View source for Economy of Russia

{{Short description|None}}
{{protection padlock|small=yes}}
{{Use dmy dates|date=July 2025}}
{{Use British English|date=August 2019}}
{{Infobox economy
| country = Russia
| image = Moscow-City 2025.jpg
| image_size = 310px
| caption = The [[Moscow International Business Center]], the [[financial centre]] of Russia
| currency = [[Russian ruble]] (RUB or руб or {{RUB}})
| year = Calendar year<ref name="CIAWFRS">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/russia/|title=Russia|publisher=[[Central Intelligence Agency]]|website=CIA.gov|access-date=30 May 2023|archive-date=9 January 2021|archive-url=https://web.archive.org/web/20210109173026/https://www.cia.gov/the-world-factbook/countries/russia/|url-status=dead}}</ref>
| organs = [[World Trade Organization|WTO]], [[BRICS]], [[Eurasian Economic Union|EAEU]], [[Commonwealth of Independent States|CIS]], [[GECF]], [[Asia-Pacific Economic Cooperation|APEC]], [[G20]] and others
| group = {{plainlist|
* [[Developing country|Emerging and developing economy]]<ref name="GROUP">{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2023/April/groups-and-aggregates|title=World Economic Outlook Database - Groups and Aggregates Information|work=[[International Monetary Fund]]|access-date=5 August 2024}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=1 July 2024 |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 }}</ref>
}}
| population = {{IncreaseNeutral}} 146,080,000 ([[Russian Census (2021)|late 2024 census]])<ref name="census2021">Not including 2,482,450 people living in [[Annexation of Crimea by the Russian Federation|annexed]] [[Crimea]] {{cite web |url=https://rosstat.gov.ru/vpn_popul# |archive-url=https://web.archive.org/web/20200124160257/http://rosstat.gov.ru/vpn_popul |url-status=dead |archive-date=24 January 2020 |script-title=ru:Том 1. Численность и размещение населения |language=ru |work=[[Russian Federal State Statistics Service]] |access-date=3 September 2022 }}</ref>
| gdp = {{plainlist|
* {{increase}} $2.66 trillion ([[GDP (nominal)|nominal]]; {{abbr|2026|2026 forecast}})<ref name="IMF DataMapper">{{cite web |url=https://www.imf.org/external/datamapper/profile/RUS |title=IMF DataMapper: Russia |website=[[International Monetary Fund]] |date=2025 |access-date=13 November 2025}}</ref>
* {{increase}} $7.53 trillion ([[Purchasing power parity|PPP]]; {{abbr|2026|2026}})<ref name="IMF DataMapper"/> 
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|9th (nominal; 2026)]]
* [[List of countries by GDP (PPP)|4th (PPP; 2026)]]
}}
| growth = {{plainlist|   
* {{increase}} 1.1%&nbsp;({{abbr|2026f|2026 forecast}})<ref name="IMF DataMapper" />
* {{increase}} 1.1%&nbsp;({{abbr|2027f|2026 forecast}})<ref name="IMF DataMapper" />
}}
| per capita = {{plainlist|
* {{increase}} $18,526 (nominal; {{abbr|2026|2026 forecast}})<ref name="IMF DataMapper"/>
* {{increase}} $52,479 (PPP; {{abbr|2026|2026 forecast}})<ref name="IMF DataMapper"/> 
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP per capita (nominal)|66th (nominal; 2026)]]
* [[List of countries by GDP per capita (PPP)|43rd (PPP; 2026)]]
}}
| sectors = {{plainlist|
*[[Primary sector of the economy|Agriculture]]: 5.6%
*[[Secondary sector of the economy|Industry]]: 26.6%
*[[Tertiary sector of the economy|Services]]: 67.8% 
*(2022 est.)<ref name="Central Intelligence Agency">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/russia/ |title=Central Intelligence Agency |publisher=Cia.gov |access-date=5 April 2015 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109173026/https://www.cia.gov/the-world-factbook/countries/russia/ |url-status=dead }}</ref>
}}
| inflation = {{plainlist|
*{{increase}} 5.9% (2025)<ref name="IMFWEORU">{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=922,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=World Economic Outlook database: October 2024|publisher=[[International Monetary Fund]]|website=IMF.org}}</ref>}}
| industries = Complete range of [[mining]] and extractive industries producing [[coal]], [[Petroleum|oil]], [[natural gas|gas]], [[chemicals]], and [[metals]]; all forms of machine building from rolling mills to high-performance [[aircraft]] and [[space vehicle]]s; defence industries (including [[radar]], [[missile]] production, [[Electronic component|advanced electronic components]]), [[shipbuilding in Russia|shipbuilding]]; road and rail [[Material-handling equipment|transportation equipment]]; [[communications equipment]]; agricultural machinery, tractors, and [[Heavy equipment|construction equipment]]; electric power generating and transmitting equipment; [[medical]] and scientific instruments; [[consumer durables]], [[textiles]], [[foodstuff]]s, [[handicrafts]]
| poverty = {{decreasePositive}} 11% (2021)<ref>{{cite web |title=Poverty headcount ratio at national poverty lines (% of population) – Russian Federation |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=RU |website=data.worldbank.org |publisher=World Bank |access-date=21 March 2020 |archive-date=1 November 2020 |archive-url=https://web.archive.org/web/20201101070518/https://data.worldbank.org/indicator/SI.POV.NAHC?locations=RU |url-status=live }}</ref>
| labor = {{plainlist| 
*{{decrease}} 73,184,751 (2023)<ref name="laborforce">{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=RU |title=Labor force, total – Russia |publisher=World Bank & [[International Labour Organization|ILO]] |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328001737/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=RU |url-status=live }}</ref>
*{{increase}} 60.8% employment rate (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=RU&name_desc=false |title=Employment to population ratio, 15+, total (%) (national estimate) – Russia |publisher=World Bank |access-date=29 September 2019 |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125155304/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=RU&name_desc=false |url-status=live }}</ref> 
}}
| gini = {{decreasepositive}} 33.0 {{color|darkorange|medium}} (2023, [[World Bank]])<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=RU |title=Gini index (World Bank estimate) – Russian Federation |publisher=World Bank |website=data.worldbank.org |archive-date=13 May 2020 |archive-url=https://web.archive.org/web/20200513214250/https://data.worldbank.org/indicator/SI.POV.GINI?locations=RU |url-status=live }}</ref>
| hdi = {{plainlist| 
*{{increase}} 0.832 {{color|darkgreen|very high}} (2023) ([[List of countries by Human Development Index|52nd]])<ref>{{cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=12 November 2022 |archive-date=15 December 2019 |archive-url=https://web.archive.org/web/20191215174637/http://hdr.undp.org/en/indicators/137506 |url-status=live }}</ref>
*{{increase}} 0.758 {{color|green|high}} (2023) [[List of countries by inequality-adjusted HDI|IHDI (43rd)]]<ref>{{cite web |title=Inequality-adjusted HDI (IHDI) |url=http://hdr.undp.org/en/indicators/138806 |website=hdr.undp.org |publisher=[[United Nations Development Programme|UNDP]] |access-date=12 November 2022 |archive-date=25 June 2016 |archive-url=https://web.archive.org/web/20160625120421/http://hdr.undp.org/en/indicators/138806 |url-status=live }}</ref>}}
| cpi = {{decrease}} 26 out of 100 points (2023, [[Corruption Perceptions Index|141st rank]])
| occupations = {{plainlist|
*[[Primary sector of the economy|Agriculture]]: 9.4%
*[[Secondary sector of the economy|Industry]]: 27.6%
*[[Tertiary sector of the economy|Services]]: 63% 
*(2016 est.)<ref name="Central Intelligence Agency"/>
}}
| unemployment = {{plainlist|
*{{decreasePositive}} 2.6% (April 2024)<ref name="reutersunem"/> 
}}
| average gross salary = [[List of European countries by average wage|RUB 103,612 / €1,173]] per month
| average net salary = [[List of European countries by average wage|RUB 90,142 / €1,020]] per month
| exports = {{decrease}} $374.422 billion (2024)<ref name="OECexport"/>
| export-goods = Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
| export-partners = {{Tree list}}
*{{flag|China}} 34.6%
*{{flag|India}} 17.7%
*{{flag|EU}} 10.18%
**{{flag|Hungary}} 1.48%
**{{flag|Slovakia}} 1.26%
*{{flag|EEU}} 7.95%
**{{flag|Kazakhstan}} 4.87%
**{{flag|Armenia}} 2.47%
*{{flag|Turkey}} 6.93%
*{{flag|Brazil}} 3.26%
*{{flag|Uzbekistan}} 2.06% 
*{{flag|South Korea}} 1.83% (2024)<ref name="OECexport">{{cite web |title=Export partners of Russia |url=https://oec.world/en/visualize/tree_map/hs22/export/rus/show/all/2024 |publisher=The Observatory of Economic Complexity |access-date= 4 February 2026}}</ref>
{{tree list/end}}
| imports = {{decrease}} $201.06 billion (2024)<ref name="OECimport"/>
| import-goods = Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
| import-partners = {{Tree list}}
*{{flag|China}} 56.6%
*{{flag|EU}} 16.63%
**{{flag|Germany}} 4.05%
**{{flag|Italy}} 2.28%
**{{flag|Poland}} 1.47%
*{{flag|EEU}} 6.79%
**{{flag|Kazakhstan}} 4.75%
**{{flag|Armenia}} 1.56%
*{{flag|Turkey}} 4.23%
*{{flag|India}} 2.41%
*{{flag|South Korea}} 2.25%
*{{flag|Uzbekistan}} 1.48% (2024)<ref name="OECimport">{{cite web |title=Import partners of Russia |url=https://oec.world/en/visualize/tree_map/hs22/import/rus/show/all/2024 |publisher=The Observatory of Economic Complexity |access-date= 4 February 2026}}</ref>
{{tree list/end}}
| FDI = {{plainlist|
* {{increase}} Inward: $38&nbsp;billion (2021)<ref name="UNFDI">{{cite web|title=UNCTAD 2022|url=https://unctad.org/system/files/official-document/tdstat47_en.pdf|access-date=6 January 2022|website=UNCTAD|archive-date=12 December 2022|archive-url=https://web.archive.org/web/20221212074134/https://unctad.org/system/files/official-document/tdstat47_en.pdf|url-status=live}}</ref>
* {{increase}} Outward: $64&nbsp;billion (2021)<ref name="UNFDI"/>
}}
| current account = {{plainlist| 
* {{decrease}} $55.830 billion (2024)<ref name="IMF_Finance">{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=922,&s=NID_NGDP,NGSD_NGDP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXWDG,GGXWDG_NGDP,BCA,BCA_NGDPD,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=Report for Selected Countries and Subjects:April 2024|publisher=[[International Monetary Fund]]|access-date=5 August 2024}}</ref>
* {{decrease}} 2.714% of GDP (2024)<ref name="IMF_Finance"/>
}}
| debt = {{plainlist|  
* {{increaseNegative}} 38,362 [[Russian rouble|₽]] trillion (2024)<ref name="IMF_Finance"/>
* {{increaseNegative}} 35.7% of GDP (2024)<ref name="IMF_Finance"/> 
}}
| gross external debt = {{increaseNegative}} $381.77 billion (December 2022)<ref name="Ceicdata.com">{{cite web |title=External Debt {{!}} Economic Indicators {{!}} CEIC |url=https://www.ceicdata.com/en/indicator/external-debt |website=www.ceicdata.com |access-date=25 January 2023 |archive-date=10 February 2023 |archive-url=https://web.archive.org/web/20230210073319/https://www.ceicdata.com/en/indicator/external-debt |url-status=live }}</ref>
| revenue = {{increase}} 65,808 ₽ trillion (2024)<ref name="IMF_Finance"/><br />{{increase}} 35.61% of GDP (2024)<ref name="IMF_Finance"/>
| expenses = {{increase}} 69,334 ₽ trillion (2024)<ref name="IMF_Finance"/><br />{{increase}} 37.52% of GDP (2024)<ref name="IMF_Finance"/>
| reserves = {{increase}} $606.7 billion (July 2024)<ref>{{cite web |title=International Reserves of the Russian Federation (End of period) |url=https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/ |access-date=13 January 2023 |publisher=[[Central Bank of Russia]] |archive-date=12 November 2020 |archive-url=https://web.archive.org/web/20201112004214/https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/ |url-status=live }}</ref> ([[List of countries by foreign-exchange reserves|4th]])
| balance = 3.8% of GDP (2022)<ref>{{cite news | url=https://www.reuters.com/world/europe/russia-stands-by-2-gdp-budget-deficit-plan-after-huge-jan-shortfall-2023-02-17/ | title=Russia stands by 2% of GDP budget deficit plan after huge Jan shortfall | newspaper=Reuters | date=17 February 2023 | last1=Korsunskaya | first1=Darya | last2=Marrow | first2=Alexander | access-date=27 February 2023 | archive-date=27 February 2023 | archive-url=https://web.archive.org/web/20230227173205/https://www.reuters.com/world/europe/russia-stands-by-2-gdp-budget-deficit-plan-after-huge-jan-shortfall-2023-02-17/ | url-status=live }}</ref>
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web|title=Sovereigns rating list|publisher=Standard & Poor's|url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39|website=Standardandpoors.com|access-date=19 March 2015|archive-date=24 September 2015|archive-url=https://web.archive.org/web/20150924105748/http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39|url-status=live}}</ref><ref>{{cite news|title=Russia on Cusp of Exiting Junk as S&P Outlook Goes Positive|newspaper=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2017-03-17/russian-outlook-raised-to-positive-by-s-p-as-economy-picks-up|publisher=Bloomberg L.P.|date=17 March 2017|access-date=24 April 2017|archive-date=31 August 2020|archive-url=https://web.archive.org/web/20200831201506/https://www.bloomberg.com/news/articles/2017-03-17/russian-outlook-raised-to-positive-by-s-p-as-economy-picks-up|url-status=live}}</ref>
*[[Sovereign default|SD]] (Domestic)
*SD (Foreign)
*SD (T&C Assessment)
*Outlook: N/A 
----
*[[Moody's]]:<ref>{{cite news |title=Moody's changes outlook on Russia's Ba1 government bond rating to stable from negative |work=Moody's |url=https://www.moodys.com/research/Moodys-changes-outlook-on-Russias-Ba1-government-bond-rating-to--PR_361387 |date=17 February 2017 |access-date=24 April 2017 |archive-date=18 February 2017 |archive-url=https://web.archive.org/web/20170218032656/https://www.moodys.com/research/Moodys-changes-outlook-on-Russias-Ba1-government-bond-rating-to--PR_361387 |url-status=live }}</ref>
*Ca
*Outlook: Negative 
----
*[[Fitch Group|Fitch]]:<ref>{{cite news|title=Russia's Outlook Raised to Stable by Fitch on Policy Action|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2016-10-14/russia-credit-outlook-raised-to-stable-by-fitch-on-policy-action|date=14 October 2016|access-date=24 April 2017|archive-date=8 November 2020|archive-url=https://web.archive.org/web/20201108134714/http://www.bloomberg.com/news/articles/2016-10-14/russia-credit-outlook-raised-to-stable-by-fitch-on-policy-action|url-status=live}}</ref>
*C
*Outlook: N/A}}
| aid = 
| spelling = US
}}

[[Russia]] has a [[Developing country|developing]] [[Market economy|market-oriented]] [[mixed economy]] considered [[World Bank high-income economy|high-income]] and highly industrialized.<ref name="GROUP"/><ref>{{cite web|url=https://www.oxfordreference.com/display/10.1093/oi/authority.20110803100002206|title=Industrial countries|work=Oxford Reference|publisher=[[Oxford University Press]]|access-date=3 August 2024|quote="...and the countries of the former Soviet Union and Central and Eastern Europe, of which several, including Russia and the Czech Republic, are heavily industrialized."}}</ref> It has the [[List of countries by GDP (nominal)|ninth-largest economy]] in the world by nominal GDP and the [[List of countries by GDP (PPP)|fourth-largest economy]] by GDP ([[purchasing power parity|PPP]]).<ref name="IMFWEORU" /> Due to a volatile currency [[exchange rate]], its GDP measured in nominal terms fluctuates sharply.<ref>{{Cite web|url=https://www.cnbc.com/2022/06/23/russias-ruble-is-at-strongest-level-in-7-years-despite-sanctions.html|title=Russia's ruble hit its strongest level in 7 years despite massive sanctions. Here's why|first=Natasha|last=Turak|website=CNBC|date=23 June 2022|access-date=12 April 2023|archive-date=14 February 2023|archive-url=https://web.archive.org/web/20230214005448/https://www.cnbc.com/2022/06/23/russias-ruble-is-at-strongest-level-in-7-years-despite-sanctions.html|url-status=live}}</ref> Russia was the last major economy to join the [[World Trade Organization]] (WTO), becoming a member in 2012.<ref>{{cite news |title=Russia becomes WTO member after 18 years of talks |url=https://www.bbc.com/news/business-16212643 |access-date=28 November 2023 |work=BBC News |date=16 December 2011 |archive-date=1 December 2022 |archive-url=https://web.archive.org/web/20221201090227/https://www.bbc.com/news/business-16212643 |url-status=live }}</ref> 

The nation has large amounts of [[World energy resources|energy resources]] throughout its vast landmass, particularly [[natural gas]] and [[Oil and gas reserves and resource quantification|petroleum]], which play a crucial role in its energy self-sufficiency and exports.<ref>Excerpted from {{cite web|url=http://countrystudies.us/russia/59.htm|website=Country Studies US|title=Russia – Natural Resources|editor-last=Curtis|editor-first=Glenn E.|year=1998|publisher=Federal Research Division of the [[Library of Congress]]|quote="Russia is one of the world's richest countries in raw materials, many of which are significant inputs for an industrial economy. Russia accounts for around 20 per cent of the world's production of oil and natural gas and possesses large reserves of both fuels. This abundance has made Russia virtually self-sufficient in energy and a large-scale exporter of fuels."|access-date=25 June 2021|archive-date=13 March 2022|archive-url=https://web.archive.org/web/20220313072721/http://countrystudies.us/russia/59.htm|url-status=live}}</ref> The country is a [[petrostate]],<ref>{{Cite news |title=Putin's petrostate faces a kamikaze petrol crisis |url=https://www.economist.com/europe/2025/09/03/putins-petrostate-faces-a-kamikaze-petrol-crisis |access-date=2025-12-07 |newspaper=The Economist |issn=0013-0613}}</ref><ref name=":1">{{Cite web |last=PeaceRep |date=2025-12-01 |title=Against the Clock? Why Russia's War Economy is Running Out of Time |url=https://peacerep.org/publication/against-the-clock/ |access-date=2025-12-07 |website=PeaceRep |language=en-US}}</ref>{{Reference page|page=56}} with it having the [[List of countries by natural gas proven reserves|largest natural gas reserves]] in the world,<ref name="gaz">{{cite web|url=https://www.iea.org/countries/russia|title=Russia|work=[[International Energy Agency]] (IEA)|date=8 August 2024|quote=Russia is the world’s second-largest producer of natural gas, behind the United States, and has the world’s largest gas reserves.}}</ref> the [[List of countries by coal reserves|second-largest coal reserves]],<ref name=":2">{{Cite web|year=2020|title=Statistical Review of World Energy 69th edition|url=https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2020-full-report.pdf|access-date=8 November 2020|website=bp.com|publisher=[[BP]]|page=45|archive-date=19 September 2020|archive-url=https://web.archive.org/web/20200919060352/https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2020-full-report.pdf|url-status=live}}</ref> the [[List of countries by proven oil reserves|eighth-largest oil reserves]],<ref name=":3">{{cite web|url=https://www.cia.gov/the-world-factbook/field/crude-oil-proved-reserves/country-comparison/|title=Crude oil – proved reserves|work=[[CIA World Factbook]]|publisher=[[Central Intelligence Agency]]|access-date=2 July 2021|archive-date=26 March 2023|archive-url=https://web.archive.org/web/20230326013732/https://www.cia.gov/the-world-factbook/field/crude-oil-proved-reserves/country-comparison/|url-status=dead}}</ref> and the largest [[oil shale reserves]] in Europe.<ref name=":4">{{Cite book|year=2010|title=2010 Survey of Energy Resources|url=https://www.worldenergy.org/assets/downloads/ser_2010_report_1.pdf|access-date=8 November 2020|publisher=[[World Energy Council]]|page=102|isbn=978-0-946121-021|archive-date=4 March 2012|archive-url=https://web.archive.org/web/20120304064924/http://www.worldenergy.org/documents/ser_2010_report.pdf|url-status=live}}</ref> Russia is the [[List of countries by natural gas exports|third-largest natural gas exporter]],<ref>{{Cite web |title=Dry natural gas exports 2023 |url=https://www.eia.gov/international/rankings/world?pa=89&u=2&f=A&v=none&y=01%2F01%2F2023&ev=false |url-status=live |archive-url=https://web.archive.org/web/20250606181838/https://www.eia.gov/international/rankings/world?u=2&f=A&v=none&y=01%2F01%2F2023&ev=false&pa=89 |archive-date=6 June 2025 |access-date=6 March 2025 |work=[[Energy Information Administration]] (EIA)}}</ref> the [[List of countries by natural gas production|second-largest natural gas producer]],<ref name=":6">{{cite web|url=https://www.cia.gov/the-world-factbook/field/natural-gas-production/country-comparison/|title=Natural gas – production|work=[[CIA World Factbook]]|publisher=[[Central Intelligence Agency]]|access-date=2 July 2021|archive-date=26 March 2023|archive-url=https://web.archive.org/web/20230326013732/https://www.cia.gov/the-world-factbook/field/natural-gas-production/country-comparison/|url-status=dead}}</ref> the [[List of countries by oil exports|second-largest oil exporter]]<ref name=":7">{{cite web|url=https://www.cia.gov/the-world-factbook/field/crude-oil-exports/country-comparison/|title=Crude oil – exports|work=[[CIA World Factbook]]|publisher=[[Central Intelligence Agency]]|access-date=2 July 2021|archive-date=26 March 2023|archive-url=https://web.archive.org/web/20230326013732/https://www.cia.gov/the-world-factbook/field/crude-oil-exports/country-comparison/|url-status=dead}}</ref> and [[List of countries by oil production|producer]],<ref name=":8">{{cite web|url=https://www.cia.gov/the-world-factbook/field/crude-oil-production/country-comparison/|title=Crude oil – production|work=[[CIA World Factbook]]|publisher=[[Central Intelligence Agency]]|access-date=2 July 2021|archive-date=26 March 2023|archive-url=https://web.archive.org/web/20230326013732/https://www.cia.gov/the-world-factbook/field/crude-oil-production/country-comparison/|url-status=dead}}</ref> and the third-largest coal exporter.<ref name="Energy Research 2023">{{Cite journal |last1=Overland |first1=Indra |last2=Loginova |first2=Julia |date=1 August 2023 |title=The Russian coal industry in an uncertain world: Finally pivoting to Asia? |journal=Energy Research & Social Science |volume=102 |article-number=103150 |doi=10.1016/j.erss.2023.103150 |issn=2214-6296|doi-access=free |bibcode=2023ERSS..10203150O }}</ref> As of 2026, its [[foreign exchange reserves]] are the [[List of countries by foreign-exchange reserves|fourth-largest]] in the world.<ref>{{cite web|url=https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/|title=International Reserves of the Russian Federation (End of period)|publisher=[[Central Bank of Russia]]|access-date=21 June 2021|archive-date=12 November 2020|archive-url=https://web.archive.org/web/20201112004214/https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/|url-status=live}}</ref> {{As of|2026}} few people are unemployed.<ref name=":5" /> It is the [[Arms industry|third-largest exporter of arms]] in the world.<ref>{{Cite web|title=Trends in International Arms Transfers, 2023|url=https://www.sipri.org/sites/default/files/2024-03/fs_2403_at_2023.pdf|publisher=[[Stockholm International Peace Research Institute]] (SIPRI)|date=March 2024|last1=Wezeman|first1=Pieter D.|last2=Djokic|first2=Katarina|last3=George|first3=Mathew|last4=Hussain|first4=Zain|last5=Wezeman|first5=Siemon T.|quote=The five largest exporters were the United States, France, Russia, China and Germany.}}</ref> The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.<ref>{{cite web |last=Yermakov |first=Vitaly |title=Fiscal Flex: Russia's oil and gas revenues in 2024 |date=February 2025 |publisher=[[Oxford Institute for Energy Studies]] |access-date=6 March 2025 |url=https://www.oxfordenergy.org/wpcms/wp-content/uploads/2025/02/Comment-Fiscal-Flex.pdf}}</ref>

Its [[human development (economics)|human development]] is [[List of countries by Human Development Index|ranked as]] "very high" in the annual [[Human Development Index]].<ref>{{cite web|url=https://hdr.undp.org/data-center/specific-country-data#/countries/RUS|title=Russian Federation|work=[[United Nations Development Programme]] (UNDP)|access-date=5 August 2024|quote=Russian Federation's HDI value for 2022 is 0.821— which put the country in the Very High human development category—positioning it at 56 out of 193 countries and territories.}}</ref><ref name="auto8">{{Cite web |title=World Bank Country and Lending Groups – World Bank Data Help Desk |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |access-date=1 July 2024 |website=datahelpdesk.worldbank.org}}</ref> The country has the world's [[List of largest consumer markets|twelfth-largest consumer market]].<ref>{{cite web|url=https://data.worldbank.org/indicator/NE.CON.PRVT.CD?most_recent_value_desc=true&year_high_desc=true|title=Household final consumption expenditure (current US$) {{!}} Data|publisher=[[World Bank]]|access-date=5 August 2024}}</ref> Russia has the [[List of countries by number of billionaires|fifth-highest number of billionaires]] in the world.<ref>{{cite web |title=Forbes Billionaires 2021 |url=https://www.forbes.com/billionaires/ |website=Forbes |access-date=13 April 2021 |archive-date=4 January 2019 |archive-url=https://web.archive.org/web/20190104180124/https://www.forbes.com/billionaires/list/3/ |url-status=live }}</ref> However, its [[List of countries by income equality|income inequality]] remains comparatively high,<ref>{{cite journal |url=https://www.europarl.europa.eu/RegData/etudes/ATAG/2018/620225/EPRS_ATA(2018)620225_EN.pdf |title=Socioeconomic inequality in Russia |journal=[[European Parliamentary Research Service]] |publisher=[[European Parliament]] |date=April 2018 |last=Russell |first=Martin |access-date=25 January 2022 |archive-date=17 February 2022 |archive-url=https://web.archive.org/web/20220217150505/https://www.europarl.europa.eu/RegData/etudes/ATAG/2018/620225/EPRS_ATA(2018)620225_EN.pdf |url-status=live }}</ref> caused by the variance of natural resources among its [[Federal subjects of Russia|federal subjects]], leading to regional economic disparities.<ref>{{cite journal|last=Remington|first=Thomas F.|title=Why is interregional inequality in Russia and China not falling?|volume=48|number=1|date=March 2015|publisher=[[University of California Press]]|journal=[[Soviet and Communist studies|Communist and Post-Communist Studies]]|pages=1–13 |doi=10.1016/j.postcomstud.2015.01.005 |jstor=48610321}}</ref><ref>{{cite journal|last1=Kholodilin|first1=Konstantin A.|last2=Oshchepkov|first2=Aleksey|last3=Siliverstovs|first3=Boriss|title=The Russian Regional Convergence Process: Where Is It Leading?|year=2012|volume=50|number=3|pages=5–26|journal=Eastern European Economics|publisher=[[Taylor & Francis]]|doi=10.2753/EEE0012-8775500301 |jstor=41719700|s2cid=153168354 }}</ref> High [[Corruption in Russia|levels of corruption]],<ref>{{cite journal|last1=Schulze|first1=Günther G.|last2=Sjahrir|first2=Bambang Suharnoko|last3=Zakharov|first3=Nikita|title=Corruption in Russia|journal=[[The Journal of Law and Economics]]|publisher=[[The University of Chicago Press]]|volume=59|number=1|date=February 2016|pages=135–171|doi=10.1086/684844 |jstor=26456942}}</ref> a shrinking labor force and labor shortages,<ref>{{cite journal|last=Kapeliushnikov|first=Rostislav I.|title=The Russian labor market: Long-term trends and short-term fluctuations|publisher=Voprosy Ekonomiki|journal=Russian Journal of Economics|volume=9|number=3|pages=245–270|date=3 October 2023|doi=10.32609/j.ruje.9.113503|url=https://zenodo.org/records/8409563/files/RUJEC_article_113503.pdf |archive-url=https://web.archive.org/web/20241215195325/https://zenodo.org/records/8409563/files/RUJEC_article_113503.pdf |archive-date=15 December 2024 }}</ref><ref>[https://kyivindependent.com/russia-faces-record-2-6-million-worker-shortage-amid-war-recruitment/ Russia faces record 2.6 million worker shortage amid war recruitment], ''[[The Kyiv Independent]]'', 12 May 2025</ref> a [[brain drain]],<ref>
*[https://www.london.edu/news/brain-drain-destroying-russian-future Russia's brain drain has become its economy's biggest problem], London Business School, 2 September 2024
*[https://www.nytimes.com/2022/04/13/technology/russia-tech-workers.html Russian Tech Industry Faces ‘Brain Drain’ as Workers Flee], ''[[New York Times]]'', 13 April 2022.
*[https://apnews.com/article/russia-ukraine-putin-immigration-kazakhstan-technology-c041eb0b7472668087bb94207de2f71d As Russia sees tech brain drain, other nations hope to gain], ''[[Associated Press]]'', 31 March 2022
*[https://www.science.org/content/article/news-glance-russian-brain-drain-trump-s-nominees-and-long-distance-traveler-goes News at a glance: Russian brain drain, Trump’s nominees, and a long-distance traveler goes extinct], website of the science journal [[Science (journal)|Science]]. 21 November 2024</ref> and an [[Aging of Russia|aging]] and [[Demographics of Russia|declining population]] also remain major barriers to future economic growth.<ref>{{cite journal|last1=Mikhailova|first1=Olga|last2=Safarova|first2=Gaiane|last3=Safarova|first3=Anna|title=Population ageing and policy responses in the Russian Federation|journal=International Journal on Ageing in Developing Countries|year=2018|pages=6–26|number=1|volume=3|url=https://inia.org.mt/wp-content/uploads/2019/05/3.2-Mikhailova-et-al..pdf|publisher=International Institute on Aging}}</ref><ref>{{cite web|url=https://www.atlanticcouncil.org/content-series/russia-tomorrow/a-russia-without-russians-putins-disastrous-demographics/|title=A Russia without Russians? Putin's disastrous demographics|date=7 August 2024|access-date=9 August 2024|publisher=[[Atlantic Council]]|location=Washington, D.C.}}</ref>

Following the 2022 [[Russian invasion of Ukraine]], the country has faced [[International sanctions during the Russian invasion of Ukraine|extensive sanctions]] and other negative financial actions from the [[Western world]] and its allies which have the aim of isolating the Russian economy from the Western financial system.<ref>{{cite web|url=https://www.vox.com/22968949/russia-sanctions-swift-economy-mcdonalds|title=The unprecedented American sanctions on Russia, explained|work=[[Vox (website)|Vox]]|date=9 March 2022|last=Walsh|first=Ben|access-date=31 March 2022|archive-date=11 April 2022|archive-url=https://web.archive.org/web/20220411000846/https://www.vox.com/22968949/russia-sanctions-swift-economy-mcdonalds|url-status=live}}</ref> However, Russia's economy has shown resilience to such measures broadly, and has maintained economic stability and growth driven primarily by high [[List of countries with highest military expenditures|military expenditure]],<ref>{{cite web|last1=Luzin|first1=Pavel|last2=Prokopenko|first2=Alexandra|url=https://carnegieendowment.org/russia-eurasia/politika/2023/09/russias-2024-budget-shows-its-planning-for-a-long-war-in-ukraine?lang=en|title=Russia's 2024 Budget Shows It's Planning for a Long War in Ukraine|publisher=[[Carnegie Endowment for International Peace]]|location=Washington, D.C.|date=11 October 2023|access-date=3 August 2024|quote=The war against Ukraine and the West is not only the Kremlin’s biggest priority; it is now also the main driver of Russia’s economic growth.}}</ref> rising [[Household final consumption expenditure|household consumption]] and [[List of Russian federal subjects by average wage|wages]],<ref>{{cite web|last1=Kurbangaleeva|first1=Ekaterina|url=https://carnegieendowment.org/russia-eurasia/politika/2024/05/russia-war-income?lang=en|title=Russia's Soaring Wartime Salaries Are Bolstering Working-Class Support for Putin|publisher=[[Carnegie Endowment for International Peace]]|location=Washington, D.C.|date=28 May 2024|access-date=4 August 2024}}</ref> low [[unemployment]],<ref name="reutersunem">{{cite web|url=https://www.reuters.com/markets/europe/soaring-wages-record-low-unemployment-underscore-russias-labour-squeeze-2024-06-05/|title=Soaring wages, record-low unemployment underscore Russia's labour squeeze|last1=Marrow|first1=Alexander|last2=Korsunskaya|first2=Darya|work=[[Reuters]]|date=5 June 2024|access-date=4 August 2024|quote=Russia's unemployment rate dropped to a record-low 2.6% in April and real wages soared in March, data published by the federal statistics service showed on Wednesday, highlighting the extent of Russia's tight labour market.}}</ref> and increased [[government spending]].<ref>{{cite web|url=https://www.bbc.com/news/articles/c4nn7pej9jyo|title=Russia's economy is growing, but can it last?|last=Rosenberg|first=Steve|work=[[BBC News]]|publisher=[[BBC]]|date=6 June 2024|access-date=3 August 2024}}</ref> Yet, [[inflation]] has remained comparatively high,<ref>{{Cite news |title=Russian inflation is too high. Does that matter? |url=https://www.economist.com/finance-and-economics/2025/02/13/russian-inflation-is-too-high-does-that-matter |access-date=24 February 2025 |newspaper=The Economist |issn=0013-0613}}</ref><ref name=":1" />{{Reference page|page=4}} with experts predicting the sanctions will have a long-term negative effect on the Russian economy.<ref>{{cite web|last1=Gorodnichenko|first1=Yuriy|last2=Korhonen|first2=Likka|last3=Ribakova|first3=Elina|url=https://cepr.org/voxeu/columns/russian-economy-war-footing-new-reality-financed-commodity-exports|title=The Russian economy on a war footing: A new reality financed by commodity exports|publisher=[[Centre for Economic Policy Research]] (CEPR)|location=London, United Kingdom|date=24 May 2024|access-date=3 August 2024}}</ref>

==History==
{{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 [[Socialism|socialist organizations]] to a [[Capitalism|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.<ref>Richard Connolly, ''The Russian economy: a very short introduction'' (2020) pp 2–11.</ref> In 2020 its [[foreign exchange reserves]] were the [[List of countries by foreign-exchange reserves|fifth-largest]] in the world.<ref>{{cite web|url=https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/|title=International Reserves of the Russian Federation (End of period)|publisher=[[Central Bank of Russia]]|access-date=21 June 2021|archive-date=12 November 2020|archive-url=https://web.archive.org/web/20201112004214/https://www.cbr.ru/eng/hd_base/mrrf/mrrf_7d/|url-status=live}}</ref> 

===Russian Empire===
{{Main|Economy of the Russian Empire}}

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

===Soviet Russia and the Soviet Union with socialist economy (1917–1987) ===
{{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 for the national economy of the Soviet Union|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|thumb|left|Workers of Moscow [[ZiL|Likhachev Automotive Plant]], 1963]]

From 1975 to 1985, corruption and data manipulation became common practice within the [[bureaucracy]] to report satisfied targets and quotas, thus entrenching the crisis.

=== Economic reforms within the Soviet system, re-introduction of private property and private business (1987–1991) ===

Starting in 1986, [[Mikhail Gorbachev]] attempted to address economic problems by moving towards a [[Market socialism|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 [[Dissolution of the Soviet Union|breakup of the Soviet Union]] in 1991.

===Full transition to market economy, prices liberalization and privatization (1991–1997)===
{{Main|Yeltsin–Gaidar government reforms|Privatization in Russia}}

[[File:Russian inflation rate 1993-2022.webp|thumb|left|300px|Russian inflation rate 1993–2022]]
[[File:Yakimanka District, Moscow, Russia - panoramio (309).jpg|thumb|Main Directorate of the [[Central Bank of Russia|Bank of Russia]] for the Central Federal District]]
[[File:GDP per Capita PPP Russia.png|thumb|GDP per capita (PPP) in Russia, 1992–2023 (in [[international dollars]])]]

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

A [[cabinet of Boris Yeltsin and Yegor Gaidar|cabinet]] led by President [[Boris Yeltsin]] in the place of a prime minister took office in November 1991 with a mandate to implement economic reforms. Deputy Prime Minister [[Yegor Gaidar]] led the reform program, which began on 2 January 1992 with the lifting of price controls, and caused an immediate increase in prices.<ref>{{Cite web |last=Collins |first=Michael |title=Rift over Russian economic reform grows |date=15 January 1992 |access-date=26 December 2025 |work=[[United Press International|UPI]] |url=https://www.upi.com/Archives/1992/01/15/Rift-over-Russian-economic-reform-grows/9922695451600/ }}</ref><ref>{{Cite web |last=Collins |first=Michael |title=Russian economy still in shambles |work=UPI |date=13 February 1992 |access-date=26 December 2025 |url=https://www.upi.com/Archives/1992/02/13/Russian-economy-still-in-shambles/4533697957200/ }}</ref> Yeltsin's program of radical, market-oriented reform came to be known as a "[[Shock therapy (economics)|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]]<ref>{{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}}</ref><ref name=nuff>{{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}}</ref><ref>{{cite web |title=How Harvard lost Russia |work=[[Institutional Investor (magazine)|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 }}</ref> who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."<ref>{{cite book|last=Mattei|first=Clara E.|authorlink=Clara Mattei|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}}</ref>

Russian industry and society was not prepared for the change, and Yeltsin did not have control over the [[Central Bank of Russia|Russian Central Bank]], which set monetary policy. As a result, monetary policy was poorly organized and coordinated. Russia experienced [[hyperinflation]] between 1992 and 1995.<ref name="ShockTherapy-2002">{{Cite journal |last1=Gidadhubli |first1=R. G. |first2=Arun |last2=Mohanty |title=Continuing Debate over 'Shock Therapy' |journal=[[Economic and Political Weekly]] |volume=37 |issue=50 |date=2002 |pages=4998–5002 |jstor=4412958 |url=http://www.jstor.org/stable/4412958 }}</ref> Prices increased by 300% in January 1992,<ref name="Desai-1994">{{Cite journal |last=Desai |first=Padma |title=Aftershock in Russia's Economy |journal=[[Current History]] |volume=93 |issue=585 |date=1994 |pages=320–23 |doi=10.1525/curh.1994.93.585.320 |jstor=45317029 |url=http://www.jstor.org/stable/45317029 |url-access=subscription }}</ref> and by as much as 1,000% in the first three months.<ref name="ShockTherapy-2002" /> The inflation rate was 2,509% for the year 1992, 840% for 1993, 215% for 1994, and 131% for 1995.<ref name="ShockTherapy-2002" />

The results were disastrous: 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.<ref>{{Cite book |last=Weber |first=Isabella |author-link=Isabella Weber |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}}</ref> Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,<ref>{{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 }}</ref> along with increased excess mortality<ref>[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.</ref><ref>{{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}}</ref><ref>{{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.}}</ref> and a decline in life expectancy.<ref>{{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}}</ref> Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country.<ref name=":9" /> Likewise, the consumption of meat decreased: in 1990, an average citizen of the RSFSR consumed 63&nbsp;kg of meat a year; by 1999, it had decreased to 45&nbsp;kg.<ref>{{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}}</ref> As of 1997, the number of people living in poverty had increased by fifteen times since 1990, with about half of the population below the poverty line.<ref>{{Cite journal |first=P. L. |last=Dash |title=Russia: Twilight of Yeltsin Years |journal=Economic and Political Weekly |volume=34 |issue=37 |date=1999 |pages=2639–41 |jstor=4408394 |url=http://www.jstor.org/stable/4408394}}</ref>

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders<ref>{{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}}</ref> for far less than they were worth.<ref name=nuff/> 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.<ref name=times>{{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}}</ref> Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.<ref>{{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}}</ref> This rapid [[privatization]] of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."<ref>{{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}}</ref>

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".<ref>{{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 }}</ref><ref>{{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 }}</ref>

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. Turkmenistan<ref>According 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 }}</ref> and Georgia joined in 1994 and ratified the Treaty, but Georgia withdrew in 2009.<ref>{{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 }}</ref>

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 [[Commonwealth of Independent States Agreement on the Establishment of a Free Trade Area|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.<ref name="cis.minsk.by">{{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 }}</ref> 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.
<ref>{{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 }}</ref> 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<ref>{{cite web | url=https://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=862 | title=WTO &#124; 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 }}</ref><ref>{{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 }}</ref> (all of these are in force {{As of|2024|lc=y}}), 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.<ref>{{cite web |title=Соглашение о Таможенном союзе между Российской Федерацией и Республикой Беларусь от 6 января 1995 года |url=https://docs.eaeunion.org/upload/iblock/8b5/b4yzg4h2vc9ew4p0uxbc9vlyhx7ll38t/itot_06112012_doc.html |archive-url=https://web.archive.org/web/20250720061109/https://docs.eaeunion.org/upload/iblock/8b5/b4yzg4h2vc9ew4p0uxbc9vlyhx7ll38t/itot_06112012_doc.html |archive-date=20 July 2025 |language=ru |date=6 January 1995 |trans-title=Agreement on the Customs Union between the Russian Federation and the Republic of Belarus of January 6, 1995 |access-date=20 July 2025 |url-status=live }}</ref> 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.<ref>{{cite web |title=СОГЛАШЕНИЕ о Таможенном союзе от 20 января 1995 года |url=https://docs.eaeunion.org/upload/iblock/f0b/jt2lp98iru2r2f9qvp1ffxuxdlz3sx96/itot_06112012_doc.html |archive-url=https://web.archive.org/web/20250720061212/https://docs.eaeunion.org/upload/iblock/f0b/jt2lp98iru2r2f9qvp1ffxuxdlz3sx96/itot_06112012_doc.html |archive-date=20 July 2025 |language=ru |date=20 January 1995 |trans-title=Agreement on the Customs Union of January 20, 1995 |access-date=20 July 2025 |url-status=live }}</ref> The implementation of these agreements made it possible to launch the [[Customs Union of the Eurasian Economic Community]] in 2010. {{As of|2025}}, according to the database of international treaties of the [[Eurasian Economic Union]], these agreements are still in force and apply in part not contrary to the Treaty on the Eurasian Economic Union.<ref>{{cite web |title=Информация о документе |url=https://docs.eaeunion.org/documents/237/8909/ |archive-url=https://web.archive.org/web/20250720060717/https://docs.eaeunion.org/documents/237/8909/ |archive-date=20 July 2025 |language=ru |date=20 July 2025 |trans-title=Document Information |access-date=20 July 2025 |url-status=live }}</ref><ref>{{cite web |title=Информация о документе |url=https://docs.eaeunion.org/documents/237/8945/ |archive-url=https://web.archive.org/web/20250720060832/https://docs.eaeunion.org/documents/237/8945/ |archive-date=20 July 2025 |language=ru |date=20 July 2025 |trans-title=Document Information}}</ref>

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.<ref>{{Cite web |title=Treaty on the Establishment of the Union State of Belarus and Russia - Minsk Dialogue |url=https://minskdialogue.by/en/research/memorable-notes/treaty-on-the-establishment-of-the-union-state-of-belarus-and-russia#:~:text=The%201999%20treaty%20consists%20of,language%20in%20the%20UnS%20bodies. |access-date=2026-04-27 |website=minskdialogue.by}}</ref>

===Early success followed by Asian and domestic financial crisis (1997–1998)===
{{Main|1997 Asian financial crisis|1998 Russian financial crisis}}

In 1997, for the first time in many years, economic growth and low inflation were achieved. Russia had almost completed the main economic reforms necessary to complete the transition to a market economy, including the basic legislative framework, with the exception of macroeconomic stabilization. In 1997, the ruble was redenominated.

The poor situation on Asian international markets led to low oil prices, which, given the fixed and strong ruble exchange rate, did not allow for compensation for low tax collection within the country. The country's budget was not secured by revenues because the Soviet Union had virtually no taxes or fiscal system in the modern sense, which had to be created from scratch. Due to the almost fixed and strong ruble exchange rate, domestic producers suffered from cheap imports.

The combination of a large number of problems at once prevented the weak market economy from coping with the new challenges.

===Recovery of domestic production, macroeconomic stabilization and de-bureaucratization reforms (1998–2004)===
{{Main|Domestic policy of Vladimir Putin#Economic, industrial, and energy policies|National Priority Projects}}

[[File:Oil Prices Medium Term.png|thumb|[[Price of oil]] in the 2000s]]

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]].<ref name="iie">[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</ref>

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.<ref name="WB GDP growth">{{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 }}</ref> Disposable incomes more than doubled and in [[U.S. dollar|dollar]]-denominated terms increased eightfold.<ref name="KPMG">{{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}}</ref> The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.<ref name=vtbmagazine>{{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}}</ref><ref name=samaratoday>{{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}}</ref> The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.<ref name=gks>{{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}}</ref><ref name=CIA>{{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=dead }}</ref>

===Commodities boom, reserves, rise of consumer-driven economy and state corporations (2004–2008)===
{{See also|2000s commodities boom}}

Russia repaid its borrowing of $3.3 billion from the IMF three years early in 2005.<ref>{{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 }}</ref>

[[Inflation]] remained a problem however, as the [[Bank of Russia|central bank]] aggressively expanded [[money supply]] to combat appreciation of the ruble.<ref name="Emerging Markets">{{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}}</ref> Nevertheless, in 2007 the [[World Bank]] declared that the Russian economy achieved "unprecedented macroeconomic stability".<ref>[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</ref> Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.<ref name="iie"/>

===Modernization, regional and global integration and high-income economy (2009–2014)===
{{Main|Medvedev modernisation programme|Great Recession in Russia}}

[[File:Standard & Poor’s rating dynamics Russia.png|thumb|Changes in the credit rating (foreign) of Russia, [[Standard & Poor's]]]]

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.<ref>{{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}}</ref><ref>{{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}}</ref><ref>{{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 }}</ref> A sharp, but brief [[Great Recession in Russia|recession in Russia]] was followed by a strong recovery beginning in late 2009.<ref name="WB GDP growth"/>

Between 2000 and 2012, Russia's energy exports fuelled a rapid growth in [[living standards]], with real [[disposable income]] rising by 160%.<ref>{{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}}</ref> In [[U.S. dollar|dollar]]-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.<ref name="KPMG" /> In the same period, unemployment and poverty more than halved and Russians' self-assessed [[life satisfaction]] also rose significantly.<ref name="challenges_p12">{{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}}</ref> This growth was a combined result of the [[2000s commodities boom]], [[World oil market chronology from 2003|high oil prices]], as well as prudent economic and fiscal policies.<ref name="Putin 2007">''Putin: Russia's Choice'', (Routledge 2007), by [[Richard Sakwa]], Chapter 9</ref> 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]].<ref>{{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}}</ref><ref>{{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}}</ref> Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.<ref>{{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}}</ref> Since 2008 [[Forbes]] has repeatedly named [[Moscow]] the "billionaire capital of the world".<ref>{{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}}<br />{{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}}</ref>

In July 2010, Russia, together with Belarus and Kazakhstan, became a founding member of the [[Eurasian Customs Union|Customs Union]] of the [[Eurasian Economic Community]] (EurAsEC), and the [[Eurasian Economic Space|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.<ref>{{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 }}</ref> Russia joined the [[World Trade Organization]] (WTO) on 22 August 2012 after 19 years of negotiations.<ref name="auto5">{{cite web | url=https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | title=WTO &#124; 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 }}</ref><ref>{{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 }}</ref><ref>{{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 }}</ref> On 20 September 2012, the multi-lateral [[Commonwealth of Independent States Free Trade Area|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.<ref name="auto2">{{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 }}</ref> 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]]<ref name="auto3">{{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 }}</ref>).<ref name="auto">{{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}}</ref>

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<ref>{{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 }}</ref><ref name=WB2013>{{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}}</ref><ref>{{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 }}</ref> but in 2016 it was reclassified as an [[upper-middle income economy]]<ref>{{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 }}</ref><ref>{{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 }}</ref> 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 '[[List of countries by Human Development Index|very high human development]]' countries.<ref>{{cite web |url=https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf |title=Human development in Putin's Russia |author=Eric Pichon and Martin Russell |work=European Parliamentary Research Service |archive-url=https://web.archive.org/web/20230318014833/https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf |archive-date=18 March 2023 |url-status=live }}</ref><ref>{{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 }}</ref>

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.<ref>{{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 }}</ref> In 2012 oil, gas and petroleum products accounted for over 70% of total exports.<ref name="EIA">{{cite web|url=https://www.eia.gov/international/analysis/country/RUS|title=Russia – Analysis|publisher=[[U.S. Energy Information Administration|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}}</ref> 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.<ref name="WB GDP growth"/> Several reasons were proposed to explain the slowdown, including a prolonged [[Great Recession in Europe|recession in the EU]], which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and [[Demographic crisis of Russia#In the economic sphere|demographic problems]].<ref>{{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}}</ref> 

===Conflicts with the West, income stagnation, import substitution programs and a pivot to the East (2014–2021)===
{{Main|Russian financial crisis (2014–2016)|International sanctions during the Russo-Ukrainian war}}

[[File:Countries by Natural Gas Proven Reserves (2014).svg|thumb|Countries by [[List of countries by natural gas proven reserves|natural gas proven reserves]] (2014), based on data from The World Factbook. Russia has the world's largest reserves.]]

Following the [[annexation of Crimea by the Russian Federation|annexation of Crimea]] in March 2014 and Russia's involvement in the ongoing [[War in Donbas (2014–2022)|War in Donbas]], the United States, the European Union, Canada, and Japan [[International sanctions during the Ukrainian crisis|imposed sanctions]] on Russia.<ref>{{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}}</ref> 

According to the [[Ministry of Economic Development (Russia)|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.<ref>{{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}}</ref> The Russian economy grew by a better than expected 0.6% in 2014.<ref>{{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}}</ref> Russia was rated one of the most unequal of the world's major economies.<ref>{{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}}</ref> Its [[Social security system in Russia|social security system]] comprised roughly 16% of the total GDP in 2015.<ref>{{cite web |title=Public social protection expenditure (%of GDP) |url=https://prosperitydata360.worldbank.org/en/indicator/WB+CCDR+CC+SP+EXP+ZS |access-date=9 August 2024 |work=[[World Bank]] |publisher=[[World Bank Group]]}}</ref>{{Update inline|date=October 2025}}

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."<ref>{{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 }}</ref> U.S. Customs and Border Protection (CBP) indicated that Russia formally graduated from the GSP program on 4 October 2014.<ref>{{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) &#124; 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 }}</ref>

As of 2015, [[real income]] was still lower for 99% of Russians than it was in 1991.<ref name=":9">{{Cite book |last=Weber |first=Isabella |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}}</ref>

[[File:Russian bonds.webp|thumb|400px|Russian bonds, [[Inverted yield curve]]s 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}}
]]

The Russian economy risked going into recession from early 2014, mainly due to falling [[Price of oil|oil prices]], [[International sanctions during the Ukrainian crisis|sanctions]], and the subsequent [[capital flight]].<ref>{{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}}</ref> While in 2014 GDP growth remained positive at 0.6%,<ref>{{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}}</ref> in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.<ref name="bloom1">{{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}}</ref> 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%.<ref name="gks.ru">{{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}}</ref><ref name="russianeconomy2016">{{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}}</ref>

In January 2016, [[Bloomberg L.P.|Bloomberg]] rated Russia's economy as the 12th most innovative in the world,<ref name="bloomberg.com">[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.</ref> up from 14th in January 2015<ref>[https://web.archive.org/web/20150127083847/http://www.bloomberg.com/visual-data/best-and-worst/most-innovative-countries Most Innovative: Countries] Bloomberg Business.</ref> and 18th in January 2014.<ref>[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.</ref> 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.<ref name="bloomberg.com" />

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}}.<ref>{{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 }}</ref> Gold reserves in Russia's subsoil, according to the U.S. Geological Survey, were {{convert|5500|t}} at the end of 2017.<ref>{{Cite web|url=https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf|title=Mineral Commodity Summaries &#124; 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}}</ref>

In 2019, the [[Ministry of Natural Resources and Environment (Russia)|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".<ref>{{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 }}</ref><ref>{{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}}</ref>

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.<ref>{{Cite web|url=https://thedocs.worldbank.org/en/doc/0274411350395ce53ccd3e91a431e924-0050022024/original/FINAL-ICP-2021-Global-and-regional-highlights.pdf|title=Wayback Machine|website=thedocs.worldbank.org}}</ref>

=== Breaking ties with the West, developing regional pan-Eurasian cooperation, tech sovereignty and self-sufficiency efforts (2022–present) ===
{{Main|Economic consequences of the Russo-Ukrainian war (2022–present)|International sanctions during the Russian invasion of Ukraine}}

In 2022, [[Sanctions involving Russia|heavy sanctions]] were enacted due to the [[Russian invasion of Ukraine]] which will likely result in a steep recession.<ref>{{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 }}</ref> Since early 2022, many official economic statistics have not been published.<ref>{{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}}</ref> Sanctions also included asset freezes on the [[Russian Central Bank]],<ref>{{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 }}</ref> which holds $630&nbsp;billion in [[List of countries by foreign-exchange reserves|foreign-exchange reserves]],<ref>{{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}}</ref> to prevent it from offsetting the effects of sanctions.<ref>{{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 }}</ref>

On 7 March 2022, the [[Government of Russia]] in the first time approved a [[Unfriendly countries list|list of foreign states and territories that commit unfriendly acts]] against Russia, its legal entities and individuals.<ref>{{Cite web | title=Документы - Правительство России | url=http://government.ru/docs/44745/ | archive-url=https://web.archive.org/web/20220307111502/http://government.ru/docs/44745/ | access-date=2025-08-01 | archive-date=2022-03-07}}</ref><ref>{{Cite web | title=Правительство утвердило перечень недружественных стран — РБК | url=https://www.rbc.ru/politics/07/03/2022/6225e6199a7947b7b9d2590c | access-date=2025-08-01 | website=www.rbc.ru | date=7 March 2022 }}</ref> The Russian Federation believes that the countries that have restricted trade with Russia have directly violated the rules of the World Trade Organization. Russia distributed a statement to members of the organization, and the World Trade Organization published it on its website.<ref name="ru1">{{Cite web | title=Россия заявила о нарушении норм ВТО странами, ограничившими торговлю с РФ | language=ru | trans-title=Russia has declared that countries have violated WTO norms by restricting trade with Russia | url=https://www.interfax.ru/world/829634 | access-date=2025-08-01 | website=www.interfax.ru | date=16 March 2022 }}</ref> In accordance with paragraph 2 of Article 40 of the Treaty on the Eurasian Economic Union, [[Russian Prime Minister]] [[Mikhail Mishustin]] has imposed [[Russian Customs Tariff|increased tariffs on goods]] from unfriendly countries. A duty of 35% is imposed on imports of personal hygiene items, incense and weapons from unfriendly countries. The list includes shampoos and other hair products, individual deodorants and antiperspirants, products for aromatizing indoor air, detergents and cleaning products.<ref>{{Cite web | title=Постановление Правительства Российской Федерации от 07.12.2022 № 2240 ∙ Официальное опубликование правовых актов | url=http://publication.pravo.gov.ru/Document/View/0001202212090039?rangeSize=1&index=1 | access-date=2025-08-01 | website=publication.pravo.gov.ru}}</ref><ref>{{Cite web | title=Мишустин ввел пошлины на ввоз шампуней и оружия из недружественных стран — РБК | url=https://www.rbc.ru/economics/09/12/2022/63937b6d9a7947369f047dd5 | access-date=2025-08-01 | website=www.rbc.ru | date=9 December 2022 }}</ref>   The full list of goods subject to import duties of 20-50% from unfriendly countries is established by the government decree No. 2240 of 7 December 2022, which has been amended several times in 2023–2025.<ref>{{Cite web | title=РФ вводит повышенные ввозные пошлины на кофе из недружественных стран | language=ru | trans-title=Russia introduces higher import duties on coffee from unfriendly countries | url=https://www.interfax.ru/business/1001396 | access-date=2025-08-01 | website=www.interfax.ru | date=31 December 2024 }}</ref>

According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.<ref>{{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 }}</ref><ref>{{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 }}</ref><ref>{{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 }}</ref> In 2022, Russia [[Sovereign default|defaulted]] on part of its foreign currency, its first such default [[Repudiation of debt at the Russian Revolution|since 1918]].<ref>{{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 }}</ref>

In November 2022, it was reported that Russia had officially entered a recession as the [[Federal State Statistics Service (Russia)|Federal State Statistics Service]] had reported a national GDP loss for the second consecutive quarter.<ref>{{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 }}</ref>

As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the [[G7]] group agreed to [[2022 Russian crude oil price cap sanctions|cap the price of Russian oil and petroleum products]], designed to allow Russia to maintain production, but limiting revenue from oil sales.<ref>{{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 }}</ref><ref>{{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 }}</ref>

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.<ref>{{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 }}</ref> 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.<ref name="auto1">{{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 }}</ref>

[[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)<ref>{{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 }}</ref>

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&nbsp;97 per US$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.<ref>{{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 }}</ref> 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.<ref>{{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 }}</ref>

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).<ref>{{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 }}</ref> 

On 19 June 2023, Lavrov stated that the [[Great Eurasian Partnership]] had become Russia's flagship project.<ref>{{Cite web|url=https://tass.ru/politika/18057075|title=Лавров заявил, что большое евразийское партнерство стало флагманским проектом России|website=TACC}}</ref>

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&nbsp;95.<ref>{{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 }}</ref> 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%.<ref>{{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 }}</ref> In October 2023 the "psychological barrier" of RUB&nbsp;100 per US$1 was crossed.<ref>{{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 }}</ref> In July 2024 the Russian Central Bank raised the key interest rate to 18%.<ref>{{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 }}</ref>

Russia's ranking as Europe's largest economy in terms of PPP and the world's fourth largest economy was first released in May 2024.<ref>{{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|website=World Bank Blogs}}</ref> In July 2024, the World Bank again reclassified Russia as a high-income economy based on 2023 results.<ref name="auto8"/>

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 US$1 exchange rate and inflation of 4.5%.{{Update inline|date=October 2025}} Defence spending will double to 10.78 trillion, 29.4% of expenditure. Russia currently has a record low unemployment rate of just 3 percent,<ref>{{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 }}</ref> 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 [[Military budget of Russia|defense budget]]—direct financial expenditure for waging the war was estimated at US$250 billion through June 2024,<ref name=ntv20240623>{{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}}</ref> 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.<ref name=mt20250114>{{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 }}</ref><ref name=kpost20250115>{{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 }}</ref> Defense and security spending accounted for approximately 40% of Russia's total government spending in 2025,<ref>{{cite news |title=Russia to Boost Military Spending to 40% of State Budget in 2025 – Bloomberg |url=https://www.themoscowtimes.com/2024/09/24/russia-to-boost-military-spending-to-40-of-state-budget-in-2025-bloomberg-a86450 |work=The Moscow Times |date=24 September 2024}}</ref><ref>{{cite news |title=Russia on the edge of economic collapse after 40 months of war |url=https://english.elpais.com/economy-and-business/2025-07-07/russia-on-the-edge-of-economic-collapse-after-40-months-of-war.html#?rel=lom |work=[[El País]] |date=7 July 2025}}</ref> exceeding combined spending on education, healthcare, social policy and the national economy.<ref>{{cite news |title=Russia to raise defence budget by 25% to highest level on record |url=https://www.theguardian.com/world/2024/sep/30/russias-defence-spending-to-rise-by-25-next-year-the-highest-since-the-cold-war |work=The Guardian |date=30 September 2024}}</ref>

Despite experiencing significant expansions in both 2023 and 2024, analysts have warned that the Russian economy risks stagnation in 2025 and onward due to labor shortages, high inflation, military overspending, falling resource prices and a dwindling National Wealth Fund.<ref>{{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 }}</ref><ref>{{Cite web |last=BOFIT |title=BOFIT Forecast for Russia 2024–2026 |url=https://www.bofit.fi/en/forecasting/latest-forecast-for-russia/ |access-date=21 March 2025 |website=BOFIT |language=en}}</ref><ref>{{Cite web |date=22 March 2025 |title=RUSSIAN FEDERATION |url=https://thedocs.worldbank.org/en/doc/d5f32ef28464d01f195827b7e020a3e8-0500022021/related/mpo-rus.pdf |access-date=22 March 2025 |website=www.worldbank.org}}</ref><ref>{{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=21 March 2025 |website=Carnegie Endowment for International Peace |language=en}}</ref>

The Iran-EAEU FTA came into force on 15 May 2025.<ref>{{cite web | title=Eurasian Economic Union Free Trade Deal With Iran Goes Into Effect | website=The Moscow Times | date=2025-05-15 | url=https://www.themoscowtimes.com/2025/05/15/eurasian-economic-union-free-trade-deal-with-iran-goes-into-effect-a89095 | ref={{sfnref|The Moscow Times|2025}} | access-date=2025-05-18}}</ref> The [[Mongolia]]-EAEU Interim free trade in goods agreement signed on 27 June 2025.<ref name="gov.kz">{{Cite web|url=https://www.gov.kz/memleket/entities/mti/press/news/details/1026720?lang=en|title=GOV.KZ - Единая платформа интернет-ресурсов государственных органов (ЕПИР ГО)|website=gov.egov.kz}}</ref><ref name="neg.by">{{Cite web|url=https://neg.by/novosti/otkrytj/u-belarusi-budet-rezhim-svobodnoy-torgovli-s-eshche-dvumya-stranami/|title=У Беларуси будет режим свободной торговли с еще двумя странами|website=neg.by}}</ref> The [[United Arab Emirates]]-EAEU free trade in goods agreement signed on 27 June 2025.<ref name="gov.kz"/><ref name="neg.by"/>

On 7 August 2025, Russia signed a free trade agreement in services and investments with the UAE.<ref>{{Cite web|url=https://www.vedomosti.ru/politics/news/2025/08/07/1130029-rossiya-oae-podpisali|title=Россия и ОАЭ подписали соглашение о торговле услугами и инвестициях|date=7 August 2025|website=Ведомости}}</ref><ref>{{cite web | title=Россия и ОАЭ заключили соглашение о торговле услугами и инвестициях | date=7 August 2025 | url=https://www.interfax.ru/russia/1040124 }}</ref>

==Data==
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 [[Gross national income|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<ref>{{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 }}</ref><ref name="thedocs.worldbank.org">{{Cite web|url=https://www.worldbank.org/404_response.htm|title=404 Error - Page Not Found|website=www.worldbank.org}}</ref> and applies by the World Bank since July 2024 and by the IMF since October 2024).

The following table shows the main economic indicators in 1990<ref name="imf.org">{{Cite web |title=International Monetary Fund |url=https://www.imf.org/external/datamapper/PPPPC@WEO/RUS |access-date=2025-10-31 |website=www.imf.org}}</ref>–2024 and future estimates (indicated *) by the IMF.<ref>{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2025/April/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 }}</ref>
{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP
<small>(in billion [[int$]] PPP)</small>
!GDP per capita
<small>(in [[int$]] PPP)</small>
!GDP
<small>(in billion US$ nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real, originally prices are in Russian rubles)</small>
!Inflation rate
<small>(in Per cent)</small>
!Unemployment
<small>(in Per cent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1990
|n/a
|12,760<ref name="imf.org"/>{{Failed verification|date=July 2025}}
|n/a
|n/a
|n/a
|n/a
|n/a
|n/a
|-
|1991
|n/a
|{{Decrease}}12,490<ref name="imf.org"/>{{Failed verification|date=July 2025}}
|n/a
|n/a
|n/a
|n/a
|n/a
|n/a
|-
|1992
|1,621.277
|{{Decrease}}10,914.894 
|71.603 
|482.052 
|n/a
|n/a
|5.2%
|n/a
|-
|1993
|{{Decrease}}1,515.308
|{{Decrease}}10,206.910
|{{Increase}}196.227 
|{{Increase}}1,321.756 
|{{Decrease}}-8.700%
|{{IncreaseNegative}}874.3%
|{{IncreaseNegative}}5.9%
|n/a
|-
|1994
|{{Decrease}}1,351.113
|{{Decrease}}9,104.043 
|{{Increase}}293.768 
|{{Increase}}1,979.465 
|{{Decrease}}-12.700%
|{{DecreasePositive}}307.5%
|{{IncreaseNegative}}8.1%
|n/a
|-
|1995
|{{Decrease}}1,322.881
|{{Decrease}}8,915.733 
|{{Increase}}335.777 
|{{Increase}}2,263.016 
|{{Decrease}}-4.100%
|{{DecreasePositive}}197.3%
|{{IncreaseNegative}}8.3%
|n/a
|-
|1996
|{{Decrease}}1,298.858
|{{Decrease}}8,766.589
|{{Increase}}412.685 
|{{Increase}}2,785.404
|{{Decrease}}-3.581%
|{{DecreasePositive}}47.8%
|{{IncreaseNegative}}9.3%
|n/a
|-
|1997
|{{Increase}}1,339.434
|{{Increase}}9,055.431 
|{{Increase}}433.704 
|{{Increase}}2,932.113 
|{{Increase}}1.376%
|{{DecreasePositive}}14.8%
|{{IncreaseNegative}}10.8%
|51.519%
|-
|1998
|{{Decrease}}1,282.445
|{{Decrease}}8,684.472
|{{Decrease}}287.672 
|{{Decrease}}1,948.059 
|{{Decrease}}-5.319%
|{{IncreaseNegative}}27.7%
|{{IncreaseNegative}}11.9%
|{{IncreaseNegative}}135.193%
|-
|1999
|{{Increase}}1,383.147
|{{Increase}}9,395.419 
|{{Decrease}}209.657 
|{{Decrease}}1,424.156 
|{{Increase}}6.347%
|{{IncreaseNegative}}85.7%
|{{IncreaseNegative}}13.0%
|{{DecreasePositive}}92.379%
|-
|2000
|{{Increase}}1,556.696
|{{Increase}}10,618.878 
|{{Increase}}278.264 
|{{Increase}}1,898.155 
|{{Increase}}10.054%
|{{DecreasePositive}}20.8%
|{{DecreasePositive}}10.6%
|{{DecreasePositive}}55.868%
|-
|2001
|{{Increase}}1,672.634
|{{Increase}}11,458.280 
|{{Increase}}328.475 
|{{Increase}}2,250.201 
|{{Increase}}5.082%
|{{IncreaseNegative}}21.5%
|{{DecreasePositive}}8.9%
|{{DecreasePositive}}44.438%
|-
|2002
|{{Increase}}1,779.247
|{{Increase}}12,244.827 
|{{Increase}}370.062 
|{{Increase}}2,546.779 
|{{Increase}}4.746%
|{{DecreasePositive}}15.8%
|{{DecreasePositive}}8.0%
|{{DecreasePositive}}37.577%
|-
|2003
|{{Increase}}1,947.833
|{{Increase}}13,465.930 
|{{Increase}}461.518 
|{{Increase}}3,190.609 
|{{Increase}}7.356%
|{{DecreasePositive}}13.7%
|{{IncreaseNegative}}8.2%
|{{DecreasePositive}}28.334%
|-
|2004
|{{Increase}}2,143.132
|{{Increase}}14,875.940 
|{{Increase}}633.294 
|{{Increase}}4,395.830 
|{{Increase}}7.145%
|{{DecreasePositive}}10.9%
|{{DecreasePositive}}7.7%
|{{DecreasePositive}}20.828%
|-
|2005
|{{Increase}}2,351.723
|{{Increase}}16,386.143 
|{{Increase}}817.717
|{{Increase}}5,697.621 
|{{Increase}}6.397%
|{{IncreaseNegative}}12.7%
|{{DecreasePositive}}7.2%
|{{DecreasePositive}}14.851%
|-
|2006
|{{Increase}}2,622.193
|{{Increase}}18,330.602 
|{{Increase}}1,060.901 
|{{Increase}}7,416.297 
|{{Increase}}8.165%
|{{DecreasePositive}}9.7%
|{{DecreasePositive}}7.1%
|{{DecreasePositive}}9.804%
|-
|2007
|{{Increase}}2,923.515
|{{Increase}}20,472.076
|{{Increase}}1,393.416 
|{{Increase}}9,757.472
|{{Increase}}8.550%
|{{DecreasePositive}}9.0%
|{{DecreasePositive}}6.0%
|{{DecreasePositive}}8.033%
|-
|2008
|{{Increase}}3,136.188
|{{Increase}}21,971.026 
|{{Increase}}1,779.109 
|{{Increase}}12,463.807 
|{{Increase}}5.247%
|{{IncreaseNegative}}14.1%
|{{IncreaseNegative}}6.2%
|{{DecreasePositive}}7.446%
|-
|2009
|{{Decrease}}2,908.738
|{{Decrease}}20,371.457
|{{Decrease}}1,307.927 
|{{Decrease}}9,160.112 
|{{Decrease}}-7.821%
|{{DecreasePositive}}11.6%
|{{IncreaseNegative}}8.2%
|{{IncreaseNegative}}9.918%
|-
|2010
|{{Increase}}3,076.938
|{{Increase}}21,539.793 
|{{Increase}}1,633.111 
|{{Increase}}11,432.428 
|{{Increase}}4.512%
|{{DecreasePositive}}6.8%
|{{DecreasePositive}}7.4%
|{{IncreaseNegative}}10.105%
|-
|2011
|{{Increase}}3,265.874
|{{Increase}}22,835.402 
|{{Increase}}2,046.621 
|{{Increase}}14,310.233 
|{{Increase}}3.995%
|{{IncreaseNegative}}8.4%
|{{DecreasePositive}}6.5%
|{{IncreaseNegative}}10.340%
|-
|2012
|{{Increase}}3,460.550
|{{Increase}}24,135.854
|{{Increase}}2,191.486 
|{{Increase}}15,284.673 
|{{Increase}}4.024%
|{{DecreasePositive}}5.1%
|{{DecreasePositive}}5.5%
|{{IncreaseNegative}}11.167%
|-
|2013
|{{Increase}}3,581.230
|{{Increase}}24,903.206 
|{{Increase}}2,288.428 
|{{Increase}}15,913.302 
|{{Increase}}1.755%
|{{IncreaseNegative}}6.8%
|{{Steady}}5.5%
|{{IncreaseNegative}}12.348%
|-
|2014
|{{Increase}}3,670.432
|{{Increase}}25,052.774 
|{{Decrease}}2,048.837 
|{{Decrease}}13,984.474 
|{{Increase}}0.736%
|{{IncreaseNegative}}7.8%
|{{DecreasePositive}}5.2%
|{{IncreaseNegative}}15.136%
|-
|2015
|{{Decrease}}3,631.416
|{{Decrease}}24,709.731 
|{{Decrease}}1,356.703 
|{{Decrease}}9,231.599 
|{{Decrease}}-1.973%
|{{IncreaseNegative}}15.5%
|{{IncreaseNegative}}5.6%
|{{IncreaseNegative}}15.286%
|-
|2016
|{{Increase}}3,673.023
|{{Increase}}24,921.954 
|{{Decrease}}1,280.648 
|{{Decrease}}8,689.368 
|{{Increase}}0.194%
|{{DecreasePositive}}7.0%
|{{DecreasePositive}}5.5%
|{{DecreasePositive}}14.849%
|-
|2017
|{{Increase}}3,807.099
|{{Increase}}25,777.812
|{{Increase}}1,575.140 
|{{Increase}}10,665.247 
|{{Increase}}1.827%
|{{DecreasePositive}}3.7%
|{{DecreasePositive}}5.2%
|{{DecreasePositive}}14.311%
|-
|2018
|{{Increase}}4,205.230
|{{Increase}}28,448.510 
|{{Increase}}1,653.005 
|{{Increase}}11,182.629 
|{{Increase}}2.806%
|{{DecreasePositive}}2.9%
|{{DecreasePositive}}4.8%
|{{DecreasePositive}}13.620%
|-
|2019
|{{Increase}}4,579.554
|{{Increase}}30,963.855
|{{Increase}}1,695.724 
|{{Increase}}11,465.343 
|{{Increase}}2.198%
|{{IncreaseNegative}}4.470%
|{{DecreasePositive}}4.600%
|{{IncreaseNegative}}13.748%
|-
|2020
|{{Increase}}4,651.430
|{{Increase}}31,490.815 
|{{Decrease}}1,488.118 	 
|{{Decrease}}10,074.759 
|{{Decrease}}-2.654%
|{{DecreasePositive}}3.382%
|{{IncreaseNegative}}5.767%
|{{IncreaseNegative}}19.156%
|-
|2021
|{{Increase}}5,688.268
|{{Increase}}38,638.428 
|{{Increase}}1,828.927 
|{{Increase}}12,423.263 
|{{Increase}}5.866%
|{{IncreaseNegative}}6.694%
|{{DecreasePositive}}4.833%
|{{DecreasePositive}}16.524%
|-
|2022
|{{Increase}}6,006.308
|{{Increase}}40,938.963 
|{{Increase}}2,295.527 
|{{Increase}}15,646.297 
|{{Decrease}}-1.436%
|{{IncreaseNegative}}13.750%
|{{DecreasePositive}}3.950%
|{{IncreaseNegative}}18.480%
|-
|2023
|{{Increase}}6,476.516
|{{Increase}}44,269.007
|{{Decrease}}2,059.762
|{{Decrease}}14,079.116
|{{Increase}}4.083%
|{{Positive decrease}}5.859%
|{{DecreasePositive}}3.167%
|{{IncreaseNegative}}19.487%
|-
|2024
|{{Increase}}6,905.073
|{{Increase}}47,269.220 
|{{Increase}}2,161.205 
|{{Increase}}14,794.697
|{{Increase}}4.100%
|{{IncreaseNegative}}8.444%
|{{DecreasePositive}}2.516%
|{{IncreaseNegative}}20.303%
|-
|2025*
|7,191.718
|49,382.880 
|2,076.396 
|14,257.845
|1.456%
|9.265%
|2.777%
|21.383%
|-
|2026*
|7,412.470
|51,064.384 
|2,085.148 
|14,364.549 
|0.865%
|5.492%
|3.539%
|22.547%
|-
|2027*
|7,631.910
|52,753.122
|2,153.274
|14,883.813
|1.100
|4.000%
|4.088
|23.660
|}

==Currency and monetary policy==
{{See also|International reserves of Russia}}

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 [[Russian ruble|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.<ref>{{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 }}</ref> On 1 September 2013, the Bank of Russia also became a regulator of financial markets, applying the integrated model of financial sector supervision.<ref>{{cite web | url=http://rapsinews.ru/legislation_news/20130725/268322925.html | title=Путин подписал указ об упразднении ФСФР | date=25 July 2013 }}</ref>

The [[Central Bank of the Russian Federation]] follows [[inflation targeting]] policy. Higher inflation than in developed countries has remained throughout the last 25&ndash;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.

<gallery mode=packed>
File:Russiaunemployment.png|Unemployment rate of Russia since the fall of the Soviet Union
File:Russian inflation rate.webp|Russian inflation rate 2012–2022
</gallery>

===Foreign exchange rate===
The currency exchange rate of the [[Russian ruble]] is [[Floating exchange rate|floating]].

In 2011, the Bank of Russia, which was then headed by [[Sergey Ignatyev (economist)|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.<ref>{{cite web | url=https://tass.ru/ekonomika/2377871 | title=Российский рубль прошел два десятка лет, чтобы стать свободно конвертируемым - ТАСС }}</ref>

Ruble's [[Real Effective Exchange Rate]] remained in 2022&ndash;25 higher and stronger than in 1994 and 1998<ref>{{cite web | url=https://www.ceicdata.com/en/indicator/russia/real-effective-exchange-rate | title=Russia Real Effective Exchange Rate, 1994 – 2023 &#124; 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 }}</ref> when the sharp devaluations happened relative to the foreign currency.

The Russian ruble is a freely convertible currency, and Russia allows the free movement of capital in Russian rubles. Within the [[common market of the Commonwealth of Independent States]], the [[single market of the Eurasian Economic Union]], and on the basis of bilateral agreements with other countries, the free movement of capital, payments and the free convertibility of the Russian ruble are ensured.

===Banking and payment system===
{{See also|Mir (payment system)}}

Russia built its banking system from scratch and created one of the most advanced banking systems in the world.<ref>lenta.ru/articles/2020/11/30/bank/</ref>

From 2010 to 2018, the number of cashless card transactions in Russia increased by 30 times. At the same time, Russia became the world leader in the number of secure tokenized transactions which was called the "Russian miracle", according to the [[Boston Consulting Group]] (BCG). With tokenization, the card number is not stored on a mobile device, on the smartphone manufacturer's servers, or at the merchant. The adoption of [[contactless payments]] and mobile payments ([[Apple Pay]], [[Samsung Pay]]) has also been more successful in Russia than anywhere else in the world.<ref>{{Cite web|url=https://www.rbc.ru/finances/03/10/2019/5d94d4459a79473994997fe0|title=BCG сообщила о «русском чуде» в сфере карточных платежей|date=3 October 2019|website=РБК}}</ref> In 2020, Mark Barnett, President of [[Mastercard]] Europe, noted that Russia is one of the most advanced and developed payment markets in Europe.<ref>{{Cite web|url=https://www.vedomosti.ru/finance/characters/2020/07/07/834144-rossiya-prodvinutih-platezhnih-rinkov|title=Президент Mastercard Europe: «Россия – один из самых продвинутых платежных рынков в Европе»|date=8 July 2020|website=Ведомости}}</ref> In 2020, the "Russian miracle" continued, as the pandemic gave a boost to the development of digital technologies. Russia ranked fourth in the global ranking of countries whose population actively abandoned cash in favor of cashless payments during the pandemic.<ref>{{Cite web|url=https://www.rbc.ru/finances/06/10/2020/5f7b17999a7947ece09a42ac|title=«Русское чудо» вывело Россию в топ-5 стран по отказу от наличных|date=6 October 2020|website=РБК}}</ref>

Sberbank became the world's leader in terms of the number of transactions processed in 2024 in the ranking compiled by the Nilson analytical agency. Over the year, the number of transactions conducted by Sberbank exceeded 52 billion, surpassing the American companies JPMorgan Chase and Worldpay.<ref>{{Cite web|url=https://www.forbes.ru/finansy/548055-sberbank-stal-liderom-rejtinga-krupnejsih-mirovyh-ekvajerov|title=Сбербанк стал лидером рейтинга крупнейших мировых эквайеров|website=Forbes.ru}}</ref><ref>{{Cite web |last=Степанова |first=Ангелина |title=Сбер признан крупнейшим эквайером в мире в 2024 |trans-title=Sberbank recognized as the world's largest acquirer in 2024 |url=https://bcs-express.ru/novosti-i-analitika/sber-priznan-krupneishim-ekvaierom-v-mire-v-2024 |url-status=live |archive-url=https://web.archive.org/web/20251018144809/https://bcs-express.ru/novosti-i-analitika/sber-priznan-krupneishim-ekvaierom-v-mire-v-2024 |archive-date=2025-10-18 |access-date= |website=bcs-express.ru |language=ru}}</ref><ref>{{Cite web|url=https://www.rbc.ru/finances/17/10/2025/68f234499a7947075caddf7d|title=Сбербанк обогнал JPMorgan и впервые возглавил рейтинг мировых эквайеров|date=17 October 2025|website=РБК}}</ref> In October 2025, Governor Elvira Nabiullina announced that [[Cashless society|cashless payments]] accounted for 87.5% of Russia's retail turnover in the first quarter.<ref>{{Cite web|url=https://www.rbc.ru/rbcfreenews/68e612d39a7947ddbf893e12|title=Доля безналичных платежей в России достигла 87,5%|date=8 October 2025|website=РБК}}</ref>

As of 1 January 2025 the [[Russian National Card Payment System|Russia's national payments system]] comprises 28 payment systems, 354 money transfer operators.<ref name="auto10">{{Cite web|url=https://cbr.ru/eng/Psystem/|title=National Payment System &#124; Bank of Russia|website=cbr.ru}}</ref>

The Bank of Russia's payment system (in Russian rubles) is an integral part of the national payment system. Funds transfers are carried out by the Bank of Russia through urgent funds transfers, non-urgent funds transfers and the [[Faster Payment System (Russia)|Faster Payment System]] ( instant 24/7 payments for work, goods, and services, including transactions made via QR code, mobile phone number and NFC).<ref>{{Cite web|url=https://cbr.ru/eng/Psystem/payment_system/|title=Bank of Russia Payment System &#124; Bank of Russia|website=cbr.ru}}</ref><ref>{{Cite web|url=https://cbr.ru/PSystem/payment_system/|title=Платежная система Банка России &#124; Банк России|website=cbr.ru}}</ref> The Faster Payments System (SBP) was launched in 2019.<ref name="auto10"/> In 2014, the Bank of Russia established the [[National Payment Card System]] Joint Stock Company (NSPK) that launched [[Mir (payment system)|Mir payment system cards]]. NSPK also processes domestic payments made in Russia with cards of international payment systems.<ref name="auto10"/>

The [[System for Transfer of Financial Messages]] for non-Ruble transfers only within Russia (and also outside of Russia) is an equivalent of the [[SWIFT|SWIFT financial transfer system]]. Both systems only transmit text messages. Settlements are made individually between credit institutions within the framework of correspondent relations.<ref>{{Cite web|url=https://cbr.ru/PSystem/fin_msg_transfer_system/|title=Система передачи финансовых сообщений &#124; Банк России|website=cbr.ru}}</ref>

==Public policy==
===Federal, regional and municipal budgets===
{{Main|Federal budget of Russia|Government procurement in Russia}}

{{excerpt|Federal budget of Russia}}

===Fiscal policy===
{{See also|Taxation in Russia}}

Russia was estimated to have a government budget deficit of 2.6% of GDP in 2025, due to falling oil revenue and high military expenditure.<ref>{{Cite web |title=Russian oil income drops sharply as sanctions bite |url=https://www.ft.com/content/ebf1c6d1-bb83-4eed-9aa9-4761294c451d |access-date=2026-02-14 |website=www.ft.com}}</ref>

===Debts===
{{See also|2022 Russian debt default}}

Russia is a [[List of countries by net international investment position per capita|creditor nation]]. As the IMF reported in 2016, Russia has a floating exchange rate, large official foreign exchange reserves, a positive net international investment position of about 20 percent of GDP, and a current account surplus.<ref>{{Cite web |date=2016-06-14 |title=Russian Federation: Financial System Stability Assessment; IMF Country Report No. 16/231 |url=https://www.imf.org/external/pubs/ft/scr/2016/cr16231.pdf |url-status=live |archive-url=https://web.archive.org/web/20250116100722/https://www.imf.org/external/pubs/ft/scr/2016/cr16231.pdf |archive-date=2025-01-16 |access-date=2026-04-02 |website=[[International Monetary Fund]]}}</ref> As reported in 2017, despite the low level of foreign direct investment (FDI) and capital market investments, Russia has been a net creditor for most of the last 25 years.<ref>{{Cite web|url=https://www.intellinews.com/russia-to-become-a-net-borrower-for-first-time-in-a-decade-126265/|title=Russia to become a net borrower for the first time in a decade|date=28 July 2017|website=www.intellinews.com}}</ref> As of 2022, Russia is a net creditor on international markets: the value of its foreign assets exceeds the value of its foreign liabilities.<ref>{{Cite web|url=https://www.brookings.edu/articles/russias-external-position-does-financial-autarky-protect-against-sanctions/|title=Russia’s external position: Does financial autarky protect against sanctions?}}</ref> Russia has a positive [[net international investment position]] (NIIP) from December 2013 to September 2024.<ref>{{cite web | title=Russia Net International Investment Position, 2013 – 2025 &#124; CEIC Data | url=https://www.ceicdata.com/en/indicator/russia/net-international-investment-position }}</ref>

Russia has one of the [[List of countries by government debt|lowest government debts]] (total external and domestic) and [[List of countries by external debt|lowest external debts]] (total public/government and private) among world's economies.<ref>{{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 }}</ref><ref>{{cite web | url=https://www.ceicdata.com/en/indicator/russia/government-debt--of-nominal-gdp | title=Russia Government Debt: % of GDP, 2011 – 2023 &#124; 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 }}</ref><ref>{{cite web | url=https://www.ceicdata.com/en/indicator/russia/external-debt--of-nominal-gdp | title=Russia External Debt: % of GDP, 1993 – 2023 &#124; 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 }}</ref><ref>{{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 }}</ref>

In 2022, domestic government debt increased by 13.9 percent to 18.78 billion rubles.<ref>{{cite web |url=https://ach.gov.ru/upload/iblock/bca/ke0rrd7mtyvihkmhsjv43bgk5rzw1wc8.pdf |archive-url=https://web.archive.org/web/20230705163550/https://ach.gov.ru/upload/iblock/bca/ke0rrd7mtyvihkmhsjv43bgk5rzw1wc8.pdf |archive-date=5 July 2023 |title=Заключение Счетной палаты Российской Федерации на отчет об исполнении федерального бюджета за 2022 год}}</ref> Russia Domestic government Debt data was reported at RUB&nbsp;19,801.921 billion in May 2023.<ref>{{cite web | url=https://www.ceicdata.com/en/russia/public-domestic-debt/domestic-debt | title=Russia Domestic Debt &#124; Economic Indicators &#124; 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 }}</ref>

In 2022, the share of external debt to GDP was 17%, decreasing from 26.3% in 2021.<ref>{{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 }}</ref> 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.<ref>{{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 }}</ref> Russia External Debt reached US$357.9 billion in March 2023, compared with US$380.5 billion in the previous quarter.<ref>{{cite web | url=https://www.ceicdata.com/en/indicator/russia/external-debt | title=Russia External Debt, 2000 – 2023 &#124; 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 }}</ref>

===National wealth fund===
{{See also|Russian National Wealth Fund}}

On 1 January 2004, the [[Government of Russia]] established the [[Stabilization fund of the Russian Federation]] as part of the [[Federal budget of Russia|federal budget]] to balance it if [[oil price|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.<ref>{{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 }}</ref> December 2023 saw it fall to $133 billion with liquid assets also down at $56 billion.<ref>{{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 }}</ref>

===Corruption===
{{Main|Corruption in Russia}}

[[File:Countries by Corruption Perceptions Index score (2019).png|thumb|right|300px|[[Corruption Perceptions Index]] by Transparency International, 2019]]

Russia was the lowest rated European country in [[Transparency International]]'s [[Corruption Perceptions Index]] for 2025; ranking 157th out of 181 countries.<ref>{{Cite web |date=2026-02-10 |title=Corruption Perceptions Index 2025 |url=https://www.transparency.org/en/cpi/2025 |access-date=2026-02-14 |website=Transparency.org |language=en}}</ref> Corruption is perceived as a significant problem in Russia,<ref name="CPI2015">{{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}}</ref> affecting various aspects of life, including the economy,<ref>{{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}}</ref> business,<ref>{{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}}</ref> [[Government of Russia|public administration]],<ref name="Suhara">{{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}}</ref><ref>{{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}}</ref> [[Law enforcement in Russia|law enforcement]],<ref>{{cite news|date=2010|title=Cops for hire|url=https://www.economist.com/europe/2010/03/18/cops-for-hire|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}}</ref> [[Healthcare in Russia|healthcare]],<ref>{{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}}</ref> and [[Education in Russia|education]].<ref>{{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}}</ref> 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.<ref>{{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}}</ref> 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.<ref>{{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}}</ref>

==Income inequality==
{{See also|Income in Russia|Gender pay gap in Russia|List of Russian federal subjects by average wage}}
{{Update section|date=January 2026|reason=cites are over 15 years old}}

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".<ref name=":1a">{{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}}</ref> 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.<ref name=":1a" />

==Regional economies and economic regions==

===Federal subjects===
{{Main|List of Russian federal districts by GDP|List of federal subjects of Russia by GDP per capita|List of Russian federal subjects by GRDP}}

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.<ref name="auto11">{{cite web | url=https://en.investmoscow.ru/about-moscow/moscow-in-numbers | title=Moscow by the numbers | access-date=10 April 2025 | archive-date=24 July 2024 | archive-url=https://web.archive.org/web/20240724002854/https://en.investmoscow.ru/about-moscow/moscow-in-numbers | url-status=dead }}</ref> The Moscow GDP (PPP) in 2021 amounted to US$25.500 billion, which is more than that of Seoul, Shanghai or Paris.<ref name="auto11"/>{{Update inline|date=October 2025}} The government refers to Oxford Economics stating that Moscow ranked third among the world's cities in terms of GDP at purchasing power parity in 2020.<ref>{{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 }}</ref>

According to statements by the [[Mayor of Moscow]] in 2024, Moscow contributed more than 20 per cent of the country's GDP. This contribution is related to innovation, IT sector and services. [[Labour productivity]] in Moscow is on average 2.5 times higher than in Russia due to the high concentration of residents.<ref>{{cite web | url=https://www.kommersant.ru/doc/7232801 | title=Собянин заявил, что экономика Москвы обеспечивает более 20% ВВП России | date=16 October 2024 }}</ref>

In May 2025, Mayor Sobyanin reported to President Putin that Moscow's gross regional product at purchasing power parity for 2024 had grown to [[int$]] 1.39 trillion, allowing the Russian capital to rank second among the world's largest urban economies, second only to New York and ahead of Shanghai. "In 2020, we were in fifth place and since 2023, we have moved up to second place," said the mayor of Moscow.<ref>{{Cite web|url=https://www.rbc.ru/rbcfreenews/6818656d9a7947a33eed4795|title=Экономика Москвы за шесть лет выросла на четверть|date=5 May 2025|website=РБК}}</ref><ref>{{Cite web|url=https://www.m24.ru/news/mehr-Moskvy/05052025/794569|title=Собянин: по объему ВРП Москва входит в топ-3 крупнейших городских экономик мира|website=m24.ru}}</ref><ref>https://www.mos.ru/mayor/themes/12697050/</ref>

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]].<ref>{{cite web | last1=Contino | first1=Genna | 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]] }}</ref>

===Groupings===
{{Main|Economic regions of Russia|List of economic zones and macrozones of Russia}}

Russia is divided into [[Economic regions of Russia|twelve economic regions]].<ref>{{Cite web|url=http://www.economy.gov.ru/wps/wcm/connect/59fbe48040d8fac69441fc4d51240c37/OKER_5.pdf?MOD=AJPERES&CACHEID=59fbe48040d8fac69441fc4d51240c37&CACHE=NONE|title=Wayback Machine|website=www.economy.gov.ru}}</ref><ref>{{cite web | url=https://www.consultant.ru/document/cons_doc_LAW_115583/0ea00b4142e612de60c5290a5a547b654573e76d/ | title=2. ЭКОНОМИЧЕСКИЕ РАЙОНЫ \ КонсультантПлюс }}</ref>

* [[Central Black Earth Economic Region]]
* [[Central Economic Region]]
* [[East Siberian Economic Region]]
* [[Far Eastern Economic Region]]
* [[Kaliningrad Economic Region]]
* [[North Caucasus Economic Region]]
* [[Northern Economic Region]]
* [[Northwestern Economic Region]]
* [[Ural Economic Region]]
* [[Volga Economic Region]]
* [[Volga-Vyatka Economic Region]]
* [[West Siberian Economic Region]]

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.<ref>{{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 }}</ref><ref>{{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 }}</ref> In February 2019, the strategy was approved and the division into 12 macro-regions was implemented.<ref>{{Cite web|url=http://static.government.ru/media/files/UVAlqUtT08o60RktoOXl22JjAe7irNxc.pdf|title=Wayback Machine|website=static.government.ru}}</ref>

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

===Centre-periphery model===
{{Main|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.<ref>{{cite journal | last1=Марковна | first1=Бусыгина Ирина | 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 }}</ref>

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".<ref name="auto7">{{cite web | url=https://trends.rbc.ru/trends/social/64e30dd89a7947b8f0158fe1 | title=Наталья Зубаревич — о том, какое будущее ждет «четыре России» }}</ref> 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.<ref>{{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 }}</ref><ref name="auto6">{{cite web | url=https://www.vedomosti.ru/opinion/articles/2011/12/30/chetyre_rossii | title=Наталья Зубаревич: Четыре России | date=30 December 2011 }}</ref><ref>{{cite web | url=https://www.vedomosti.ru/authors/natalya-zubarevich | title=Наталья Зубаревич }}</ref> According to the concept, "First Russia" is the [[List of cities with over one million inhabitants|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.<ref name="auto7"/>

Monoprofile towns ([[monotown]]s) are the most unstable part of the "second Russia".<ref name="auto6"/>

==Sectors==
===Primary===
====Energy====
{{Main|Energy in Russia}}

{{See also|Renewable energy in Russia|Energy policy of Russia|Electricity sector in Russia|Petroleum industry in Russia|Natural gas in Russia|Oil reserves in Russia|Russia in the European energy sector}}

[[File:RF NG pipestoEU.gif|thumb|Until 2022, Russia was a key [[petroleum|oil]] and [[natural gas|gas]] supplier to much of Europe.]]
[[File:Moscow, Sofiyskaya embankment.jpg|thumb|[[Rosneft]] headquarters on the bank of the [[Moskva River]], Moscow]]

The mineral-packed [[Ural Mountains]] and the vast [[fossil fuel]] (oil, gas, [[Coal in Russia|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]];<ref name=":0">{{cite web |date=20 November 2017 |title=The Future of Russia as an Energy Superpower |url=https://harvardpress.typepad.com/hup_publicity/2017/11/future-of-russia-as-energy-superpower-thane-gustafson.html |url-status=live |archive-url=https://web.archive.org/web/20221202121759/https://harvardpress.typepad.com/hup_publicity/2017/11/future-of-russia-as-energy-superpower-thane-gustafson.html |archive-date=2 December 2022 |access-date=22 February 2021 |work=[[Harvard University Press]]}}</ref> as it has the [[List of countries by natural gas proven reserves|world's largest natural gas reserves]],<ref name="gaz"/> the [[List of countries by coal reserves|second-largest coal reserves]],<ref name=":2" /> the [[List of countries by proven oil reserves|eighth-largest oil reserves]],<ref name=":3" /> and the largest [[oil shale reserves]] in Europe.<ref name=":4" /> It is the [[List of countries by natural gas production|second-largest natural gas producer]]<ref name=":6" /> and [[List of countries by natural gas exports|natural gas exporter]], the [[List of countries by oil exports|second-largest oil exporter]]<ref name=":7" /> and [[List of countries by oil production|oil producer]],<ref name=":8" /> and the third largest coal exporter.<ref name="Energy Research 2023"/> Fossil fuels cause most of the [[greenhouse gas emissions by Russia]].<ref>{{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}}</ref> The country was the world's fourth-largest [[electricity producer]],<ref>{{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}}</ref> and the ninth-largest [[renewable energy producer]] in 2019.<ref>{{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}}</ref> Russia was also the world's first country to develop civilian nuclear power, and built the world's [[Obninsk Nuclear Power Plant|first nuclear power plant]].<ref>{{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 (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}}</ref> In 2019, It was the world's fourth-largest [[Nuclear power by country|nuclear energy producer]].<ref>{{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}}</ref> 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.<ref name=":10">{{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 }}</ref> 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.<ref name=":10" />

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.<ref>{{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}}</ref> 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,<ref>{{Cite web|url=https://carnegieendowment.org/posts/2015/08/just-an-oil-company-the-true-extent-of-russias-dependency-on-oil-and-gas?lang=en|archiveurl=https://web.archive.org/web/20230514233219/https://carnegiemoscow.org/commentary/61272|url-status=dead|title=Just an Oil Company? The True Extent of Russia's Dependency on Oil and Gas|archivedate=14 May 2023|website=Carnegie Endowment for International Peace}}</ref> but the share in GDP is much less than 50%. According to the first such comprehensive assessment published by the Russian statistics agency Rosstat in 2021, the maximum total share of the oil and gas sector in Russia's GDP, including extraction, refining, transport, sale of oil and gas, all goods and services used, and all supporting activities, amounted to 16.9% in 2017, 21.1% in 2018, 19.2% in 2019 and 15.2% in 2020. To compare the data obtained using the same methodology, the source provides data for other countries. This is more than the share of GDP in the United States (8%) and Canada (less 10%). This is comparable to the share of GDP in Norway (14%) and Kazakhstan (13.3%). It is much lower than the share of GDP in the United Arab Emirates (30%) and Saudi Arabia (50%). This assessment did not include, for example, the production of used pumps or specialized education, which should have been included, according to experts.<ref>{{cite web |title=Определение доли нефтегазового сектора в валовом внутреннем продукте Российской Федерации |url=https://rosstat.gov.ru/storage/mediabank/1b5RpebS/Maximov-tezisy.pdf |archive-url=https://web.archive.org/web/20231011115554/http://rosstat.gov.ru/storage/mediabank/1b5RpebS/Maximov-tezisy.pdf |archive-date=11 October 2023 |date=21 May 2021 }}</ref><ref>{{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}}</ref><ref>{{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}}</ref><ref>{{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 &#124; NORVANREPORTS.COM &#124; 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}}</ref><ref>{{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}}</ref> 

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.<ref>{{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 }}</ref><ref>{{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 }}</ref> 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.<ref>{{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 }}</ref> 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.<ref>{{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 }}</ref>

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.<ref>{{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 }}</ref>

As of September 2025, Ukrainian drone and missile strikes have disrupted nearly 40% of Russia's oil refining capacity, forcing Moscow to import gasoline from Asian nations and creating widespread fuel shortages across multiple Russian regions. The sustained campaign has knocked approximately 338,000 tons per day of crude oil processing offline, with over 20 regions experiencing shortages and gas stations implementing fuel rationing measures.<ref name="newsweek-fuel-shortage">{{cite news |url=https://www.newsweek.com/russia-fuel-shortage-ukraine-strikes-10811442 |title=Russia Has a Fuel Problem After Series of Ukraine Strikes |author=Staff |date=1 October 2025 |website=Newsweek |accessdate=1 October 2025}}</ref>

In September 2025 the [[International Energy Agency]] stated that Russia's revenues from [[Petroleum industry in Russia|oil product exports]] had in August declined to five-year lows, contributing to Russia's economic slowdown.<ref>{{cite news |date=2025-09-11 |title=Russia's oil and fuel export revenue fell in August, IEA says |url=https://www.reuters.com/business/energy/russias-oil-fuel-export-revenue-fell-august-iea-says-2025-09-11/ |access-date=2025-09-11 |website=reuters.com}}</ref>

====Mining====
{{Main|Mining industry of Russia}}

{{See also|List of mines in Russia|Metallurgy of Russia|Coal in 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 [[Carat (mass)|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.<ref name="Kitco">[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.</ref>

In 2019, the country was the 3rd world producer of [[gold]];<ref>{{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}}</ref> 2nd worldwide producer of [[platinum]];<ref>{{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}}</ref> 4th worldwide producer of [[silver]];<ref>{{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}}</ref> 9th largest world producer of [[copper]];<ref>{{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}}</ref> 3rd largest world producer of [[nickel]];<ref>{{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}}</ref> 6th largest world producer of [[lead]];<ref>{{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}}</ref> 9th largest world producer of [[bauxite]];<ref>{{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}}</ref> 10th largest world producer of [[zinc]];<ref>{{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}}</ref> 2nd worldwide producer of [[vanadium]];<ref>{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-vanadinum.pdf|title=USGS Vanadinum Production Statistics}}{{Dead link|date=May 2026 |bot=InternetArchiveBot }}</ref> 2nd largest world producer of [[cobalt]];<ref>{{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}}</ref> 5th largest world producer of [[iron ore]];<ref>{{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}}</ref> 7th largest world producer of [[boron]];<ref>{{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}}</ref> 9th largest world producer of [[molybdenum]];<ref>{{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}}</ref> 13th largest world producer of [[tin]];<ref>{{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}}</ref> 3rd largest world producer of [[sulfur]];<ref>{{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}}</ref> 4th largest world producer of [[phosphate]];<ref>{{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}}</ref> 8th largest world producer of [[gypsum]];<ref>{{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}}</ref> in addition to being the world's 10th largest producer of [[table salt|salt]].<ref>{{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}}</ref> It was the world's 6th largest producer of [[uranium]] in 2018.<ref>{{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}}</ref>

====Agriculture, fishing and forestry====
{{Main|Agriculture in Russia|Fishing industry in Russia|Forestry in Russia}}

{{See also|Russian grain exports|Tractor, timber and agricultural machinery in the Soviet Union}}

[[File:Rostov's region combain.jpg|thumb|A [[combine harvester]] in [[Rostov Oblast]]]]

Russia's agriculture sector contributes about 5% of the country's total GDP, although the sector employs about one-eighth of the total labour force.<ref name="agriculturebritannica">{{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}}</ref> It has the world's [[Land use statistics by country|third-largest cultivated area]], at {{convert|1265267|km2}}. However, due to the harshness of its environment, about 13.1% of its land is [[agricultural land|agricultural]],<ref name="CIAWFRS"/> and only 7.4% of its land is [[arable land|arable]].<ref>{{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}}</ref> The main product of Russian farming has always been [[grain]], which occupies considerably more than half of the cropland.<ref name="agriculturebritannica"/> Russia is the world's [[List of countries by wheat exports|largest exporter of wheat]],<ref>{{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}}</ref> and is the largest producer of [[barley]],<ref>{{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}}</ref> [[buckwheat]], [[oats]],<ref>{{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}}</ref> and [[rye]],<ref>{{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}}</ref> and the second-largest producer of [[sunflower seed]].<ref>{{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}}</ref> 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.<ref name="climatechange">{{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}}</ref>

More than one-third of the sown area is devoted to fodder crops, and the remaining farmland is devoted to [[Nonfood crop|industrial crop]]s, vegetables, and fruits.<ref name="agriculturebritannica"/> Owing to its large coastline along three oceans, Russia maintains one of the world's [[Fishing industry by country|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.<ref>{{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}}</ref> It is also home to the world's finest caviar (the [[Beluga (sturgeon)|beluga]]), and produces about one-third of all canned fish, and some one-fourth of the world's total fresh and frozen fish.<ref name="agriculturebritannica"/>

===Industry===
[[File:Russia industrial growth chart YoY.PNG|thumb|Russia's [[List of countries by industrial production growth rate|industrial growth]] per year (%), 1992–2010]]

====Defense====
{{Main|Defense industry of Russia}}

The [[defense 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 [[Sukhoi PAK FA|fifth-generation fighter jet]], [[Nuclear submarine|nuclear powered submarines]], [[firearm]]s, and [[Ballistic missile|short range/long range ballistic missiles]].<ref name="CIAWFRS"/>

<gallery mode=packed>
File:Putin Meeting with workers of the Kalashnikov Concern - September 2016.jpg|President [[Vladimir Putin]] meeting with workers of [[Kalashnikov Concern]] (2016)
File:VDayRehearsal05052016-28.jpg|A view of [[T-14 Armata]] tank
</gallery>

====Aerospace====
[[File:Sukhoi Superjet 100 prototype.jpg|thumb|left|The [[Sukhoi Superjet 100]] is one of Russia's most recent civilian aviation products. The regional passenger plane was ordered around 280 times for various airlines and leasing companies as of 2018.]]

{{Main|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.<ref name="manturov">{{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}}</ref>

The [[Space industry of Russia]] consists of over 100 companies and employs 250,000 people.<ref name="mdb">{{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}}</ref>

====Automotive====
{{Main|Automotive industry in Russia}}

{{See also|List of automobile manufacturers of Russia}}

[[File:Lada Vesta Concept.JPG|thumb|[[Lada]] is a brand of [[AvtoVAZ]], the largest Russian car manufacturer in the [[Russian automotive industry]].]]
[[File:2018 inauguration of Vladimir Putin 26.jpg|thumb|[[Aurus Senat]], a recent [[Armoured vehicle|armoured]] [[limousine]] project by [[NAMI (automotive institute)|NAMI]]]]

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.<ref>{{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 }}</ref> The main local brands are light vehicle producers [[AvtoVAZ]] and [[GAZ]], while [[Kamaz|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.<ref>{{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 }}</ref>

====Chemical====
{{Main|Chemical industry in Russia}}

{{excerpt|Chemical industry in Russia}}

====Electronics====
{{See also|Ruselectronics|Category:Electronics companies of Russia}}

Russia was experiencing a regrowth of microelectronics, with the revival of [[Mikron Group|JCS Mikron]] until sanctions took effect in 2022.<ref>{{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 }}</ref><ref>{{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}}</ref><ref>{{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 }}</ref>

====Food manufacturing====
{{Main|Food industry of Russia}}

{{excerpt|Food industry of Russia}}

====Pharmaceutical====
{{Main|Pharmaceutical industry in Russia}}

{{excerpt|Pharmaceutical industry in Russia}}

====Shipbuilding====
{{Main|Shipbuilding in Russia}}

{{excerpt|Shipbuilding in Russia}}

===Science and technology===
{{Main|Science and technology in Russia}}

{{excerpt|Science and technology in Russia}}

===Services===
====Banking and finance====
{{Main|Banking in Russia|Stock market in Russia|List of banks in Russia}}

====Education====
{{Main|Education in Russia}}

{{excerpt|Education in Russia}}

====Healthcare====
{{Main|Healthcare in Russia}}

{{excerpt|Healthcare in Russia}}

====Retail====
{{See also|Grocery retailing in Russia|List of supermarket chains in Russia|Category:Russian brands}}

As of 2013, Russians spent 60% of their pre-tax income on shopping, the highest percentage in Europe.{{Update inline|date=October 2025}} This is possible because many Russians pay no rent or house payments, owning their own home after privatization of state-owned Soviet housing. [[Shopping mall]]s 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.<ref>{{cite web |title=The Proliferation Of Shopping Malls In Russia |url=https://www.denvermart.com/the-proliferation-of-shopping-malls-in-russia/ |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/ |url-status=live }}</ref> A [[supermarket]] selling groceries is a typical anchor store in a Russian mall.<ref name=NYT010113>{{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}}</ref>

'''Retail sales in Russia'''<ref>{{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 }}</ref>
{|class="wikitable" style="text-align: center;"
|-
! style="width:120px;"| '''Year'''
| 2009 || 2010 || 2011 || 2012 || 2013 || 2014 || 2015 || 2016 || 2017 || 2018 || 2019 || 2020 || 2021 || 2022
|-
! style="width:120px;"| '''Total retail sales (RUB trillions)'''
| 14.60 ||16.49 ||19.08||21.3||23.7||26.4||27.6||29.75||27.88||31.58||33.62||33.56||39.47||42.51
|}

====Telecommunications====
{{Main|Telecommunications in Russia|Internet in Russia}}

In 2024 the revenue of Russian telecom operators amounted to more than 2.1 trillion rubles, which was 7.8% more than the previous year.<ref name="auto9">{{Cite web|url=https://www.akm.ru/eng/press/the-results-of-the-year-for-the-russian-telecom-industry/|title=The results of the year for the Russian telecom industry|website=AKM EN}}</ref> 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.<ref>{{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 }}</ref> Although almost everyone uses the internet, {{As of|2026|lc=y}} [[Telegram (software)|Telegram]] is throttled and [[WhatsApp]] is blocked.<ref name=":5" /> As of 2024, Russia has 270 million active mobile subscribers, 188 million of them are mobile Internet users and 39 million active fixed-line Internet subscribers.<ref name="auto9" />

====Transportation====
{{Main|Transport in Russia}}

{{See also|List of motorways in Russia|Rail transport in Russia|List of airports in Russia|Category:Ports and harbours of Russia}}

[[File:VL 85-022 container train.jpg|thumb|left|The [[Trans-Siberian Railway]], the longest railway-line in the world, as seen across the coast of [[Lake Baikal]]]]
[[File:"Russian bridge" in Vladivostok city.jpg|thumb|The [[Russky Bridge]] in [[Vladivostok]] is the longest cable-stayed bridge in the world.]]

[[Rail transport in Russia|Railway transport in Russia]] is mostly under the control of the state-run [[Russian Railways]].<ref>{{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}}</ref> The total length of common-used railway tracks is the world's [[List of countries by rail transport network size|third-longest]], and exceeds {{convert|87157|km|0|abbr=on}}.<ref>{{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=dead}}</ref> {{As of|2016}}, Russia has [[Roads by country|1,452.2 thousand&nbsp;km of roads]],<ref>{{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}}</ref> and its road density is among the world's lowest.<ref>{{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}}</ref> Russia's inland waterways are the world's [[List of countries by waterways length|second-longest]], and total {{convert|102000|km|0|abbr=on}}.<ref>{{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=dead}}</ref> Among [[List of airports in Russia|Russia's 1,218 airports]],<ref>{{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=dead}}</ref> the [[List of the busiest airports in Russia|busiest]] is [[Sheremetyevo International Airport]] in Moscow.<ref>{{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}}</ref> {{As of|2026}} air transport is hampered by sanctions on spare parts from Boeing and Airbus, and by drones disrupting airports.<ref name=":5">{{Cite news |title=How four years of war have changed Russia |url=https://www.economist.com/briefing/2026/02/19/how-four-years-of-war-have-changed-russia |access-date=2026-02-19 |work=The Economist |issn=0013-0613}}</ref>

[[File:NUTEP and KSK.jpg|thumb|The [[Port of Novorossiysk]]]]

Russia is the world's sole country to operate [[nuclear-powered icebreaker]]s, which advance the economic exploitation of the Arctic [[continental shelf of Russia]], and the development of sea trade through the [[Northern Sea Route]].<ref>{{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}}</ref>

====Water supply and sanitation====
{{Main|Water supply and sanitation in Russia}}

{{excerpt|Water supply and sanitation in Russia}}

====Construction and real estate====
{{Main|Housing in Russia}}

In 2022, construction was worth 13 trillion rubles, 5% more than in 2021. Residential construction in 2022 reached {{convert|126.7|e6m2|abbr=off}}.<ref name="mos218">{{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 }}</ref>

The 2020&ndash;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.<ref name="mos218"/>

====Insurance====
{{See also|Pension and Social Insurance Fund of Russia}}
{{Update section|date=October 2025}}

According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013. The concentration of insurance business is significant across all major segments except {{ill|compulsory motor third party liability market (CMTPL)|ru|Обязательное страхование гражданской ответственности владельцев транспортных средств}}, as the top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI).<ref>{{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}}</ref> 

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.<ref>{{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 under the Government of the Russian Federation|Financial University, Moscow]] |access-date=30 August 2022 }}</ref>

====Information technology====
{{Main|Information technology in Russia}}

[[File:Graduates in tertiary education-thousands.jpg|thumb|left|Russia has more academic graduates than any other country in Europe (and world leader in percentage of population with associate degree or higher: 54%, compared to 31% in UK<ref>[[Huffington Post]]: [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</ref>).{{Obsolete source|date=January 2026}}]]

Russian software exports have risen from just $120&nbsp;million in 2000 to $3.3&nbsp;billion in 2010.<ref name="Russoft">{{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 }}</ref> 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.<ref>{{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}}</ref>{{Obsolete source|date=January 2026}} 

[[File:Beriev aircraft factory Taganrog.jpg|thumb|Interior of the Beriev Scientific and Technical Complex in [[Taganrog]]]]

The government has launched a program promoting construction of IT-oriented technology parks (Technoparks)—special zones that have an established infrastructure and enjoy a favorable tax and customs regime, in seven different locations: Moscow, Novosibirsk, Nizhny Novgorod, Kaluga, Tumen, Republic of Tatarstan and St. Peterburg Region.<ref name="Russoft"/>

Under a [[Order of the Government of Russia|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.<ref>{{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}}</ref>{{Update inline|date=January 2026}}

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.<ref>{{cite news|url=https://www.economist.com/business/2012/05/19/europes-great-exception|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}}</ref><ref>{{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}}</ref><ref>{{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}}</ref>

Known{{Clarify|date=January 2026}} Russian IT companies are [[ABBYY]] ([[FineReader]] OCR system and Lingvo dictionaries), [[Kaspersky Lab]] ([[Kaspersky Anti-Virus]], [[Kaspersky Internet Security]]), [[Mail.Ru]] (portal, search engine, mail service, Mail.ru Agent messenger, [[ICQ]], [[Odnoklassniki]] social network, online media sources).

====Tourism====
{{Main|Tourism in Russia}}

[[File:Grand Cascade in Peterhof 01.jpg|thumb|[[Peterhof Palace]] in Saint Petersburg, a [[UNESCO]] [[World Heritage Site]]]]

Most foreign tourists come from China.<ref>{{Cite web |last= |first= |title=Inbound Tourism in Russia Recorded Significant Growth |url=https://www.tourism-review.com/russian-inbound-tourism-benefits-from-chinese-and-german-visitors-news14794 |url-status=live |archive-url=https://web.archive.org/web/20250704110728/https://www.tourism-review.com/russian-inbound-tourism-benefits-from-chinese-and-german-visitors-news14794 |archive-date=4 July 2025 |access-date=2025-06-07 |website=Tourism Review |language=en}}</ref> Major tourist routes in Russia include a journey around the [[Golden Ring (Russia)|Golden Ring]] [[theme route]] of ancient cities, cruises on the big rivers like the [[Volga]], and journeys on the famous [[Trans-Siberian Railway]].<ref>{{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}}</ref> 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]].<ref>{{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}}</ref>
{{clear}}

==Economic integration==
{| border="0" cellpadding="2" cellspacing="0" style="float:right "
|-
|<timeline>
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  bar:US from:start till:27.36
  bar:India from:start till:14.53
  bar:Russia from:start till:6.45
  bar:Kazakhstan from:start till:0.78
  bar:Belarus from:start till:0.28
  bar:Armenia from:start till:0.06
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|-
|style="text-align:center; font-size:70%;"|Top 4 largest economies (China, the US, India, Russia) in the world by [[Purchasing power parity|PPP]]-adjusted GDP in 2023<br />according to the [[World Bank]], the members of the [[Eurasian Economic Union]] as well as<br />[[Tajikistan]] and [[Uzbekistan]] that are forming a [[Common Economic Space of the Commonwealth of Independent States|common market within the CIS]] (EAEU+2)<ref>{{cite web | url=https://data.worldbank.org/indicator/NY.GDP.MKTP.PP.CD?most_recent_value_desc=true | title=World Bank Open Data }}</ref>
|}
Russia joined the [[World Trade Organization]] (WTO) on 22 August 2012.<ref name="auto5"/>
On 20 September 2012, the [[Commonwealth of Independent States Free Trade Area|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.<ref name="auto2"/> 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.<ref name="auto4">{{Cite web|url=https://www.congress.gov/crs-product/IF12066|archiveurl=https://web.archive.org/web/20230618155005/https://crsreports.congress.gov/product/pdf/IF/IF12066|url-status=dead|title=Russia's Trade and Investment Role in the Global Economy|archivedate=18 June 2023|website=www.congress.gov}}</ref> The EAEU Treaty in 2015 superseded previous integration agreements and envisaged an [[economic union]] (the deepest stage of [[economic integration]]<ref name="auto3"/>). 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.<ref name="auto"/>

==External trade and investment==
[[File:Imports of goods and services (% of GDP) - Russian Federation - World Bank.png|thumb|Over the past 30 years, the share of imports of goods and services as a share of Russia's GDP has been below 25% for almost all years. The growth of oil rents, rapid economic growth, economic integration, WTO accession, improved transport accessibility and the government's import substitution program hardly changed the percentage, and only sanctions and boycotts in 2022 led to a drop to 15.6%.<ref>{{Cite web|url=https://data.worldbank.org/|archiveurl=https://web.archive.org/web/20240104144757/https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?most_recent_value_desc=false&locations=RU|url-status=dead|title=World Bank Open Data|archivedate=4 January 2024|website=World Bank Open Data}}</ref>]]

===Foreign payments===

Since the [[Nixon shock|collapse]] of the [[Bretton Woods system]] and the creation of the [[Jamaica Accords|Jamaican monetary system]], membership in the [[International Monetary Fund]] no longer requires the use of the US dollar, and by 1973 the US dollar was no longer the sole [[global currency]]. Russia joined the IMF in 1992, although the USSR had previously refused to ratify the founding document.

The Soviet Union and other socialist countries used the so-called [[transferable ruble]] and [[clearing ruble]].

The [[Interstate Bank]] became the first international financial organization created by the Commonwealth of Independent States, which was given the specific goal of developing mutual settlements in national currencies. The mechanism for cross-border settlements in national currencies (payment and settlement system), based on the use of direct correspondent accounts with central banks and access to payment systems, has been in operation for more than 15 years (since circa 2005), as reported in 2020.<ref>{{Cite web|url=https://eccis.org/news/13233|title=Новости СНГ - Президент Межгосударственного банка Игорь Суворов: Межгосударственный банк содействует экономической интеграции стран СНГ и ЕАЭС|website=Исполнительный комитет СНГ}}</ref> The Agreement on Establishment of the [[Interstate Bank]] was signed on 22 January 1993 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, Ukraine and ratified by all countries except Ukraine, which revoked its signature in 1997.<ref>{{Cite web|url=https://cis.minsk.by/reestrv2/doc/183|title=Единый реестр правовых актов и других документов Содружества Независимых Государств|website=cis.minsk.by}}</ref>

Back in February 2010, online retailer [[Sportmaster]] announced its intention to become the first Russian company to switch to the national currency for settlements with suppliers and to use the yuan for trade with China.<ref>{{Cite web|url=https://retailer.ru/sportmaster-perehodit-na-juan/|title=«Спортмастер» переходит на юань|date=10 February 2010}}</ref> On 13 December 2010, Bank [[HSBC]] announced that it had processed Russia's first international transaction in yuan for the Sportmaster group of companies.<ref>{{Cite web|url=https://www.finmarket.ru/news/1867192|title=Первая в России международная транзакция в юанях проведена банком HSBC для "Спортмастера" - ИА "Финмаркет"|date=13 December 2010|website=www.finmarket.ru}}</ref><ref>{{Cite web|url=https://www.vesti.ru/article/2073830|title=HSBC начал операции в юанях для российских клиентов - Новости на Вести.ru|website=vesti.ru}}</ref> As part of China's efforts to [[Internationalization of the renminbi|internationalize the yuan]], trading in the ruble/yuan currency pair began on the MICEX on 16 December 2010. The [[Moscow Interbank Currency Exchange]] (MICEX) became the first organized (i.e., exchange-based) platform for yuan trading outside China. This was made possible by an agreement signed in April 2010 on the mutual launch of trading in yuan and rubles. Since the end of November 2010, rubles can be bought in China on the [[China Foreign Exchange Trade System]].<ref>https://iz.ru/news/369294</ref><ref>{{Cite web|url=https://www.forbes.ru/ekonomika-column/finansy/61189-na-mmvb-nachalis-birzhevye-torgi-yuanem|title=На ММВБ начались биржевые торги юанем|website=Forbes.ru}}</ref>

In 2017, a [[payment versus payment]] (PVP) system was created for the first time for transactions between the yuan and foreign currencies, according to a statement published on the website of the China Foreign Exchange Trade System (CFETS). The ruble became the first foreign currency to be included in the system. Earlier, the Russian central bank opened its first overseas office in Beijing, and the [[Industrial and Commercial Bank of China]] (ICBC) officially began operating as a Chinese clearing bank for yuan settlements in Russia.<ref>{{Cite web|url=https://investfuture.ru/articles/kitay-zapustil-sistemu-platezhey-v-rublyakh-i-yuanyakh|title=Китай запустил систему платежей в рублях и юанях &#124; IF &#124; 13.10.2017|first=Никита|last=Марычев|date=13 October 2017|website=InvestFuture}}</ref> In 2020, VTB's Shanghai branch connected to China's national domestic payment system, CNAPS ([[China National Advanced Payment System]]).<ref>{{Cite web|url=https://www.akm.ru/news/vtb_poluchil_pryamoy_dostup_k_natsionalnoy_sisteme_vnutrennikh_platezhey_kitaya_cnaps/|title=ВТБ получил прямой доступ к национальной системе внутренних платежей Китая CNAPS|date=15 December 2020|website=AKM.RU}}</ref>
It has direct access to the CNAPS national payment system, which allows payments to be made to all local banks connected to this system, i.e., virtually all banks in China. Settlements are made through accounts with the [[People's Bank of China|central bank of the People's Republic of China]].<ref>{{Cite web|url=https://smotrim.ru/article/4660938|title=ВТБ за 2024 год увеличил клиентскую базу в Шанхае в 20 раз|website=smotrim.ru}}</ref>

By 2022, 23 Russian banks had been connected to the Chinese [[Cross-Border Interbank Payment System]].
<ref>{{Cite web|url=https://www.banki.ru/news/lenta/?id=10969186|title=Банки РФ подключаются к китайской системе CIPS. Что это и заменит ли она SWIFT|website=Банки.ру}}</ref> Back in 2022, nine Russian banks, including Sberbank and VTB Bank, opened special accounts in India for settlements in rupees for Indian-Russian trade transactions in order to [[internationalize the rupee]] and facilitate international trade operations.<ref>{{Cite web|url=https://tass.ru/ekonomika/16339059|title=Девять российских банков открыли счета востро в Индии для торговли в рупиях|website=TACC}}</ref>

In 2023, the vice president of the Interstate Bank noted that payments in national currencies had increased significantly.<ref>{{Cite web|url=https://e-cis.info/news/566/109282/|title=Доля расчетов в нацвалютах в СНГ кратно возросла – Межгосударственный банк|website=Портал СНГ}}</ref> By 2023, the Russian ruble had become the main currency for trade with the CIS.<ref>{{Cite web|url=https://rg.ru/2023/10/26/maksim-reshetnikov-rubl-stal-glavnoj-valiutoj-v-torgovle-rossii-so-stranami-sng.html|title=Максим Решетников: Рубль стал главной валютой в торговле России со странами СНГ|date=26 October 2023|website=Российская газета}}</ref>

In 2023, Elvira Nabiullina, Governor of the Bank of Russia, attended the [[Asian Clearing Union]] summit in Tehran.<ref>{{Cite web|url=https://www.kommersant.ru/doc/6000115|title=Россия и Иран встретятся для «Мира»|date=23 May 2023|website=Коммерсантъ}}</ref> In 2023, the [[Central Bank of Iran]] announced that by connecting to the Russian Central Bank's payment system, it had also gained access to more than 100 banks in 13 countries, in addition to Russia.<ref>{{Cite web|url=https://www.rbc.ru/rbcfreenews/63d7c5c79a79471816776eba|title=ЦБ Ирана заявил о налаженном с помощью России финансовом канале в мир|date=30 January 2023|website=РБК}}</ref> An Iranian banking official revealed that all Russian banks and 106 banks in 13 other countries have been connected to Iran's financial messaging system known as [[SEPAM]].<ref>{{Cite web|url=https://english.news.cn/20230203/4b765428fe8e49c79f39b1648f7a1575/c.html|title=Iran says all Russian banks connected to Iran's financial messaging system|website=english.news.cn}}</ref> In 2024, Mohammad Reza Farzin, head of the Central Bank of Iran, announced a new [[ACUMER]] system to replace SWIFT and a new agreement with Russia.<ref>{{Cite web|url=https://www.intellinews.com/iran-unveils-swift-competitor-called-acumer-354944/|title=Iran unveils SWIFT competitor called ACUMER|date=25 November 2024|website=www.intellinews.com}}</ref><ref>{{Cite web|url=https://report.az/en/region/iran-replaces-swift-system-with-acumer|title=Iran replaces SWIFT system with ACUMER|website=Report.az}}</ref> In 2024, Farzin emphasized Iran's readiness to provide technical capabilities for Russia's membership in the Asian Clearing Union. "Belarus recently requested to join this union, and we invite Russia to join as well," he said.<ref>{{Cite web|url=https://www.tasnimnews.com/ru/news/2024/07/04/3116213/%D0%B3%D0%BE%D1%82%D0%BE%D0%B2%D0%BD%D0%BE%D1%81%D1%82%D1%8C-%D0%B8%D1%80%D0%B0%D0%BD%D0%B0-%D1%81%D0%BE%D0%B7%D0%B4%D0%B0%D1%82%D1%8C-%D1%81%D0%BE%D0%B2%D0%BC%D0%B5%D1%81%D1%82%D0%BD%D1%8B%D0%B9-%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%8B%D0%B9-%D0%B8%D0%BD%D1%81%D1%82%D0%B8%D1%82%D1%83%D1%82-%D1%81%D1%80%D0%B5%D0%B4%D0%B8-%D1%87%D0%BB%D0%B5%D0%BD%D0%BE%D0%B2-%D0%B1%D1%80%D0%B8%D0%BA%D1%81|title=Готовность Ирана создать совместный финансовый институт среди членов БPИКС - Мир титул сервиса новостей - агенство Тасним новости |work=Агенство Тасним новости }}</ref> The [[National Bank of Belarus]], Russia's closest ally, has already become a member of the Asian Clearing Union.<ref>{{Cite web|url=https://www.asianclearingunion.org/ACUMembers/NationalBankoftheRepublicofBelarus.aspx|title=|website=www.asianclearingunion.org}}</ref>

Launched in 2025, [[Digital renminbi]] is already available in Russia and other CIS countries, said [[Boris Titov]], co-chairman of the Russian-Chinese Friendship Committee.<ref>{{Cite web|url=http://arb.ru/b2c/digi/kitay_zapustil_sobstvennuyu_alternativu_swift_dlya_tsifrovogo_yuanya-10692957/|title=Китай запустил собственную альтернативу SWIFT для цифрового юаня|website=ARB.RU}}</ref><ref>{{Cite web|url=https://www.rbc.ru/rbcfreenews/690222ee9a7947374362eae2|title=Китай запустил собственную альтернативу SWIFT для цифрового юаня|date=29 October 2025|website=РБК}}</ref>

Russia has become the leader among European countries surpassing Britain in terms of incoming cryptocurrency flows, according to a report by the analytical company Chainalysis for the period from July 2024 to June 2025. Analysts estimate the volume of cryptocurrencies that entered Russia during this period at $376.3 billion. One reason for the rapid growth of the Russian cryptocurrency market has been cross-border settlements, primarily using the ruble-pegged [[stablecoin]] [[A7A5]].<ref>{{Cite web|url=https://www.rbc.ru/crypto/news/68f206929a7947192fbe57c1|title=Chainalysis: Россия обогнала страны Европы по использованию криптовалют :: РБК.Крипто|date=17 October 2025|website=РБК Крипто}}</ref>

The share of payments in Russian rubles in Russia's foreign trade settlements in August 2025 once again reached an all-time high, reaching 55.2%, according to calculations based on data on the currency structure of foreign trade settlements on the Bank of Russia website. The share of payments in rubles for Russian exports was record high in August, rising to 56.3%. The share of payments in Russian rubles for imported goods and services to Russia in August was 54.1%. Payments in currencies of friendly countries accounted for 29.4% of exports from Russia in August. In payments for imports to Russia, this figure was 30.1% in August. The share of "toxic" currencies in payments for exports in August was 14.3%, and for imports to Russia, it was 15.7%.<ref>{{Cite web|url=https://www.interfax.ru/business/1053097|title=Доля рублевых платежей во внешнеторговом обороте России в августе достигла 55,2% |date=16 October 2025 }}</ref> Russia and Iran already conduct 80% of their mutual settlements in rials and rubles.
<ref>{{Cite web|url=https://www.interfax.ru/business/901922|title=РФ и Иран около 80% расчетов осуществляют в нацвалютах |date=17 May 2023 }}</ref> According to the Ministry of Economic Development, the share of national currencies in trade with CIS countries has already exceeded 85%, and with China it has come close to 95%.<ref>https://economy.gov.ru/material/press/stati_i_intervyu/maksim_reshetnikov_rubl_stal_glavnoy_valyutoy_v_torgovle_rossii_so_stranami_sng.html</ref> In November 2025, Minister [[Anton Siluanov|Siluanov]] stated that the ruble and yuan now account for over 99% of trade settlements between Russia and China.<ref>{{Cite web|url=https://www.rbc.ru/rbcfreenews/6909cbca9a79479ace62e38c|title=Силуанов заявил, что Россия и Китай почти перешли на расчеты в нацвалютах|date=4 November 2025|website=РБК}}</ref>

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”.<ref>{{Cite journal |last1=Snegovaya |first1=Maria |last2=Fenton |first2=Nicholas |last3=Dolbaia |first3=Tina |last4=Bergmann |first4=Max |date=5 June 2025 |title=The Russian Wartime Economy: From Sugar High to Hangover |url=https://www.csis.org/analysis/russian-wartime-economy-sugar-high-hangover |language=en}}</ref>

===Investments===
{{See also|International Investment Agreements of Russia}}

[[Russia]] [[International Investment Agreements of Russia|has concluded a number of]] [[Bilateral Investment Treaties]] (BITs), [[Treaties with Investment Provisions]] (TIPs) and [[Investment Related Instruments]] (IRIs) according to the database of [[UN Trade and Development|UNCTAD]].<ref>{{Cite web|url=https://investmentpolicy.unctad.org/international-investment-agreements/countries/175/russian-federation|title=Russian Federation &#124; International Investment Agreements Navigator &#124; UNCTAD Investment Policy Hub|website=investmentpolicy.unctad.org}}</ref> 65 agreements have entered into force.<ref>{{Cite web |title=Перечень соглашений между Правительством Российской Федерации и правительствами иностранных государств о поощрении и взаимной защите капиталовложений |url=https://economy.gov.ru/material/departments/d11/investicionnye_soglasheniya/perechen_soglasheniy_mezhdu_pravitelstvom_rf_i_pravitelstvami_inostrannyh_gosudarstv_o_pooshchrenii_i_vzaimnoy_zashchite_kapitalovlozheniy/|archive-url=https://web.archive.org/web/20210526192630/https://economy.gov.ru/material/departments/d11/investicionnye_soglasheniya/perechen_soglasheniy_mezhdu_pravitelstvom_rf_i_pravitelstvami_inostrannyh_gosudarstv_o_pooshchrenii_i_vzaimnoy_zashchite_kapitalovlozheniy/ |archive-date=26 May 2021 }}</ref>

===Trade===
{{See also|List of the largest trading partners of Russia|List of exports of Russia|Commonwealth of Independent States Treaty on Free Trade Area|Eurasian economic integration}}

Russia recorded a trade surplus of US$15.8 billion in 2013.<ref>{{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 }}</ref> 

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%).<ref>{{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}}</ref>

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.<ref name="worldbank.org"/>

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.<ref name="worldbank.org"/>

'''Foreign trade of Russia – Russian export and import'''<ref name="worldbank.org">{{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}}</ref>
{|class="wikitable" style="text-align: center;"
|-
! '''Year'''
| 2005 || 2006 || 2007 || 2008 || 2009 || 2010 || 2011 || 2012 || 2013 || 2014 || 2015 || 2016 || 2017 || 2018 || 2019 || 2020 || 2021
|-
! '''Export (US$ billions)'''
| 241 || 302 || 352 || 468 || 302 || 397 || 517 || 525 || 527 || 498 || 344 || 302 || 379 || 451 || 427 || 337 ||492
|-
! '''Import (US$ billions)'''
| 99 || 138 || 200 || 267 || 171 || 229 || 306 || 316 || 315 || 287 || 183 || 207 || 260 || 240 || 247 || 231 || 293
|}

{| class="wikitable collapsible collapsed" 
|-
! colspan="2" | Top trading partners for Russia for 2021<ref name="worldbank.org"/>
|-
|
{| class="wikitable sortable" style="text-align:center"
|-
! colspan="5" class="unsortable" | Imports into Russia 2021
|-
! Ranking || style="text-align:center;"| Country || style="text-align:center;"|Value (USD) || style="text-align:center;"| % 
|-
|   || style="text-align:center;"| World|| style="text-align:center;"| $293.4b || style="text-align:center;"| 100.0%
|-
| 1 || style="text-align:center;"| China|| style="text-align:center;"| $72.7b || style="text-align:center;"| 24.7%
|-
| 2 || style="text-align:center;"| Germany|| style="text-align:center;"| $27.3b || style="text-align:center;"| 9.3%
|-
| 3 || style="text-align:center;"| United States|| style="text-align:center;"| $17.2b || style="text-align:center;"| 5.8%
|-
| 4 || style="text-align:center;"| Belarus|| style="text-align:center;"| $15.6b || style="text-align:center;"| 5.3%
|-
| 5 || style="text-align:center;"| South Korea|| style="text-align:center;"| $12.9b || style="text-align:center;"| 4.4%
|-
| 6 || style="text-align:center;"| France|| style="text-align:center;"| $12.2b|| style="text-align:center;"| 4.1%
|-
| 7 || style="text-align:center;"| Italy|| style="text-align:center;"| $12.0b || style="text-align:center;"| 4.1%
|-
| 8 || style="text-align:center;"| Japan|| style="text-align:center;"| $9.1b || style="text-align:center;"| 3.1%
|-
| 9 || style="text-align:center;"| Kazakhstan|| style="text-align:center;"| $7.1b || style="text-align:center;"| 2.4%
|-
| 10 || style="text-align:center;"| Turkey|| style="text-align:center;"| $6.5b || style="text-align:center;"| 2.2%
|}
|
{| class="wikitable sortable" style="text-align:center"
|-
! colspan="5" class="unsortable" | Exports from Russia for 2021
|-
! Ranking || style="text-align:center;"| Country || style="text-align:center;"|Value (USD) || style="text-align:center;"| % 
|-
|   || style="text-align:center;"| World|| style="text-align:center;"| $492.3b || style="text-align:center;"| 100.0%
|-
| 1 || style="text-align:center;"| China || style="text-align:center;"| $68.6b || style="text-align:center;"| 13.9%
|-
| 2 || style="text-align:center;"| Netherlands|| style="text-align:center;"| $42.1b || style="text-align:center;"| 8.5%
|-
| 3 || style="text-align:center;"| Germany|| style="text-align:center;"| $29.6b|| style="text-align:center;"| 6.0%
|-
| 4 || style="text-align:center;"| Turkey|| style="text-align:center;"| $26.4b|| style="text-align:center;"| 5.3%
|-
| 5 || style="text-align:center;"| Belarus|| style="text-align:center;"| $23.1b || style="text-align:center;"| 4.7%
|-
| 6 || style="text-align:center;"| United Kingdom|| style="text-align:center;"| $22.2b|| style="text-align:center;"| 4.5%
|-
| 7 || style="text-align:center;"| Italy|| style="text-align:center;"| $19.2b || style="text-align:center;"| 3.9%
|-
| 8 || style="text-align:center;"| Kazakhstan|| style="text-align:center;"| $18.4b || style="text-align:center;"| 3.7%
|-
| 9 || style="text-align:center;"| United States|| style="text-align:center;"| $17.7b || style="text-align:center;"| 3.6%
|-
| 10 || style="text-align:center;"| South Korea|| style="text-align:center;"| $16.8b|| style="text-align:center;"| 3.4%
|}
|}

[[File:ВРП по субъектам РФ на душу населения 2016.svg|thumb|[[Gross Regional Product|GRP]] per capita, 2016 (US dollars):
{{legend|#008000;|50&nbsp;000 and over}}
{{legend|#00BA00;|30&nbsp;000 – 50&nbsp;000}}
{{legend|#D3FB00;|9&nbsp;750 (Russian average) – 20&nbsp;000}}
{{legend|#FFFC00;|7&nbsp;500 – 9&nbsp;750}}
{{legend|#FFD20E;|5&nbsp;000 – 7&nbsp;500}}
{{legend|#FF6100;|Under 3&nbsp;000}}
]]

====2013–present====

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.<ref>{{cite web |title=Asia-Pacific Trade Briefs: Russian Federation |url=https://www.unescap.org/sites/default/d8files/knowledge-products/Russian_Federation.pdf |archive-url=https://web.archive.org/web/20230626211443/https://www.unescap.org/sites/default/d8files/knowledge-products/Russian_Federation.pdf |archive-date=26 June 2023 |url-status=live |website=UNESCAP }}</ref> 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.<ref>{{cite journal | url=https://www.ssoar.info/ssoar/handle/document/95683 | 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 }}</ref> 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.<ref name="auto4"/>

According to the World Bank, imports of goods and services accounted for 21.3% of Russia's gross domestic product (GDP) in 2021,<ref>{{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 }}</ref> while exports made up 30.9%.<ref>{{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 }}</ref> Russia has [[trade-to-GDP ratio]] (trade openness) 49.26%
<ref>{{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 }}</ref> 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.<ref name="auto1"/>

== Mergers and acquisitions ==
Between 1985 and 2018, almost 28,500 mergers or acquisitions have been announced in Russia. This cumulates to an overall value of around US$984 billion which translates to RUB&nbsp;5.456 billion. In terms of value, 2007 has been the most active year with US$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.<ref>{{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}}</ref>

== See also ==
{{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 federal subjects of Russia by GDP per capita]]
* [[List of federal subjects of Russia by poverty rate]]
* [[List of federal subjects of Russia by unemployment rate]]
* [[List of Russian billionaires]]
* [[List of Russian federal districts by GDP]]
* [[List of trade unions in Russia]]
* [[Boycott of Russia and Belarus]]
* [[Monotown]], a town whose economy is dominated by a single industry or company. The term is sometimes used regarding some towns in Russia.
* [[Moscow Exchange]]
* [[Politics of Russia]]
* [[Russia and the World Bank]]
* [[Russian oligarchs]]
* [[Shadow economy of Russia]]
* [[Social entrepreneurship in Russia]]
* [[Social security system in Russia]]
* [[State-owned enterprises of Russia]]
* [[Types of business entity in Russia]]
* [[Types of legal entities in Russia]]
* [[Unemployment in Russia]]
* [[Unitary enterprise]], a government-owned corporation in Russia and some other post-Soviet states
* [[Virtual economy of Russia]]
{{Div col end}}

==Notes==
{{notelist}}

== References ==
{{reflist}}

== Sources ==
* {{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}}

== Further reading ==
* 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.

==External links==
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*[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://web.archive.org/web/20260115083458/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]]

{{Economy of Russia}}
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