Russia, as a Country, has transformed significantly since the
collapse of the Soviet Union. The economy has changed from a globally –
isolated, centrally - planned economy to a more globally integrated market based economy.
energy construction effects, Russian GDP growth reached 2.3% in 2018 and
forcasted 1.2% growth in 2019 as well as 1.8% growth for next 2 years i.e. 2020
transformation in last one decade named them “Energy Super Power” and upgraded
middle income transition made them world’s largest natural resource holder and
second largest exporter of Petroleum Products. The World Bank estimates
the total value of Russia's natural resources at $75 trillion US dollars.
Russia has an abundance of oil, natural gas and precious
metals which leads to exports. Russia has the world's largest proven
natural gas reserves and the largest exporter of natural gas. It is
also the second-largest exporter of petroleum.
Russia has a
large and sophisticated arms industry, capable of designing and
manufacturing high-tech military equipment and well established in export