Russia’s economy has slowly changed to a market-oriented economy during the previous years. It possesses a lot of natural resources, especially oil and gas. It was the fifth-largest economy in Europe, the eleventh-largest economy in the world by nominal GDP in 2021.
With a major part of the world’s natural resources, Russia’s enormous landmass is an important factor in its economic activities. It has been named an energy powerhouse since it holds the world’s greatest natural gas reserves, second-largest coal reserves, eighth-largest oil reserves, and Europe’s biggest oil shale deposits. It is the world’s top natural gas exporter, as well as the world’s second-largest natural gas producer.
According to the Economic Complexity Index, Russia was the world’s number 13 in total exports, number 21 in total imports, and the number 43 most complicated economy in 2020.