Economy of Russia
Russia has a market-oriented mixed economy considered high-income and highly industrialized. It has the eighth-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012. The country has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country is a petrostate, with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the third-largest natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. As of 2026, its foreign exchange...
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