-status=live }}{{cite news | url=https://www.svoboda.org/a/lishitj-putina-vozmozhnosti-vesti-voynu-/32015884.html | title="Лишить Путина возможности вести войну" | newspaper=Радио Свобода | date=7 September 2022 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618185825/https://www.svoboda.org/a/lishitj-putina-vozmozhnosti-vesti-voynu-/32015884.html | url-status=live }} 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 of Lyudmila Alexeyeva), 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.{{cite web | url=https://vpost-media.ru/opinions/kakuyu-rol-neft-i-gaz-igrayut-v-gosudarstvennom-byudzhete-i-ekonomike | title=Какую роль нефть и газ играют в государственном бюджете и экономике | date=25 October 2022 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618185825/https://vpost-media.ru/opinions/kakuyu-rol-neft-i-gaz-igrayut-v-gosudarstvennom-byudzhete-i-ekonomike | url-status=live }} 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.{{cite web | url=https://data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS?most_recent_value_desc=true&locations=RU | title=World Bank Open Data | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104153550/https://data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS?most_recent_value_desc=true&locations=RU | url-status=live }}

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.{{cite web |title=Russia's oil and gas budget revenue down 24% in 2023 -finance ministry |url=https://www.nasdaq.com/articles/russias-oil-and-gas-budget-revenue-down-24-in-2023-finance-ministry |date=11 January 2024 |access-date=11 January 2024 |archive-date=11 January 2024 |archive-url=https://web.archive.org/web/20240111135936/https://www.nasdaq.com/articles/russias-oil-and-gas-budget-revenue-down-24-in-2023-finance-ministry |url-status=live }}

{{main|Mining industry of Russia|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.[http://www.kitco.com/ind/Zimnisky/2013-08-20-Ranking-Of-The-World-s-Diamond-Mines-By-Estimated-2013-Production.html "Ranking Of The World's Diamond Mines By Estimated 2013 Production"] {{Webarchive|url=https://web.archive.org/web/20130921053511/http://www.kitco.com/ind/Zimnisky/2013-08-20-Ranking-Of-The-World-s-Diamond-Mines-By-Estimated-2013-Production.html|date=21 September 2013}}, Kitco, 20 August 2013.

In 2019, the country was the 3rd world producer of gold;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gold.pdf| title = USGS Gold Production Statistics| access-date = 28 April 2021| archive-date = 21 June 2021| archive-url = https://web.archive.org/web/20210621193715/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gold.pdf| url-status = live}} 2nd worldwide producer of platinum;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-platinum.pdf| title = USGS Platinum Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-platinum.pdf| url-status = live}} 4th worldwide producer of silver;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-silver.pdf| title = USGS Silver Production Statistics| access-date = 28 April 2021| archive-date = 15 May 2021| archive-url = https://web.archive.org/web/20210515082301/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-silver.pdf| url-status = live}} 9th largest world producer of copper;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-copper.pdf| title = USGS Copper Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-copper.pdf| url-status = live}} 3rd largest world producer of nickel;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf| title = USGS Nickel Production Statistics| access-date = 28 April 2021| archive-date = 16 February 2021| archive-url = https://web.archive.org/web/20210216133809/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf| url-status = live}} 6th largest world producer of lead;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-lead.pdf| title = USGS Lead Production Statistics| access-date = 28 April 2021| archive-date = 15 May 2021| archive-url = https://web.archive.org/web/20210515091715/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-lead.pdf| url-status = live}} 9th largest world producer of bauxite;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-bauxite-alumina.pdf| title = USGS Bauxite Production Statistics| access-date = 28 April 2021| archive-date = 26 March 2021| archive-url = https://web.archive.org/web/20210326103425/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-bauxite-alumina.pdf| url-status = live}} 10th largest world producer of zinc;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-zinc.pdf| title = USGS Zinc Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-zinc.pdf| url-status = live}} 2nd worldwide producer of vanadium;{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-vanadinum.pdf|title=USGS Vanadinum Production Statistics}}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }} 2nd largest world producer of cobalt;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf| title = USGS Cobalt Production Statistics| access-date = 28 April 2021| archive-date = 13 February 2021| archive-url = https://web.archive.org/web/20210213074219/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf| url-status = live}} 5th largest world producer of iron ore;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-iron-ore.pdf| title = USGS Iron Ore Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-iron-ore.pdf| url-status = live}} 7th largest world producer of boron;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-boron.pdf| title = USGS Boron Production Statistics| access-date = 28 April 2021| archive-date = 18 July 2021| archive-url = https://web.archive.org/web/20210718104325/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-boron.pdf| url-status = live}} 9th largest world producer of molybdenum;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-molybdenum.pdf| title = USGS Molybdenum Production Statistics| access-date = 28 April 2021| archive-date = 28 June 2021| archive-url = https://web.archive.org/web/20210628031218/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-molybdenum.pdf| url-status = live}} 13th largest world producer of tin;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-tin.pdf| title = USGS Tin Production Statistics| access-date = 28 April 2021| archive-date = 13 August 2021| archive-url = https://web.archive.org/web/20210813153917/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-tin.pdf| url-status = live}} 3rd largest world producer of sulfur;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-sulfur.pdf| title = USGS Sulfur Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-sulfur.pdf| url-status = live}} 4th largest world producer of phosphate;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-phosphate.pdf| title = USGS Phosphate Production Statistics| access-date = 28 April 2021| archive-date = 2 May 2021| archive-url = https://web.archive.org/web/20210502135915/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-phosphate.pdf| url-status = live}} 8th largest world producer of gypsum;{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gypsum.pdf| title = USGS Gypsum Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gypsum.pdf| url-status = live}} in addition to being the world's 10th largest producer of salt.{{cite web| url = https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-salt.pdf| title = USGS Salt Production Statistics| access-date = 28 April 2021| archive-date = 9 October 2022| archive-url = https://ghostarchive.org/archive/20221009/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-salt.pdf| url-status = live}} It was the world's 6th largest producer of uranium in 2018.{{cite web| url = http://www.world-nuclear.org/info/inf23.html| title = World Uranium Mining| access-date = 28 April 2021| archive-date = 26 December 2018| archive-url = https://web.archive.org/web/20181226012424/http://www.world-nuclear.org/information-library/nuclear-fuel-cycle/mining-of-uranium/world-uranium-mining-production.aspx| url-status = dead}}

{{Main|Agriculture in Russia|Fishing industry in Russia}}

File:Rostov's region combain.jpg 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.{{cite encyclopedia|url=https://www.britannica.com/place/Russia/Economy|title=Russia – Economy|encyclopedia=Encyclopædia Britannica|access-date=1 July 2021|archive-date=12 April 2022|archive-url=https://web.archive.org/web/20220412055856/https://www.britannica.com/place/Russia/Economy|url-status=live}} It has the world's third-largest cultivated area, at {{convert|1265267|km2}}. However, due to the harshness of its environment, about 13.1% of its land is agricultural, and only 7.4% of its land is arable.{{cite web|url=https://data.worldbank.org/indicator/AG.LND.ARBL.ZS|title=Arable land (% of land area)|work=The World Bank|access-date=15 June 2021|archive-date=7 November 2023|archive-url=https://web.archive.org/web/20231107201125/https://data.worldbank.org/indicator/AG.LND.ARBL.ZS|url-status=live}} The main product of Russian farming has always been grain, which occupies considerably more than half of the cropland. Russia is the world's largest exporter of wheat,{{cite news|url=https://www.bloomberg.com/news/articles/2020-09-22/russia-s-dominance-of-the-wheat-world-keeps-growing|title=Russia's Dominance of the Wheat World Keeps Growing|work=Bloomberg L.P.|first1=Anatoly|last1=Medetsky|first2=Megan|last2=Durisin|date=23 September 2020|access-date=15 June 2021|archive-date=31 March 2022|archive-url=https://web.archive.org/web/20220331091535/https://www.bloomberg.com/news/articles/2020-09-22/russia-s-dominance-of-the-wheat-world-keeps-growing|url-status=live}} and is the largest producer of barley,{{cite web|last=Shahbandeh|first=M.|url=https://www.statista.com/statistics/272760/barley-harvest-forecast/|title=Global barley producers by country 2020/21|work=Statista|quote="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."|date=8 July 2021|access-date=18 July 2021|archive-date=18 July 2021|archive-url=https://web.archive.org/web/20210718104355/https://www.statista.com/statistics/272760/barley-harvest-forecast/|url-status=live}} buckwheat, oats,{{cite web|last=Shahbandeh|first=M.|url=https://www.statista.com/statistics/1073550/global-leading-oats-producers/|title=Global leading oats producers 2020|work=Statista|date=12 November 2020|access-date=18 July 2021|archive-date=18 July 2021|archive-url=https://web.archive.org/web/20210718104357/https://www.statista.com/statistics/1073550/global-leading-oats-producers/|url-status=live}} and rye,{{cite web|last=Shahbandeh|first=M.|url=https://www.statista.com/statistics/190489/rye-production-in-specified-countries/|title=Top countries in rye production 2019/2020|work=Statista|date=10 February 2021|access-date=18 July 2021|archive-date=18 July 2021|archive-url=https://web.archive.org/web/20210718104355/https://www.statista.com/statistics/190489/rye-production-in-specified-countries/|url-status=live}} and the second-largest producer of sunflower seed.{{cite web|last=Shahbandeh|first=M.|url=https://www.statista.com/statistics/263928/production-of-sunflower-seed-since-2000-by-major-countries/|title=Sunflower seed production in major countries 2019/20|work=Statista|quote="Russia is also a major producer of sunflower seeds worldwide, with a production volume of 15.3 million metric tons in 2019/2020."|date=25 February 2021|access-date=18 July 2021|archive-date=18 July 2021|archive-url=https://web.archive.org/web/20210718104351/https://www.statista.com/statistics/263928/production-of-sunflower-seed-since-2000-by-major-countries/|url-status=live}} 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.{{cite web|url=https://www.nytimes.com/interactive/2020/12/16/magazine/russia-climate-migration-crisis.html|title=How Russia Wins the Climate Crisis|work=The New York Times|first=Abrahm|last=Lustgarten|date=16 December 2020|access-date=15 June 2021|archive-date=14 April 2022|archive-url=https://web.archive.org/web/20220414034549/https://www.nytimes.com/interactive/2020/12/16/magazine/russia-climate-migration-crisis.html|url-status=live}}

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. 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 {{convert|4.77|e6t|e6LT e6ST|abbr=off}} of fish in 2018.{{cite web|url=http://www.fao.org/3/i9540en/i9540en.pdf|title=The State of World Fisheries and Aquaculture|publisher=Food and Agriculture Organization|date=2018|access-date=4 February 2021|archive-date=11 February 2021|archive-url=https://web.archive.org/web/20210211011147/http://www.fao.org/3/I9540EN/i9540en.pdf|url-status=live}} 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.

File:Russia industrial growth chart YoY.PNG per year (%), 1992–2010]]

{{main|Defence industry of Russia|Science and technology in Russia}}

File:Putin Meeting with workers of the Kalashnikov Concern - September 2016.jpg meeting with workers of Kalashnikov Concern (2016)]]

File:VDayRehearsal05052016-28.jpg 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.

File:Sukhoi Superjet 100 prototype.jpg 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|Aircraft industry of Russia|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.{{cite journal|url=http://dlib.eastview.com/browse/doc/20573392|title=Prospects for the Domestic Aircraft Industry|last1=Manturov|first1=Denis|journal=Military Parade|issue=4|year=2009|pages=8–9|access-date=15 September 2010|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125171520/https://dlib.eastview.com/browse/doc/20573392|url-status=live}}

The Space industry of Russia consists of over 100 companies and employs 250,000 people.{{cite journal|last=Ionin|first=Andrey|title=Russia's Space Program in 2006: Some Progress but No Clear Direction|journal=Moscow Defense Brief|publisher=Centre for Analysis of Strategies and Technologies|issue=2(#8)|url=http://mdb.cast.ru/mdb/2-2007/item1/item3/|archive-url=https://web.archive.org/web/20070827204307/http://mdb.cast.ru/mdb/2-2007/item1/item3/|archive-date=27 August 2007}}

{{main|Automotive industry in Russia}}

File:Lada Vesta Concept.JPG is a brand of AvtoVAZ, the largest Russian car manufacturer in the Russian automotive industry.]]

File:2018 inauguration of Vladimir Putin 26.jpg, 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.{{cite web |title=Production Statistics 2018 Statistics |url=http://www.oica.net/category/production-statistics/2018-statistics/ |access-date=21 November 2019 |archive-date=2 December 2020 |archive-url=https://web.archive.org/web/20201202155703/http://www.oica.net/category/production-statistics/2018-statistics/ |url-status=live }} 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.{{cite web |title=Russian car production slumped to lowest since Soviet times in 2022 |date=1 February 2023 |website=Reuters |archive-url=https://web.archive.org/web/20230404164614/https://www.reuters.com/business/autos-transportation/russian-car-production-slumped-lowest-since-soviet-times-2022-2023-02-01/ |archive-date=4 April 2023 |url-status=live |url=https://www.reuters.com/business/autos-transportation/russian-car-production-slumped-lowest-since-soviet-times-2022-2023-02-01/ |access-date=23 May 2023 }} 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.{{cite web |title=Only 11 foreign car brands left in Russia out of 60 before the war |url=https://intellinews.com/only-11-foreign-car-brands-left-in-russia-out-of-60-before-the-war-265282/ |date=15 December 2022 |access-date=21 August 2023 |archive-date=21 August 2023 |archive-url=https://web.archive.org/web/20230821160807/https://intellinews.com/only-11-foreign-car-brands-left-in-russia-out-of-60-before-the-war-265282/ |url-status=live }}

Russia was experiencing a regrowth of microelectronics, with the revival of JCS Mikron until sanctions took effect in 2022.{{cite web | url=http://eetimes.eu/187200078 | archive-url=https://web.archive.org/web/20110207194221/http://eetimes.eu/187200078 | url-status=dead | archive-date=7 February 2011 | title=Electronics regrowth in Russia | publisher=Eetimes.ru | access-date=8 December 2014 | df=dmy-all }}{{cite web|url=http://english.pravda.ru/main/18/89/357/11642_Russia.html|archive-url=https://web.archive.org/web/20041222182331/http://english.pravda.ru/main/18/89/357/11642_Russia.html|archive-date=22 December 2004 | title=Electronics in Russia|date=25 December 2003|publisher=English.pravda.ru|access-date=8 December 2014}}{{cite news |title=Elbrus processors developer preparing to transfer production to Zelenograd's Mikron from Taiwan - media |url=https://interfax.com/newsroom/top-stories/79684/ |work=Interfax |date=30 May 2022 |access-date=21 August 2023 |archive-date=9 December 2023 |archive-url=https://web.archive.org/web/20231209160028/https://interfax.com/newsroom/top-stories/79684/ |url-status=live }}

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.{{cite web |title=The Proliferation Of Shopping Malls In Russia |url=https://www.denvermart.com/the-proliferation-of-shopping-malls-in-russia/#google_vignette |date=8 January 2023 |access-date=21 August 2023 |archive-date=21 August 2023 |archive-url=https://web.archive.org/web/20230821173443/https://www.denvermart.com/the-proliferation-of-shopping-malls-in-russia/#google_vignette |url-status=live }} A supermarket selling groceries is a typical anchor store in a Russian mall.{{cite news|title=Malls Blossom in Russia, With a Middle Class|url=https://www.nytimes.com/2013/01/02/business/global/with-a-mall-boom-in-russia-property-investors-go-shopping.html|access-date=2 January 2013|newspaper=The New York Times|date=1 January 2013|author=Andrew E. Kramer|quote=I feel like I'm in Disneyland|archive-date=11 November 2020|archive-url=https://web.archive.org/web/20201111224622/http://www.nytimes.com/2013/01/02/business/global/with-a-mall-boom-in-russia-property-investors-go-shopping.html|url-status=live}}

Retail sales in Russia{{cite web |title=Retail trade revenue in Russia from 2010 to 2022 |url=https://www.statista.com/statistics/1016467/russia-retail-trade-volume/ |access-date=10 April 2023 |archive-date=10 April 2023 |archive-url=https://web.archive.org/web/20230410073823/https://www.statista.com/statistics/1016467/russia-retail-trade-volume/ |url-status=live }}

{{main|Telecommunications in Russia|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.{{cite web|author=Lenta.ru |url=http://it.tut.by/news/97330.html |archive-url=https://web.archive.org/web/20090625003353/http://it.tut.by/news/97330.html |archive-date=25 June 2009 |title=Internet usage statistic |publisher=It.tut.by |access-date=12 November 2011}}

{{As of|2020}}, 122,488,468 Russians (85% of the country's total population) were Internet users.{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/russia/|title=The World Factbook — Central Intelligence Agency|website=www.cia.gov|language=en|access-date=3 January 2018|archive-date=9 January 2021|archive-url=https://web.archive.org/web/20210109173026/https://www.cia.gov/the-world-factbook/countries/russia/|url-status=live}}

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.{{cite web |title=Number of mobile cellular subscriptions in Russia from 2000 to 2021 |url=https://www.statista.com/statistics/501076/number-of-mobile-cellular-subscriptions-in-russia/ |access-date=21 August 2023 |archive-date=21 August 2023 |archive-url=https://web.archive.org/web/20230821162513/https://www.statista.com/statistics/501076/number-of-mobile-cellular-subscriptions-in-russia/ |url-status=live }}

{{main|Transport in Russia|Russian Railways}}

File:VL 85-022 container train.jpg, the longest railway-line in the world, as seen across the coast of Lake Baikal]]

File:"Russian bridge" in Vladivostok city.jpg 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.{{cite web|url=https://ar2017.rzd.ru/pdf/ar/en/results-review_operational_passenger.pdf|title=Passenger transportation|publisher=Russian Railways|date=2017|access-date=2 July 2021|archive-date=6 August 2021|archive-url=https://web.archive.org/web/20210806023840/https://ar2017.rzd.ru/pdf/ar/en/results-review_operational_passenger.pdf|url-status=live}} The total length of common-used railway tracks is the world's third-longest, and exceeds {{convert|87157|km|0|abbr=on}}.{{cite web|url=https://www.cia.gov/the-world-factbook/field/railways/country-comparison|title=Railways – The World Factbook|work=Central Intelligence Agency|access-date=15 June 2021|archive-date=24 November 2018|archive-url=https://web.archive.org/web/20181124012056/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2121rank.html|url-status=live}} {{As of|2016}}, Russia has 1,452.2 thousand km of roads,{{cite web|url=http://government.ru/info/22865/|title=О развитии дорожной инфраструктуры|trans-title=On the development of road infrastructure|work=Government of Russia|date=29 April 2016|access-date=14 January 2021|archive-date=1 September 2019|archive-url=https://web.archive.org/web/20190901004438/http://government.ru/info/22865/|url-status=live}} and its road density is among the world's lowest.{{cite web|url=https://worldroadstatistics.org/europe-central-asia-continue-to-report-the-worlds-highest-road-network-density-followed-by-east-asia-and-pacific/|title=Europe continues to report the world's highest Road Network Density, followed by East Asia and Pacific.|work=International Road Federation|date=16 December 2020|access-date=19 May 2021|archive-date=19 March 2022|archive-url=https://web.archive.org/web/20220319083620/https://worldroadstatistics.org/europe-central-asia-continue-to-report-the-worlds-highest-road-network-density-followed-by-east-asia-and-pacific/|url-status=live}} Russia's inland waterways are the world's second-longest, and total {{convert|102000|km|0|abbr=on}}.{{cite web|url=https://www.cia.gov/the-world-factbook/field/waterways/country-comparison|title=Waterways – The World Factbook|work=Central Intelligence Agency|access-date=15 June 2021|archive-date=12 April 2022|archive-url=https://web.archive.org/web/20220412005407/https://www.cia.gov/the-world-factbook/field/waterways/country-comparison|url-status=live}} Among Russia's 1,218 airports,{{cite web|url=https://www.cia.gov/the-world-factbook/field/airports/country-comparison|title=Airports – The World Factbook|work=Central Intelligence Agency|access-date=15 June 2021|archive-date=3 April 2022|archive-url=https://web.archive.org/web/20220403171702/https://www.cia.gov/the-world-factbook/field/airports/country-comparison/|url-status=live}} the busiest is Sheremetyevo International Airport in Moscow.{{cite web|url=https://www.svo.aero/en/about/sheremetyevo-today|title=Sheremetyevo today|work=www.svo.aero|access-date=10 June 2021|archive-date=30 May 2019|archive-url=https://web.archive.org/web/20190530024759/https://www.svo.aero/en/about/sheremetyevo-today|url-status=live}}

Russia's largest port is the Port of Novorossiysk in Krasnodar Krai along the Black Sea.{{cite web|url=https://www.statista.com/statistics/1023550/russia-cargo-throughput-by-port/|title=Cargo throughput volume in Russia in 2020, by port|work=Statista|author=D. Elagina|date=22 January 2021|quote="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."|access-date=10 June 2021|archive-date=10 June 2021|archive-url=https://web.archive.org/web/20210610130453/https://www.statista.com/statistics/1023550/russia-cargo-throughput-by-port/|url-status=live}} 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.{{cite web|url=https://poseidonexpeditions.com/about/articles/nuclear-icebreakers-what-s-so-special-about-them/|title=Nuclear icebreakers – what's so special about them?|work=Poseidon Expeditions|quote="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."|access-date=24 May 2021|archive-date=24 May 2021|archive-url=https://web.archive.org/web/20210524112552/https://poseidonexpeditions.com/about/articles/nuclear-icebreakers-what-s-so-special-about-them/|url-status=live}}

File:NUTEP and KSK.jpg]]

In 2022, construction was worth 13 trillion rubles, 5% more than in 2021. Residential construction in 2022 reached {{convert|126.7|e6m2|abbr=off}}.{{cite web |title=RUSSIAN CONSTRUCTION INDUSTRY: MOVING UPWARD? |url=https://mosbuild.com/en/media/news/2023/june/19/russian-construction-industry |access-date=21 August 2023 |archive-date=21 August 2023 |archive-url=https://web.archive.org/web/20230821175605/https://mosbuild.com/en/media/news/2023/june/19/russian-construction-industry/ |url-status=live }}

The 2020–2030 target for construction is {{convert|1|e9m2|abbr=off}} of housing, 20% of all housing stock to be renovated and to increase space from {{convert|27.8|m2}} up to {{convert|33.3|m2}} per person.

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 {{ill|compulsory motor third party liability market (CMTPL)|ru|Обязательное страхование гражданской ответственности владельцев транспортных средств|vertical-align=sup}}, as the top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI).{{cite web|url=http://www.rgs.ru/media/CSR/Insurance_market_results_2013_ENG.pdf|title=Russian Insurance Market in 2013|publisher=Rgs.ru|access-date=8 December 2014|archive-date=3 September 2016|archive-url=https://web.archive.org/web/20160903045929/http://www.rgs.ru/media/CSR/Insurance_market_results_2013_ENG.pdf|url-status=live}} 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.{{Cite web |url=http://fa.ru/chair/priklsoc/Documents/%D0%98%D1%82%D0%BE%D0%B3%D0%B8%20%D1%80%D0%B0%D0%B7%D0%B2%D0%B8%D1%82%D0%B8%D1%8F%20%D1%81%D1%82%D1%80%D0%B0%D1%85%D0%BE%D0%B2%D0%BE%D0%B3%D0%BE%20%D1%80%D1%8B%D0%BD%D0%BA%D0%B0%202013%20%D0%B3._eng.pdf |archive-url=https://web.archive.org/web/20141102161708/http://www.fa.ru/chair/priklsoc/Documents/%D0%98%D1%82%D0%BE%D0%B3%D0%B8%20%D1%80%D0%B0%D0%B7%D0%B2%D0%B8%D1%82%D0%B8%D1%8F%20%D1%81%D1%82%D1%80%D0%B0%D1%85%D0%BE%D0%B2%D0%BE%D0%B3%D0%BE%20%D1%80%D1%8B%D0%BD%D0%BA%D0%B0%202013%20%D0%B3._1%20eng.pdf |archive-date=2 November 2014 |url-status=dead |title=Russian Insurance Market in 2013 |last=Zubet |first=Alexei |publisher=Financial University, Moscow |access-date=30 August 2022 }}

{{main|Information technology in Russia}}

File:Graduates in tertiary education-thousands.jpg: [https://www.huffingtonpost.com/2010/07/22/countries-with-the-most-c_n_655393.html#s117394&title=United_Kingdom_318 Countries With The MOST College Graduates] {{Webarchive|url=https://web.archive.org/web/20201112013023/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_66164c64-d4d7-44b3-8c39-b2bcc770109f#s117394&title=United_Kingdom_318 |date=12 November 2020 }} retrieved 27 September 2013).]]

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.{{cite web |url=http://russoft.ru/files/RUSSOFT_Survey_8_en.pdf |title=The 8th Annual Survey of the Russian Software Export Industry |publisher=Russoft |date=22 November 2011 |access-date=5 May 2012 |archive-url=https://web.archive.org/web/20120514052010/http://russoft.ru/files/RUSSOFT_Survey_8_en.pdf |archive-date=14 May 2012 |url-status=dead }} 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.{{cite web|url=http://www.silicontaiga.org/home.asp?artId=6539|archive-url=https://web.archive.org/web/20070930093355/http://www.silicontaiga.org/home.asp?artId=6539|archive-date=30 September 2007 |title=Russian IT market worth $2,4 billion |publisher=Silicon Taiga |date=26 December 2006 |access-date=12 November 2011}} Meanwhile, the fastest growing segment of the IT market is offshore programming.

File:Beriev aircraft factory Taganrog.jpg]]

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.

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.{{cite web| url =http://russoft.org/docs/?doc=2460| title =Medvedev's Cabinet compels state-owned corporations to buy Russian technology| work =Russoft| access-date =23 June 2013| archive-url =https://web.archive.org/web/20131219044720/http://www.russoft.org/docs/?doc=2460| archive-date =19 December 2013| url-status =dead}}

Russia is one of the few countries in the world with a homegrown internet search engine with a significant marketshare as the Russian-based search engine Yandex is used by 53.8% of internet users in the country.{{cite news|url=http://www.economist.com/node/21555560|title=The internet business in Russia: Europe's great exception – The Economist|newspaper=The Economist|access-date=14 March 2015|date=19 May 2012|archive-date=18 November 2017|archive-url=https://web.archive.org/web/20171118072812/http://www.economist.com/node/21555560|url-status=live}}{{cite web|url=http://www.techrobo.org/popular-search-engines-world-top-ten-list/|archive-url=https://web.archive.org/web/20150506082831/http://www.techrobo.org/popular-search-engines-world-top-ten-list/|archive-date=6 May 2015|title=Most Popular Search Engines in the World – Top Ten List – Tech Robo|work=Tech Robo|access-date=14 March 2015}}{{cite web|url=http://topmira.com/internet/item/1-samye-populjarnye-poiskoviki-runeta|title=Самые популярные поисковые системы в России|publisher=Topmira.com|access-date=8 December 2014|archive-date=13 March 2016|archive-url=https://web.archive.org/web/20160313031332/http://topmira.com/internet/item/1-samye-populjarnye-poiskoviki-runeta|url-status=dead}}

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).

{{Main|Tourism in Russia}}

File:Grand Cascade in Peterhof 01.jpg 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.{{Cite journal|title=UNWTO World Tourism Barometer|journal=UNWTO World Tourism Barometer English Version|publisher=World Tourism Organization (UNWTO)|year=2020|volume=18|pages=18|language=en|doi=10.18111/wtobarometereng|issn=1728-9246|issue=6}} Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019.{{Cite book|last1=Uppink Calderwood|first1=Lauren|last2=Soshkin|first2=Maksim|editor-last=Fisher|editor-first=Mike|title=The Travel & Tourism Competitiveness Report 2019|url=http://www3.weforum.org/docs/WEF_TTCR_2019.pdf|access-date=11 November 2020|publisher=World Economic Forum|location=Geneva|page=xiii|isbn=978-2-940631-01-8|archive-date=4 September 2019|archive-url=https://web.archive.org/web/20190904142913/http://www3.weforum.org/docs/WEF_TTCR_2019.pdf|url-status=live}} According to Federal Agency for Tourism, the number of inbound trips of foreign citizens to Russia amounted to 24.4 million in 2019.{{Cite web|title=Выборочная статистическая информация, рассчитанная в соответствии с Официальной статистической методологией оценки числа въездных и выездных туристских поездок – Ростуризм|trans-title=Selected statistical information calculated in accordance with the Official Statistical Methodology for Estimating the Number of Inbound and Outbound Tourist Trips – Rostourism|url=https://tourism.gov.ru/contents/statistika/statisticheskie-pokazateli-vzaimnykh-poezdok-grazhdan-rossiyskoy-federatsii-i-grazhdan-inostrannykh-gosudarstv/vyborochnaya-statisticheskaya-informatsiya-rasschitannaya-v-sootvetstvii-s-ofitsialnoy-statisticheskoy-metodologiey-otsenki-chisla-vezdnykh-i-vyezdnykh-turistskikh-poezdok/|access-date=11 November 2020|website=tourism.gov.ru|publisher=Federal Agency for Tourism (Russia)|language=ru|archive-date=22 January 2021|archive-url=https://web.archive.org/web/20210122202242/https://tourism.gov.ru/contents/statistika/statisticheskie-pokazateli-vzaimnykh-poezdok-grazhdan-rossiyskoy-federatsii-i-grazhdan-inostrannykh-gosudarstv/vyborochnaya-statisticheskaya-informatsiya-rasschitannaya-v-sootvetstvii-s-ofitsialnoy-statisticheskoy-metodologiey-otsenki-chisla-vezdnykh-i-vyezdnykh-turistskikh-poezdok/|url-status=dead}} Russia's international tourism receipts in 2018 amounted to $11.6 billion. In 2020, tourism accounted for about 4% of country's GDP.{{Cite web|date=26 September 2020|title=Вице-премьер считает, что вклад туризма в ВВП России может вырасти в три раза за 10 лет|trans-title=Deputy Prime Minister believes that the contribution of tourism to Russia's GDP could triple in 10 years|url=https://tass.ru/ekonomika/9558261|access-date=11 November 2020|website=ТАСС|publisher=TASS|language=ru|archive-date=3 October 2020|archive-url=https://web.archive.org/web/20201003015106/https://tass.ru/ekonomika/9558261|url-status=live}} 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.{{cite web|url=http://www.e-unwto.org/content/r13521/fulltext.pdf|archive-url=https://web.archive.org/web/20150112082549/http://www.e-unwto.org/content/r13521/fulltext.pdf|url-status=dead|archive-date=12 January 2015|title=Tourism Highlights 2014|publisher=UNWTO (World Tourism Organization)|date=2014|access-date=20 January 2015}} 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.{{Cite web|last=Vlasov|first=Artem|date=17 December 2018|title=Названы самые популярные достопримечательности России|trans-title=The most popular sights of Russia are named|url=https://iz.ru/824446/2018-12-17/nazvany-samye-populiarnye-dostoprimechatelnosti-rossii|access-date=15 December 2020|website=Izvestia|language=ru|archive-date=17 December 2018|archive-url=https://web.archive.org/web/20181217185705/https://iz.ru/824446/2018-12-17/nazvany-samye-populiarnye-dostoprimechatelnosti-rossii|url-status=live}}

Russia joined the World Trade Organization (WTO) on 22 August 2012.

On 20 September 2012, the Free Trade Agreement of the Commonwealth of Independent States signed on 18 October 2011 came into force (CIS FTA) for Russia and superseded previous agreements. 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.https://crsreports.congress.gov/product/pdf/IF/IF12066 {{Webarchive|url=https://web.archive.org/web/20230618155005/https://crsreports.congress.gov/product/pdf/IF/IF12066 |date=18 June 2023 }} {{bare URL inline|date=February 2024}} The EAEU Treaty in 2015 superseded previous integration agreements and envisaged an economic union (the deepest stage of economic integration). 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 a Eurasian Customs Union and an integrated single market of 183 million people.

File:Imports of goods and services (% of GDP) - Russian Federation - World Bank.png

Russia recorded a trade surplus of US$15.8 billion in 2013.{{cite web |url=https://ustr.gov/Russia |title=President Obama's Signature Paves Way for Permanent Normal Trade Relations with Russia and Moldova |website=ustr.gov |access-date=27 January 2017 |archive-url=https://web.archive.org/web/20170202025723/https://ustr.gov/Russia |archive-date=2 February 2017 |url-status=dead }} 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%).{{Cite web|url=http://wits.worldbank.org/CountryProfile/en/Country/RUS/Year/2015/TradeFlow/Export/Partner/WLD/Product/sitc-rev2-groups/Show/Product%20Group;XPRT-TRD-VL;XPRT-PRDCT-SHR;/Sort/XPRT-PRDCT-SHR|title=Russian Federation {{!}} SITC Rev2 Groups {{!}} Exports to World {{!}} 2015 {{!}} WITS {{!}} Data|website=wits.worldbank.org|language=en|access-date=3 October 2017|archive-date=27 November 2020|archive-url=https://web.archive.org/web/20201127180741/https://wits.worldbank.org/CountryProfile/en/Country/RUS/Year/2015/TradeFlow/Export/Partner/WLD/Product/sitc-rev2-groups/Show/Product|url-status=live}}

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.

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.

Foreign trade of Russia – Russian export and import{{cite web|url=http://wits.worldbank.org/countrysnapshot/en/RUS|title=Russian Federation – Trade At a glance – Most Recent Value – WITS – Data|website=wits.worldbank.org|access-date=4 October 2017|archive-date=22 November 2020|archive-url=https://web.archive.org/web/20201122073247/https://wits.worldbank.org/countrysnapshot/en/RUS|url-status=live}}

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File:ВРП по субъектам РФ на душу населения 2016.svg per capita, 2016 (US dollars):

{{legend|#008000;|50 000 and over}}

{{legend|#00BA00;|30 000 – 50 000}}

{{legend|#D3FB00;|9 750 (Russian average) – 20 000}}

{{legend|#FFFC00;|7 500 – 9 750}}

{{legend|#FFD20E;|5 000 – 7 500}}

{{legend|#FF6100;|Under 3 000}}

]]

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.https://www.unescap.org/sites/default/d8files/knowledge-products/Russian_Federation.pdf {{Webarchive|url=https://web.archive.org/web/20230626211443/https://www.unescap.org/sites/default/d8files/knowledge-products/Russian_Federation.pdf |date=26 June 2023 }} {{bare URL PDF|date=February 2024}} 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.{{cite journal | url=https://rujec.org/article/49345/ | doi=10.32609/j.ruje.5.49345 | title=Russia in world trade: Between globalism and regionalism | year=2019 | last1=Melchior | first1=Arne | journal=Russian Journal of Economics | volume=5 | issue=4 | pages=354–384 | s2cid=210124625 | doi-access=free | hdl=11250/2712033 | hdl-access=free | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618185826/https://rujec.org/article/49345/ | url-status=live }} 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, 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.

According to the World Bank, imports of goods and services accounted for 21.3% of Russia's gross domestic product (GDP) in 2021,{{cite web | url=https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?year_high_desc=true | title=World Bank Open Data | access-date=19 June 2023 | archive-date=20 June 2023 | archive-url=https://web.archive.org/web/20230620110610/https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?year_high_desc=true | url-status=live }} while exports made up 30.9%.{{cite web | url=https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?name_desc=false | title=World Bank Open Data | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618162008/https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?name_desc=false | url-status=live }} Russia has trade-to-GDP ratio (trade openness) 49.26%

{{cite web | url=https://ourworldindata.org/grapher/trade-openness?tab=chart&country=~RUS | title=Trade openness | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618155004/https://ourworldindata.org/grapher/trade-openness?tab=chart&country=~RUS | url-status=live }} 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.

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.{{Cite news|url=https://imaa-institute.org/m-and-a-statistics-countries/|title=M&A Statistics by Countries – Institute for Mergers, Acquisitions and Alliances (IMAA)|work=Institute for Mergers, Acquisitions and Alliances (IMAA)|access-date=27 February 2018|language=en-US|archive-date=27 November 2020|archive-url=https://web.archive.org/web/20201127222829/https://imaa-institute.org/m-and-a-statistics-countries/|url-status=live}}

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:

The majority of the top 10 deals are within the Russian oil and gas sector, followed by metals and mining.

{{Portal|Business|History|Politics|Russia}}

{{Div col|colwidth=25em}}

• History of Russia (1991–present)
• Federal government of Russia
• 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 capita

{{Div col end}}

{{notelist}}

{{Reflist}}

• {{country study|country=Soviet Union|abbr=su}}
• {{cite book |last1=Davies |first1=Robert William |title=Soviet Economic Development from Lenin to Khrushchev |date=28 March 1998 |publisher=Cambridge University Press |isbn=978-0-521-62742-9 |url=https://books.google.com/books?id=mNffDWnt25wC |language=en}}

• Alexeev, Michael, and Shlomo Weber, eds. The Oxford handbook of the Russian economy (Oxford UP, 2013) [https://www.amazon.com/Oxford-Handbook-Russian-Economy-Handbooks/dp/0199759928/ excerpt].
• Åslund, Anders. Russia's Crony Capitalism: The Path from Market Economy to Kleptocracy (Yale University Press, 2019). [https://www.amazon.com/Russias-Crony-Capitalism-Economy-Kleptocracy/dp/030024309X/ excerpt]
• Connolly, Richard. The Russian economy: a very short introduction (2020) [https://www.amazon.com/Russian-Economy-Short-Introduction-Introductions/dp/0198848900/ excerpt]
• Gustafson, Thane. Wheel of Fortune: The Battle for Oil and Power in Russia (Harvard UP, 2012). [https://www.amazon.com/Wheel-Fortune-Gustafson-Thane-Hardcover/dp/B00NPNPAZE/ excerpt]
• Meyers, William Henry, Schmitz, Andrew, eds. Transition to agricultural market economies: the future of Kazakhstan, Russia, and Ukraine (2015)
• Miller, Chris. Putinomics: Power and money in resurgent Russia (UNC Press Books, 2018). [https://www.amazon.com/Putinomics-Power-Money-Resurgent-Russia/dp/146964066X/ excerpt]
• Moser, Nat. Oil and the Economy of Russia: From the Late-Tsarist to the Post-Soviet Period (2017)
• Novokmet, Filip Thomas Piketty, and Gabriel Zucman (2017). [http://www.piketty.pse.ens.fr/files/NPZ2017WIDworld.pdf From Soviets to Oligarchs: Inequality and Property in Russia 1905–2016]
• Zinchenko, L. A., et al. "Main features of the Russian economy and its development." International Journal of Applied Business and Economic Research 15.23 (2017): 265–272.

{{Commons category}}

• [https://web.archive.org/web/20091221103059/http://www.minfin.ru/en/ Ministry of Finance of the Russian Federation]
• [https://web.archive.org/web/20170914130537/http://economy.gov.ru/en/home/ Ministry of Economic Development (Russia)]
• [http://wits.worldbank.org/CountryProfile/en/Country/RUS/Year/2015/Summary World Bank Summary Trade Statistics Russia]
• [https://www.cia.gov/the-world-factbook/countries/russia/ Russia profile] at the CIA World Factbook
• [http://www.worldbank.org/en/country/russia Russia profile] at The World Bank

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