|Ferrous and nonferrous metals, and minerals|
|Machinery and Equipment|
Russia; Russian: from the Greek: Ρωσία — Rus'), also officially known as the Russian Federation Russian: is a transcontinental state in Eurasia. Russia is the largest country in the world, covering more than one-eighth of Earth's inhabited land area, and the ninth most populous, with over 146.6 million people at the end of March 2016. Extending across the entirety of northern Asia and much of Eastern Europe, Russia spans eleven time zones and incorporates a wide range of environments and landforms. From northwest to southeast, Russia shares land borders with Norway, Finland, Estonia, Latvia, Lithuania and Poland (both with Kaliningrad Oblast), Belarus, Ukraine, Georgia, Azerbaijan, Kazakhstan, China, Mongolia, and North Korea. It shares maritime borders with Japan by the Sea of Okhotsk and the U.S. state of Alaska across the Bering Strait.
A significant drawback for investment is the banking sector, which lacks the resources, the capability, and the trust of the population that it would need to attract substantial savings and direct it toward productive investments. Russia's banks contribute only about 3% of overall investment in Russia. While ruble lending has increased since the August 1998 financial crisis, loans are still only 40% of total bank assets. The Central Bank of Russia reduced its refinancing rate five times in 2000, from 55% to 25%, signaling its interest in lower lending rates. Interest on deposits and loans are often below the inflation rate. The poorly developed banking system makes it difficult for entrepreneurs to raise capital and to diversify risk. Banks still perceive commercial lending as risky, and some banks are inexperienced with assessing credit risk. Money on deposit with Russian banks represents only 7% of GDP. Sherbank receives preferential treatment from the state and holds 73% of all bank deposits. In March 2002, Sergei ignatyey replaced Viktor Gerashchenko as Chairman of the Russian Central Bank. Under his leadership, necessary banking reforms, including stricter accounting procedures and federal deposit insurance, were implemented.
|Agriculture||Small grains, wheat, milk, maize, fruits.|
|Services (Including financial)||58.3% (2013 estimate)|
|United Aircraft Corporation||Aerospace|
|RZD Russian Railway||Transportation|
|Ferrous and nonferrous metals, and minerals|
|Machinery and Equipment|
Moscow Exchange, the largest exchange group in Russia, operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group also operates Russia's central securities depository (National Settlement Depository) and the country's largest clearing service provider (National Clearing Centre). The exchange was established in December 2011 by merging the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System.
The Great Recession in Russia was a crisis during 2008-2009 in the Russian financial markets as well as an economic recession that was compounded by political fears after the war with Georgia and by the plummeting price of Urals heavy crude oil, which lost more than 70% of its value since its record peak of US$147 on 4th of July 2008 before rebounding moderately in 2009. According to the World Bank, Russia’s strong short-term macroeconomic fundamentals made it better prepared than many emerging economies to deal with the crisis, but its underlying structural weaknesses and high dependence on the price of a single commodity made its impact more pronounced than would otherwise be the case.
In late 2008 during the onset of the crisis, Russian markets plummeted and more than $1 trillion had been wiped off the value of Russia's shares, although Russian stocks rebounded in 2009 becoming the world’s best performers, with the Micex index has more than doubled in value and regaining half its 2008 losses.
As the crisis progressed, Reuters and the Financial Times speculated that the crisis would be used to increase the Kremlin's control over key strategic assets in a reverse of the "loans for shares" sales of the 1990s when the state sold off major assets to the oligarchs in return for loans. In contrast to this earlier speculation, in September 2009 the Russian government announced plans to sell state energy and transport holdings in order to help plug the budget deficit and to help improve the nation's aging infrastructure. The state earmarked about 5,500 enterprises for divestment and plans to sell shares in companies that are already publicly traded, including Rosneft, the country’s biggest oil producer.
From July 2008 – January 2009, Russia's foreign exchange reserves (FXR) fell by $210 billion from their peak to $386 billion as the central bank adopted a policy of gradual devaluation to combat the sharp devaluation of the rubie. The ruble weakened 35% against the dollar from the onset of the crisis in August to January 2009. As the ruble stabilized in January the reserves began to steadily grow again throughout 2009, reaching a year-long high of $452 billion by year-end.
Russia's economy emerged from recession in the third quarter of 2009 after two-quarters of record negative growth. GDP contracted by 7.9% for the whole of 2009, slightly less than the economic ministry's prediction of 8.5%. Experts expect Russia's economy will grow modestly in 2010, with estimates ranging from 3.1% by the Russian economic ministry to 2.5%, 3.6% and 4.9% by the World Bank, International Monetary Fund (IMF), and Organization for Economic Co-operation and Development (OECD) respectively.
The nation's history began with that of the East Slavs, who emerged as a recognizable group in Europe between the 3rd and 8th centuries AD. Founded and ruled by a Varangian warrior elite and their descendants, the medieval state of Rus arose in the 9th century. By the 18th century, the nation had greatly expanded through conquest, annexation, and exploration to become the Russian Empire, which was the third largest empire in history, stretching from Poland on the west to Alaska on the east.
Following the Russian Revolution, the Russian Soviet Federative Socialist Republic became the largest and leading constituent of the Union of Soviet Socialist Republics, the world's first constitutionally socialist state. The Soviet Union played a decisive role in the Allied victory in World War II, and emerged as a recognized superpower and rival to the United States during the Cold War. The Soviet era saw some of the most significant technological achievements of the 20th century, including the world's first human-made satellite and the launching of the first humans in space. By the end of 1990, the Soviet Union had the world's second largest economy, largest standing military in the world and the largest stockpile of weapons of mass destruction. Following the partition of the Soviet Union in 1991, fourteen independent republics emerged from the USSR; as the largest, most populous, and most economically developed republic, the Russian SFSR reconstituted itself as the Russian Federation and is recognized as the continuing legal personality and sole successor state of the Soviet Union. It is governed as a federal semi-presidential republic.The Russian economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russia's extensive mineral and energy resources are the largest such reserves in the world, making it one of the leading producers of oil and natural gas globally. The country is one of the five recognized nuclear weapons states and possesses the largest stockpile of weapons of mass destruction. Russia is a great power and a permanent member of the United Nations Security Council, as well as a member of the G20, the Council of Europe, the Asia-Pacific Economic Cooperation (APEC), the Shanghai Cooperation Organisation (SCO), the Organization for Security and Co-operation in Europe (OSCE), and the World Trade Organization (WTO), as well as being the leading member of the Commonwealth of Independent States (CIS), the Collective Security Treaty Organization (CSTO) and one of the five members of the Eurasian Economic Union (EEU), along with Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
The ruble (RUB) is the currency of Russia and the two partially recognized republics of Abkhazia and South Ossetia. The ruble was the currency of the Russian Empire and of the Soviet Union before its dissolution. Belarus and Transnistria use currencies with the same name. The ruble is subdivided into 100 kopeks. The Russian ruble was the world's first decimal currency: it was decimalized in 1704 when the ruble became legally equal to 100 Kopeks
The word "ruble" is derived from the Russian verb meaning "to chop, to cut, to hack". It is first mentioned in the 13th century in a Novgorod birch bank manuscript as a synonym for 204-gram silver bullion called grivna. Its casting included some sort of cutting, hence the name. Earlier it was thought that the ruble was a cutout part of a grivna, though this etymology is now obsolete. However, from 14th to the 17th centuries the ruble was neither a coin nor a currency but rather a unit of weight and account. The most used currency was a small silver coin called denga. There were two variants of the denga minted in Novgorod and Moscow. The weight of a denga silver coin was unstable and inflating, but by 1535 one Novgorod denga weighted 0.68 grams, the Moscow denga being half of the Novgorod denga. Thus one account ruble consisted of 100 Novgorod or 200 Moscow dengi.
In 1654–1655 tsar Alexis I tried to carry out a monetary reform and ordered to mint silver one ruble coins from imported joachimsthalers and new kopek coins from copper (old silver kopeks was left in circulation). Although around 1 million of such rubles was made, its lower weight (28–32 grams) against the nominal ruble (48 g) lead to counterfeit, speculation and inflation, and after the Copper Riot of 1662 the new monetary system was abandoned in favor of the old one By the beginning of the 19th century, copper coins were issued for 1?4, 1?2, 1, 2 and 5 kopeks, with silver 5, 10, 25 and 50 kopeks and 1 ruble and gold 5 although production of the 10 ruble coin ceased in 1806. Silver 20 kopeks were introduced in 1820, followed by copper 10 kopeks minted between 1830 and 1839, and copper 3 kopeks introduced in 1840. Between 1828 and 1845, platinum 3, 6 and 12 rubles were issued. In 1860, silver 15 kopeks were introduced, due to the use of this denomination in Poland, whilst, in 1869, gold 3 rubles were introduced. In 1886, new gold coinage was introduced consisting of 5 and 10 ruble coins. This was followed by another in 1897. In addition to smaller 5 and 10 ruble coins, 7 1?2 and 15 ruble coins were issued for a single year, as these were equal in size to the previous 5 and 10 ruble coins.
The gold coinage was suspended in 1911, with the other denominations produced until the First World War. In 1768, during the reign of Catherine the Great, the Assignation Bank was instituted to issue the government paper money. It opened in Saint Petersburg and in Moscow in 1769. In 1769, Assignation rubies were introduced for 25, 50, 75 and 100 rubles, with 5 and 10 rubles added in 1787 and 200 ruble in 1819. The value of the Assignation rubles fell relative to the coins until, in 1839, the relationship was fixed at 1 coin ruble = 3½ assignat rubles. In 1840, the State Commercial Bank issued 3, 5, 10, 25, 50 and 100 rubles notes, followed by 50 ruble credit notes of the Custody Treasury and State Loan Bank.
In 1843, the Assignation Bank ceased operations, and state credit notes were introduced in denominations of 1, 3, 5, 10, 25, 50 and 100 rubles. These circulated, in various types, until the revolution, with 500 rubles notes added in 1898 and 250 and 1000 rubles notes added in 1917. In 1915, two kinds of small change notes were issued. One, issued by the Treasury, consisted of regular style (if small) notes for 1, 2, 3, 5 and 50 kopeks. The other consisted of the designs of stamps printed onto card with text and the imperial eagle printed on the reverse. These were in denominations of 1, 2, 3, 10, 15 and 20 kopeks.
|National Song||"Государственный гимн Российской Федерации"|
|Currency||Russian ruble (RUB)|
|GDP / GDP Rank||$3799.7 Billion USD|
|GDP Growth Rate||-3.7 percent|
|GDP Per Captial||$26489.82(PPP)|
UTC+2 to +12
41% Russian Orthodox
1.5% Other Orthodox
4.1% Unaffiliated Christian
President- Vladimir Putin
Prime Minister- Dmitry Medvedev
|Website||Go to the web|
|Public Debt||17.0 percent of GDP|
|Unemployment Rate||5.7 percent|
|Labor Force (Occupation)||-|