Economy of Russia

The system of production, trade, finance, and consumption in the Russian Federation, shaped by extensive natural resources, state influence, and integration with global markets.

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Russian oil industry: The extraction, processing, and export of petroleum in Russia. Oil production and exports are major sources of revenue and foreign trade.
Central Bank of Russia: Russia’s central bank, responsible for monetary policy, currency issuance, and financial stability. Its interest-rate and currency policies influence inflation and economic activity.
Soviet planned economy: The centrally planned system that directed production and distribution in the Soviet Union. Its industrial structure and administrative legacy persisted after the Soviet Union dissolved.
International sanctions during the Russo-Ukrainian War: Restrictions imposed by foreign governments on Russian trade, finance, technology, and individuals during the war. Sanctions have constrained access to markets, capital, and selected technologies.
Command economy: An economic system in which central authorities direct production, investment, and distribution. Russia is not centrally planned, though state direction remains significant in strategic sectors.
Russian natural gas industry: The production, transport, and sale of natural gas in Russia. Gas exports have long connected Russian producers to domestic and foreign markets.
Russian federal budget: The Russian government’s annual plan for public revenue and expenditure. Oil and gas revenue, taxes, and state spending connect public finances to the wider economy.
Dissolution of the Soviet Union: The 1991 breakup of the Soviet Union into independent states. The breakup created the Russian Federation and triggered a major economic transition.
Russian import substitution: Policies and business efforts to replace imported goods with domestic production in Russia. Sanctions and trade disruptions have increased pressure to source goods locally.
Market economy: An economic system in which prices and production decisions are largely determined by markets. Market coordination operates alongside extensive state ownership and intervention in Russia.