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Proposed changes to "Russia"

Economy

[edit]
Main article: Economy of Russia
See also: Economic history of the Russian Federation and Taxation in Russia
The Moscow International Business Center in Moscow. The city has one of the world's largest urban economies.[1][2]

Russia has a mixed economy,[3] with enormous natural resources, particularly oil and natural gas.[4] It has the world's eleventh-largest economy by nominal GDP and the sixth-largest by PPP.[5][6] In 2017, the large service sector contributed to 62% of total GDP, the industrial sector 32%, and the small agricultural sector roughly 5%.[7][needs update] Russia has a low official unemployment rate of 4.1%.[8] Russia's foreign exchange reserves are the world's fifth-largest.[9] It has a labour force of roughly 70 million, which is the world's sixth-largest.[10] Russia's large automotive industry ranks as the world's tenth-largest by production.[11]

Russia is the world's twentieth-largest exporter and importer.[12][13] The oil and gas sector accounted for 45% of Russia's federal budget revenues in January 2022, and up to 60% of its exports in 2019.[14][15] In 2019, the Natural Resources and Environment Ministry estimated the value of natural resources to be 60% of the country's GDP.[16] Russia has one of the lowest levels of external debt among major economies,[17] although its inequality of household income and wealth is one of the highest among developed countries.[18]

Following the Russian invasion of Ukraine in 2022, the country has faced international sanctions and corporate boycotts,[19] in a move described as an "all-out economic and financial war" to isolate the Russian economy from the global financial system.[20] The European Bank for Reconstruction and Development has estimated the damage done by the sanctions triggered "the greatest supply shock since at least the early 1970s", and will retract Russia's economy by 10% in 2022.[21] Some estimates have suggested that sanctions will cost the Russian economy 30 years of development, and reduce the country's living standards for the next 5 years.[22]

Transport and energy

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Main articles: Transport in Russia and Energy in Russia
The Trans-Siberian Railway is the longest railway line in the world, connecting Moscow to Vladivostok.[23]

Railway transport in Russia is mostly under the control of the state-run Russian Railways. The total length of common-used railway tracks is the world's third-longest, and exceeds 87,000 km (54,100 mi).[24] As of 2016, Russia has the world's fifth-largest road network, with some 1,452 thousand km of roads,[25] while its road density is among the world's lowest.[26] Russia's inland waterways are the world's second-longest, and total 102,000 km (63,380 mi).[27] Its pipelines total some 251,800 km (156,461 mi), and are the world's third-longest.[28] Among Russia's 1,218 airports,[29] the busiest is Sheremetyevo International Airport in Moscow. Russia's largest port is the Port of Novorossiysk in Krasnodar Krai along the Black Sea.[30]

Russia has been widely described as an energy superpower.[31] It has the world's largest proven gas reserves,[32] the second-largest coal reserves,[33] the eighth-largest oil reserves,[34] and the largest oil shale reserves in Europe.[35] Russia is also the world's leading natural gas exporter,[36] the second-largest natural gas producer,[37] and the second-largest oil producer and exporter.[38][39] Russia's oil and gas production has led to deep economic relationships with the European Union, China, and former Soviet and Eastern Bloc states.[40][41] For example, over the last decade, Russia's share of supplies to total European Union (including the United Kingdom) gas demand increased from 25% in 2009 to 32% in the weeks before the Russian invasion of Ukraine in February 2022.[41] Russia relies heavily on revenues from oil- and gas-related taxes and export tariffs, which accounted for 45% of its federal budget in January 2022.[15]

Russia is committed to the Paris Agreement, after joining the pact formally in 2019.[42] It is the world's fourth-largest greenhouse gas emitter.[43] Russia is the world's fourth-largest electricity producer,[44] and the ninth-largest renewable energy producer in 2019.[45] It was also the world's first country to develop civilian nuclear power, and to construct the world's first nuclear power plant.[46] Russia was also the world's fourth-largest nuclear energy producer in 2019,[47] and was the fifth-largest hydroelectric producer in 2021.[48]

Sources

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 This article incorporates text from a free content work. Licensed under CC BY 4.0 (license statement/permission). Text taken from Frequently Asked Questions on Energy Security​, International Energy Agency, IEA.

References

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  1. ^ Anatoly Zhuplev (2018). Doing Business in Russia, Volume II: A Concise Guide. Business Expert Press. ISBN 978-1-63157-679-9. OCLC 1030401959.
  2. ^ "Global Wealth GDP Nominal Distribution: Who Are The Leaders Of The Global Economy? - Full Size". www.visualcapitalist.com. Retrieved 2022-03-27.
  3. ^ "Mixed economy". Encyclopedia Britannica. Retrieved 4 June 2021.
  4. ^ Excerpted from Glenn E. Curtis, ed. (1998). "Russia - Natural Resources". Washington, D.C.: Federal Research Division of the Library of Congress. Retrieved 25 June 2021.
  5. ^ "The top 20 largest economies in the world by GDP". February 9, 2021.
  6. ^ "GDP, PPP (current international $) | Data". data.worldbank.org. Retrieved 2021-07-02. Country Comparisons
  7. ^ Cite error: The named reference cia was invoked but never defined (see the help page).
  8. ^ "Russian Federation - Unemployment Rate". Moody's Analytics. Retrieved 4 April 2022.
  9. ^ "International Reserves of the Russian Federation (End of period)". Central Bank of Russia. Retrieved 21 June 2021.
  10. ^ "Labor force - The World Factbook". Central Intelligence Agency. Retrieved 16 June 2021.
  11. ^ "2020 PRODUCTION STATISTICS". OICA. Retrieved 16 June 2021.
  12. ^ "Exports - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 16 June 2021.
  13. ^ "Imports - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 7 January 2022.
  14. ^ Davydova, Angelina (24 November 2021). "Will Russia ever leave fossil fuels behind?". BBC. Retrieved 3 March 2022. Overall in Russia, oil and gas provided 39% of the federal budget revenue and made up 60% of Russian exports in 2019.
  15. ^ a b International Energy Agency (13 April 2022). "Frequently Asked Questions on Energy Security". IEA. Retrieved 10 May 2022.
  16. ^ "Russia's Natural Resources Make Up 60% of GDP". The Moscow Times. 14 March 2019. Retrieved 14 February 2021.
  17. ^ "Russian finances strong but economic problems persist". TRT World. 29 May 2020. Retrieved 12 February 2022. Now Russia is one of the least indebted countries in the world - thanks to all the oil revenue.
  18. ^ Russell, Martin (April 2018). "Socioeconomic inequality in Russia" (PDF). European Parliamentary Research Service. European Parliament. Retrieved 25 January 2022.
  19. ^ Sonnenfeld, Jeffrey (22 March 2022). "Over 300 Companies Have Withdrawn from Russia - But Some Remain". Yale School of Management. Retrieved 10 March 2022.
  20. ^ Cite error: The named reference sanction1 was invoked but never defined (see the help page).
  21. ^ Cite error: The named reference sanction2 was invoked but never defined (see the help page).
  22. ^ Cite error: The named reference sanction3 was invoked but never defined (see the help page).
  23. ^ Warren, Katie (3 January 2020). "I rode the legendary Trans-Siberian Railway on a 2,000-mile journey across 4 time zones in Russia. Here's what it was like spending 50 hours on the longest train line in the world". Business Insider. Retrieved 10 June 2021.
  24. ^ "Railways - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 15 June 2021.
  25. ^ "О развитии дорожной инфраструктуры" [On the development of road infrastructure]. Government of Russia. 29 April 2016. Retrieved 14 January 2021.
  26. ^ "Europe continues to report the world's highest Road Network Density, followed by East Asia and Pacific". International Road Federation. 16 December 2020. Retrieved 19 May 2021.
  27. ^ "Waterways - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 15 June 2021.
  28. ^ "Pipelines - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 7 January 2022.
  29. ^ "Airports - The World Factbook". The World Factbook. Central Intelligence Agency. Retrieved 15 June 2021.
  30. ^ Guzeva, Alexandra (20 April 2021). "10 Biggest port cities in Russia". Russia Beyond. Retrieved 13 February 2022.
  31. ^ Gustafson, Thane (20 November 2017). "The Future of Russia as an Energy Superpower". Harvard University Press. Retrieved 22 February 2021.
  32. ^ "Natural gas – proved reserves". The World Factbook. Central Intelligence Agency. Retrieved 15 February 2022.
  33. ^ "Statistical Review of World Energy 69th edition" (PDF). bp.com. BP. 2020. p. 45. Retrieved 8 November 2020.
  34. ^ "Crude oil – proved reserves". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  35. ^ 2010 Survey of Energy Resources (PDF). World Energy Council. 2010. p. 102. ISBN 978-0-946121-02-1. Retrieved 8 November 2020. {{cite book}}: |website= ignored (help)
  36. ^ "Natural gas – exports". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  37. ^ "Natural gas – production". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  38. ^ "Crude oil – production". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  39. ^ "Crude oil – exports". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  40. ^ International Energy Agency (24 February 2022). "Oil Market and Russian Supply". IEA. Retrieved 27 April 2022.
  41. ^ a b International Energy Agency (24 February 2022). "Gas Market and Russian Supply". IEA. Retrieved 27 April 2022.
  42. ^ Sauer, Natalie (24 September 2019). "Russia formally joins Paris climate pact". Euractiv. Retrieved 19 December 2021.
  43. ^ Hill, Ian (1 November 2021). "Is Russia finally getting serious on climate change?". Lowy Institute. Retrieved 19 December 2021.
  44. ^ "Electricity – production". The World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
  45. ^ Whiteman, Adrian; Rueda, Sonia; Akande, Dennis; Elhassan, Nazik; Escamilla, Gerardo; Arkhipova, Iana (March 2020). Renewable capacity statistics 2020 (PDF). Abu Dhabi: International Renewable Energy Agency. p. 3. ISBN 978-92-9260-239-0. Retrieved 8 November 2020. {{cite book}}: |website= ignored (help)
  46. ^ Long, Tony (27 June 2012). "June 27, 1954: World's First Nuclear Power Plant Opens". Wired. Retrieved 8 June 2021.
  47. ^ "Nuclear Power Today". world-nuclear.org. World Nuclear Association. October 2020. Retrieved 8 November 2020.
  48. ^ Whiteman, Adrian; Akande, Dennis; Elhassan, Nazik; Escamilla, Gerardo; Lebedys, Arvydas; Arkhipova, Lana (2021). Renewable Energy Capacity Statistics 2021 (PDF). Abu Dhabi: International Renewable Energy Agency. ISBN 978-92-9260-342-7. Retrieved 3 January 2022.
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