Russia is one of the world’s leading resource-based economies, with a nominal GDP of
approximately USD 2.2 trillion (2023) and a population of around 146 million. The country
has a GDP per capita of nearly USD 15,000, and its official currency is the Russian Ruble
(RUB). Russia’s economic performance is closely linked to global commodity markets,
particularly energy and minerals.
The energy sector forms the backbone of the Russian economy, contributing a substantial
share of government revenues and export earnings. Russia ranks among the top global
producers and exporters of crude oil, natural gas, coal, and nuclear energy technologies.
The industrial sector is well-developed, encompassing metallurgy, heavy machinery,
chemicals, fertilizers, aerospace, shipbuilding, and defense manufacturing. Agriculture
has emerged as a strong growth area, with Russia becoming one of the world’s largest
exporters of wheat, barley, sunflower oil, and fertilizers.
In 2023, Russia’s exports exceeded USD 420 billion, driven mainly by energy products,
metals, fertilizers, grain, and petrochemicals, while imports were valued at approximately
USD 285 billion. Trade flows have increasingly shifted toward China, India, Türkiye, the
Middle East, Africa, and other BRICS and BRICS Plus economies, reflecting Russia’s pivot
toward non-Western markets.
Russia also possesses vast reserves of oil, gas, coal, rare earth elements, timber, and
freshwater resources, giving it long-term strategic leverage in global supply chains. Despite
facing sanctions, financial restrictions, and geopolitical challenges, Russia has accelerated
efforts toward import substitution, domestic manufacturing, alternative payment systems,
and logistics corridor development.
Looking ahead, Russia’s role within BRICS is focused on energy security, food security,
industrial cooperation, financial de-dollarization, and technology partnerships. Enhanced
collaboration in energy infrastructure, fertilizers, transport corridors, and digital finance is
expected to strengthen Russia’s integration with BRICS economies and reinforce collective
economic resilience.
Russia is one of the world’s leading resource-based economies, with a nominal GDP of
approximately USD 2.2 trillion (2023) and a population of around 146 million. The country
has a GDP per capita of nearly USD 15,000, and its official currency is the Russian Ruble
(RUB). Russia’s economic performance is closely linked to global commodity markets,
particularly energy and minerals.
The energy sector forms the backbone of the Russian economy, contributing a substantial
share of government revenues and export earnings. Russia ranks among the top global
producers and exporters of crude oil, natural gas, coal, and nuclear energy technologies.
The industrial sector is well-developed, encompassing metallurgy, heavy machinery,
chemicals, fertilizers, aerospace, shipbuilding, and defense manufacturing. Agriculture
has emerged as a strong growth area, with Russia becoming one of the world’s largest
exporters of wheat, barley, sunflower oil, and fertilizers.
In 2023, Russia’s exports exceeded USD 420 billion, driven mainly by energy products,
metals, fertilizers, grain, and petrochemicals, while imports were valued at approximately
USD 285 billion. Trade flows have increasingly shifted toward China, India, Türkiye, the
Middle East, Africa, and other BRICS and BRICS Plus economies, reflecting Russia’s pivot
toward non-Western markets.
Russia also possesses vast reserves of oil, gas, coal, rare earth elements, timber, and
freshwater resources, giving it long-term strategic leverage in global supply chains. Despite
facing sanctions, financial restrictions, and geopolitical challenges, Russia has accelerated
efforts toward import substitution, domestic manufacturing, alternative payment systems,
and logistics corridor development.
Looking ahead, Russia’s role within BRICS is focused on energy security, food security,
industrial cooperation, financial de-dollarization, and technology partnerships. Enhanced
collaboration in energy infrastructure, fertilizers, transport corridors, and digital finance is
expected to strengthen Russia’s integration with BRICS economies and reinforce collective
economic resilience.
Director, BG GROUP
Russia is one of the world’s leading resource-based economies, with a nominal GDP of
approximately USD 2.2 trillion (2023) and a population of around 146 million. The country
has a GDP per capita of nearly USD 15,000, and its official currency is the Russian Ruble
(RUB). Russia’s economic performance is closely linked to global commodity markets,
particularly energy and minerals.
The energy sector forms the backbone of the Russian economy, contributing a substantial
share of government revenues and export earnings. Russia ranks among the top global
producers and exporters of crude oil, natural gas, coal, and nuclear energy technologies.
The industrial sector is well-developed, encompassing metallurgy, heavy machinery,
chemicals, fertilizers, aerospace, shipbuilding, and defense manufacturing. Agriculture
has emerged as a strong growth area, with Russia becoming one of the world’s largest
exporters of wheat, barley, sunflower oil, and fertilizers.
In 2023, Russia’s exports exceeded USD 420 billion, driven mainly by energy products,
metals, fertilizers, grain, and petrochemicals, while imports were valued at approximately
USD 285 billion. Trade flows have increasingly shifted toward China, India, Türkiye, the
Middle East, Africa, and other BRICS and BRICS Plus economies, reflecting Russia’s pivot
toward non-Western markets.
Russia also possesses vast reserves of oil, gas, coal, rare earth elements, timber, and
freshwater resources, giving it long-term strategic leverage in global supply chains. Despite
facing sanctions, financial restrictions, and geopolitical challenges, Russia has accelerated
efforts toward import substitution, domestic manufacturing, alternative payment systems,
and logistics corridor development.
Looking ahead, Russia’s role within BRICS is focused on energy security, food security,
industrial cooperation, financial de-dollarization, and technology partnerships. Enhanced
collaboration in energy infrastructure, fertilizers, transport corridors, and digital finance is
expected to strengthen Russia’s integration with BRICS economies and reinforce collective
economic resilience.
Russia is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, encompassing one-eighth of Earth's inhabitable landmass. Russia extends across eleven time zones and shares land boundaries with fourteen countries. It is the world's ninth-most populous country and Europe's most populous country. The country's capital and largest city is Moscow. Saint Petersburg is Russia's cultural center and second-largest city. Other major urban areas include Novosibirsk, Yekaterinburg, Nizhny Novgorod, and Kazan.
