Editing Economy of Russia (section)

== History ==
{{main|Economic history of the Russian Federation|Economy of the Soviet Union}}
The Russian economy has been volatile over the past multiple decades. After 1989, its institutional environment was transformed from a [[command economy]] based upon [[Socialism|socialist organizations]] to a [[Capitalism|capitalistic system]]. Its industrial structure dramatically shifted away over the course of several years from heavy investment in [[manufacturing]] as well as in traditional Soviet [[agriculture]] towards [[free market]] related developments in [[natural gas]] and oil extraction in additional to businesses engaged in [[mining]]. A [[service economy]] also expanded during this time. The academic analyst Richard Connolly has argued that, over the last four centuries in a broad sense, there were four main characteristics of the Russian economy that have shaped the system and persisted despite the political upheavals. First of all the weakness of the legal system means that impartial courts do not rule and contracts are problematic. Second is the underdevelopment of modern economic activities, with very basic peasant agriculture dominant into the 1930s. Third is technological underdevelopment, eased somewhat by borrowing from the West in the 1920s. And fourth lower living standards compared to Western Europe and North America.<ref>Richard Connolly, ''The Russian economy: a very short introduction'' (2020) pp 2–11.</ref>

=== Russian Empire ===
{{Excerpt|Economy of the Russian Empire after the abolition of serfdom}}

===Soviet Union ===
{{Main|Economy of the Soviet Union}}
Beginning in 1928, the course of the [[Soviet Union]]'s economy was guided by a series of [[Five-year plans for the national economy of the Soviet Union|five-year plans]]. By the 1950s, the Soviet Union had rapidly evolved from a mainly [[agrarian society]] into a major industrial power.{{sfn|Davies|1998|p=[https://books.google.com/books?id=mNffDWnt25wC&pg=PA1 1], [https://books.google.com/books?id=mNffDWnt25wC&pg=PA3 3]}} 
By the 1970s the [[Soviet Union]] was in an [[Era of Stagnation]]. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners in [[Moscow]] became overwhelming. The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation, innovation, customers, and suppliers.

[[File:RIAN archive 695084 Workers of Moscow Likhachev Automotive Plant.jpg|thumb|left|Workers of Moscow [[ZiL|Likhachev Automotive Plant]], 1963]]

From 1975 to 1985, corruption and data manipulation became common practice within the [[bureaucracy]] to report satisfied targets and quotas, thus entrenching the crisis. Starting in 1986, [[Mikhail Gorbachev]] attempted to address economic problems by moving towards a [[Market socialism|market-oriented socialist economy]]. Gorbachev's policies of [[Perestroika]] failed to rejuvenate the Soviet economy; instead, a process of political and economic disintegration culminated in the [[Dissolution of the Soviet Union|breakup of the Soviet Union]] in 1991.

===Transition to market economy (1991–1998)===
[[File:Russian inflation rate 1993-2022.webp|thumb|left|300px|Russian inflation rate 1993-2022]]
[[File:Yakimanka District, Moscow, Russia - panoramio (309).jpg|thumb|Main Directorate of the [[Central Bank of Russia|Bank of Russia]] for the Central Federal District]]
[[File:GDP per Capita PPP Russia.png|thumb|GDP per capita (PPP) in Russia, 1992-2023 (in [[international dollars]])]]
Following the collapse of the [[Soviet Union]], Russia underwent a radical transformation, moving from a [[Planned economy|centrally planned economy]] to a [[Globalization|globally integrated]] [[market economy]]. Corrupt and haphazard [[privatization]] processes turned over major state-owned firms to politically connected "[[Russian oligarch|oligarchs]]", which has left equity ownership highly concentrated.

[[Yeltsin]]'s program of radical, market-oriented reform came to be known as a "[[Shock therapy (economics)|shock therapy]]". It was based on the policies associated with the [[Washington Consensus]], recommendations of the IMF and a group of top American economists, including [[Larry Summers]]<ref>{{cite book|last1=Appel|first1=Hilary|last2=Orenstein|first2=Mitchell A.|date=2018|title=From Triumph to Crisis: Neoliberal Economic Reform in Postcommunist Countries|url=https://books.google.com/books?id=PHhTDwAAQBAJ&pg=PA3|publisher=[[Cambridge University Press]]|page=3|isbn=978-1108435055|access-date=30 December 2020|archive-date=5 March 2024|archive-url=https://web.archive.org/web/20240305113214/https://books.google.com/books?id=PHhTDwAAQBAJ&pg=PA3#v=onepage&q&f=false|url-status=live}}</ref><ref name=nuff>{{cite web|title=Nuffield Poultry Study Group — Visit to Russia 6th–14th October 2006|publisher=The BEMB Research and Education Trust|url=http://www.bembtrust.org.uk/Russia%20Report%20no%20app.pdf|date=2007|access-date=27 December 2007|archive-url=https://web.archive.org/web/20070807214106/http://www.bembtrust.org.uk/Russia%20Report%20no%20app.pdf|archive-date=7 August 2007}}</ref><ref>{{cite web |title=How Harvard lost Russia |work=[[Institutional Investor (magazine)|Institutional Investor]] |url=https://www.institutionalinvestor.com/article/b150npp3q49x7w/how-harvard-lost-russia|date=27 February 2006|access-date=24 July 2014 |archive-url=https://web.archive.org/web/20140717072300/http://www.institutionalinvestor.com/Article/1020662/How-Harvard-lost-Russia.html?ArticleId=1020662&single=true#.U8d57nbP2M8 |archive-date=17 July 2014|url-status=live }}</ref> who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."<ref>{{cite book|last=Mattei|first=Clara E.|date=2022|title=The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism|page=302|url=https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html|location=|publisher=[[University of Chicago Press]]|isbn=978-0226818399|access-date=4 December 2022|archive-date=4 January 2023|archive-url=https://web.archive.org/web/20230104180917/https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html|url-status=live}}</ref> With deep [[corruption]] afflicting the process, the result was disastrous, with real GDP falling by more than 40% by 1999, [[hyperinflation]] which wiped out personal savings, crime and destitution spreading rapidly.<ref name="WB GDP growth">{{cite web |url=http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/countries |title=GDP growth (annual %) |publisher=[[World Bank]] |access-date=26 July 2014 |archive-date=28 June 2016 |archive-url=https://web.archive.org/web/20160628122934/http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/countries |url-status=live }}</ref><ref>{{cite web|title=Members|publisher=APEC Study Center; City University of Hong Kong|url=http://www.fb.cityu.edu.hk/research/apec/index.cfm?page=members|archive-url=https://web.archive.org/web/20070810232257/http://www.fb.cityu.edu.hk/research/apec/index.cfm?page=members|archive-date=10 August 2007|access-date=27 December 2007 }}</ref> The jump in prices from shock therapy wiped out the modest savings accumulated by Russians under socialism and resulted in a regressive redistribution of wealth in favour of elites who owned non-monetary assets.<ref>{{Cite book |last=Weber |first=Isabella |author-link=Isabella Weber |url=https://www.worldcat.org/oclc/1228187814 |title=How China escaped shock therapy : the market reform debate |date=2021 |publisher=[[Routledge]] |isbn=978-0-429-49012-5 |location=Abingdon, Oxon |pages=5 |oclc=1228187814}}</ref>

Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,<ref>{{cite book |last=Scheidel |first=Walter |author-link=Walter Scheidel |title=The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century |publisher=[[Princeton University Press]] |year=2017 |isbn=978-0691165028 |page=222 }}</ref> along with increased excess mortality<ref>[http://news.bbc.co.uk/2/hi/health/7828901.stm Privatisation 'raised death rate'] {{Webarchive|url=https://web.archive.org/web/20160306005653/http://news.bbc.co.uk/2/hi/health/7828901.stm |date=6 March 2016 }}. ''[[BBC]],'' 15 January 2009. Retrieved 24 November 2018.</ref><ref>{{cite journal |last1= Rosefielde|first1=Steven|date=2001 |title=Premature Deaths: Russia's Radical Economic Transition in Soviet Perspective|journal=[[Europe-Asia Studies]]|volume=53 |issue=8 |pages=1159–1176|doi= 10.1080/09668130120093174|s2cid=145733112|author-link=Steven Rosefielde}}</ref><ref>{{cite book |last1=Ghodsee |first1=Kristen |author1-link=Kristen Ghodsee |title=Taking Stock of Shock: Social Consequences of the 1989 Revolutions |last2=Orenstein |first2=Mitchell A. |date=2021 |publisher=[[Oxford University Press]] |isbn=978-0197549247 |location=New York |pages=195–196 |doi=10.1093/oso/9780197549230.001.0001 |quote=In the mortality belt of the European former Soviet Union, an aggressive health policy intervention might have prevented tens of thousands of excess deaths, or at least generated a different perception of Western intentions. Instead, Western self-congratulatory triumphalism, the political priority to irreversibly destroy the communist system, and the desire to integrate East European economies into the capitalist world at any cost took precedence.}}</ref> and a decline in life expectancy.<ref>{{cite book|last=Ghodsee|first=Kristen|date=2017|title=Red Hangover: Legacies of Twentieth-Century Communism|url=https://www.dukeupress.edu/red-hangover|publisher=[[Duke University Press]]|pages=63–64|isbn=978-0822369493|author-link=Kristen R. Ghodsee|access-date=24 November 2018|archive-date=4 August 2018|archive-url=https://web.archive.org/web/20180804180848/https://www.dukeupress.edu/red-hangover|url-status=live}}</ref> Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country.<ref name=":9" /> Likewise, the consumption of meat decreased: in 1990, an average citizen of the RSFSR consumed 63&nbsp;kg of meat a year; by 1999, it had decreased to 45&nbsp;kg.<ref>{{cite web |title=Поторебление мяса на душу населения в СССР, россии и развитьіх странах |url=http://kaig.ru/rf/postmeat.pdf |archive-url=https://web.archive.org/web/20211217173436/http://kaig.ru/rf/postmeat.pdf |archive-date=17 December 2021}}</ref>

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders<ref>{{cite web|last=Nicholson|first=Alex|title=Metal is the latest natural resource bonanza for Russia|work=International Herald Tribune |url=http://www.iht.com/articles/2007/08/14/business/metal.php |archive-url=https://web.archive.org/web/20070816225640/http://www.iht.com/articles/2007/08/14/business/metal.php |archive-date=16 August 2007}}</ref> for far less than they were worth.<ref name=nuff/> For example, the director of a factory during the Soviet regime would often become the owner of the same enterprise. Under the government's cover, outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government.<ref name=times>{{cite news|last=Page|first=Jeremy|title=Analysis: punished for his political ambitions|work=The Times|location=UK|url=http://www.timesonline.co.uk/tol/news/world/article523129.ece|access-date=27 December 2007|date=16 May 2005|archive-date=1 June 2010|archive-url=https://web.archive.org/web/20100601020807/http://www.timesonline.co.uk/tol/news/world/article523129.ece|url-status=dead}}</ref> Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.<ref>{{cite news|title=Russia: Clawing Its Way Back to Life (int'l edition)|work=BusinessWeek|date=29 November 1999|url=https://www.bloomberg.com/news/articles/1999-11-28/russia-clawing-its-way-back-to-life-intl-edition|access-date=27 December 2007|archive-date=30 March 2019|archive-url=https://web.archive.org/web/20190330174734/https://www.bloomberg.com/news/articles/1999-11-28/russia-clawing-its-way-back-to-life-intl-edition|url-status=live}}</ref> This rapid [[privatization]] of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."<ref>{{cite book |last1=Ghodsee|first1=Kristen|last2=Orenstein|first2=Mitchell A.|author-link1=Kristen Ghodsee|date=2021|title=Taking Stock of Shock: Social Consequences of the 1989 Revolutions|publisher=[[Oxford University Press]]|page=31|doi=10.1093/oso/9780197549230.001.0001 |isbn=978-0197549247}}</ref>

Difficulties in collecting government revenues amid the collapsing economy and dependence on short-term borrowing to finance budget deficits led to the [[1998 Russian financial crisis]].

In the 1990s, Russia was a major borrower from the [[International Monetary Fund]], with loan facilities totalling $20 billion. The IMF was criticised for lending so much, as Russia introduced little of the reforms promised for the money and a large part of these funds could have been "diverted from their intended purpose and included in the flows of capital that left the country illegally".<ref>{{cite news | url=http://news.bbc.co.uk/2/hi/business/455673.stm | title=Business: The Economy Russia: The IMF's biggest failure | publisher=BBC | access-date=10 May 2015 | author=| date=23 September 1999 | archive-date=2 August 2019 | archive-url=https://web.archive.org/web/20190802123400/http://news.bbc.co.uk/2/hi/business/455673.stm | url-status=live }}</ref><ref>{{cite web | url=https://www.imf.org/external/np/vc/1999/091399.htm | title=Facts About IMF Lending to Russia | publisher=International Monetary Fund | date=13 September 1999 | access-date=10 May 2015 | archive-date=29 August 2016 | archive-url=https://web.archive.org/web/20160829030318/https://www.imf.org/external/np/vc/1999/091399.htm | url-status=live }}</ref>

On 24 September 1993, at a meeting of the [[Commonwealth of Independent States]] (CIS) Council of Heads of State in [[Moscow]], Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan signed the Treaty on the creation of an Economic Union which reinforces by an international agreement the intention to create an economic union through the step-by-step creation of a free trade area, a customs union and conditions for the free movement of goods, services, capital and labor. All these countries have ratified the Treaty and it entered into force on 14 January 1994. Turkmenistan<ref>According to the Unified Register of Legal Acts and Other Documents of the Commonwealth of Independent States, on 24 December 1993, Turkmenistan sent a notification of accession to the Treaty on the Establishment of the Economic Union. It entered into force for Turkmenistan on 22 January 1994. As of 2024, the agreement is in force according to the register (CIS Executive Committee). See https://cis.minsk.by/reestrv2/doc/257#documentCard {{Webarchive|url=https://web.archive.org/web/20240104174357/https://cis.minsk.by/reestrv2/doc/257#documentCard |date=4 January 2024 }}</ref> and Georgia joined in 1994 and ratified the Treaty, but Georgia withdrew in 2009.<ref>{{cite web | url=https://cis.minsk.by/reestrv2/doc/257#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104174357/https://cis.minsk.by/reestrv2/doc/257#documentCard | url-status=live }}</ref>

On 15 April 1994, at a meeting of the [[Commonwealth of Independent States]] (CIS) Council of Heads of State in [[Moscow]], all 12 post-Soviet states signed the international [[Commonwealth of Independent States Agreement on the Establishment of a Free Trade Area|Agreement on the Establishment of a Free Trade Area]] in order to move towards the creation of an economic union. Article 17 also confirmed the intention to conclude a free trade agreement in services.<ref name="cis.minsk.by">{{cite web | url=https://cis.minsk.by/reestrv2/doc/321#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=28 October 2023 | archive-url=https://web.archive.org/web/20231028125322/https://cis.minsk.by/reestrv2/doc/321#documentCard | url-status=live }}</ref> Article 1 indicated that this was "the first stage of the creation of the Economic Union", but in 1999 the countries agreed to remove this phrase from the agreement.
<ref>{{cite web | url=https://cis.minsk.by/reestrv2/doc/884#text | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104174358/https://cis.minsk.by/reestrv2/doc/884#text | url-status=live }}</ref> Russia concluded bilateral free trade agreements with all CIS countries and did not switch to a multilateral free trade regime in 1999. Bilateral free trade agreements, except for Georgia, Azerbaijan and Turkmenistan<ref>{{cite web | url=https://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=862 | title=WTO &#124; Regional trade agreements | access-date=5 January 2024 | archive-date=5 May 2017 | archive-url=https://web.archive.org/web/20170505184433/http://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=862 | url-status=live }}</ref><ref>{{cite web | url=https://www.macmap.org/en/query/trade-agreement?reporter=795&relation=I&partner=all | title=Market Access Map | access-date=5 January 2024 | archive-date=5 January 2024 | archive-url=https://web.archive.org/web/20240105031651/https://www.macmap.org/en/query/trade-agreement?reporter=795&relation=I&partner=all | url-status=live }}</ref> (all of these are in force as of 2024), ceased to apply only after 2012 with Russia's accession to the new multilateral CIS free trade area.

Further integration took place outside the legal framework of the CIS. Pursuant to the Treaty on the creation of an Economic Union, the Agreement on the Customs Union between the Russian Federation and the Republic of Belarus was signed on 6 January 1995 in Minsk.<ref>https://docs.eaeunion.org/docs/ru-ru/0054920/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174402/https://docs.eaeunion.org/docs/ru-ru/0054920/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}</ref> The Government of the Republic of Belarus and the Government of the Russian Federation, on the one side, and the Government of the Republic of Kazakhstan, on the other side, signed an Agreement on the Customs Union in Moscow on 20 January 1995 in order to move towards the creation of an economic union as envisaged by the treaty.<ref>https://docs.eaeunion.org/docs/ru-ru/0055079/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174404/https://docs.eaeunion.org/docs/ru-ru/0055079/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}</ref> The implementation of these agreements made it possible to launch the [[Customs Union of the Eurasian Economic Community]] in 2010. According to the database of international treaties of the [[Eurasian Economic Union]], these agreements are still in force as of 2024 and apply in part not contrary to the Treaty on the Eurasian Economic Union.
<ref>https://docs.eaeunion.org/en-us/pages/alldocuments.aspx#npbdocumentbelongsta {{Webarchive|url=https://web.archive.org/web/20240104174356/https://docs.eaeunion.org/en-us/pages/alldocuments.aspx#npbdocumentbelongsta |date=4 January 2024 }} {{bare URL inline|date=February 2024}}</ref><ref>https://docs.eaeunion.org/docs/en-us/0054920/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174356/https://docs.eaeunion.org/docs/en-us/0054920/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}</ref><ref>https://docs.eaeunion.org/docs/en-us/0055079/itot_06112012 {{Webarchive|url=https://web.archive.org/web/20240104174359/https://docs.eaeunion.org/docs/en-us/0055079/itot_06112012 |date=4 January 2024 }} {{bare URL inline|date=February 2024}}</ref>

International agreements such as the following have further deepened trade and economic relations and integration with Belarus. The Community of Belarus and Russia was founded on 2 April 1996. The "Treaty on the Union between Belarus and Russia" was signed on 2 April 1997. And finally the Treaty on the Creation of a [[Union State of Russia and Belarus]] was signed on 8 December 1999.

===Recovery and growth (1999–2008)===
[[File:Oil Prices Medium Term.png|thumb|[[Price of oil]] in the 2000s]]
Russia recovered quickly from the August 1998 financial crash, partly because of a devaluation of the ruble, which made domestic producers more competitive nationally and internationally.

Between 2000 and 2002, significant pro-growth economic reforms included a comprehensive tax reform, which introduced a flat [[income tax]] of 13%; and a broad effort at [[deregulation]] which benefited [[small and medium-sized enterprises]].<ref name="iie">[http://www.iie.com/publications/papers/paper.cfm?ResearchID=974 An Assessment of Putin's Economic Policy] {{Webarchive|url=https://web.archive.org/web/20160322111033/http://www.iie.com/publications/papers/paper.cfm?ResearchID=974 |date=22 March 2016 }}, by [[Anders Aslund]], [[Peterson Institute for International Economics]], July 2008</ref>

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.<ref name="WB GDP growth"/> Disposable incomes more than doubled and in [[U.S. dollar|dollar]]-denominated terms increased eightfold.<ref name="KPMG">{{cite web|url=https://www.kpmg.com/NL/nl/IssuesAndInsights/ArticlesPublications/Documents/PDF/High-Growth-Markets/Investing-in-Russia1.pdf|title=Investing in Russia|date=April 2013|publisher=[[KPMG]]|access-date=21 July 2014|archive-date=28 December 2013|archive-url=https://web.archive.org/web/20131228055629/http://www.kpmg.com/NL/nl/IssuesAndInsights/ArticlesPublications/Documents/PDF/High-Growth-Markets/Investing-in-Russia1.pdf|url-status=live}}</ref> The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.<ref name=vtbmagazine>{{cite web|url=http://www.vtbmagazine.ru/number_detail.asp?aid=87|archive-url=https://web.archive.org/web/20060619041538/http://www.vtbmagazine.ru/number_detail.asp?aid=87|archive-date=19 June 2006 |script-title=ru:РОЗНИЧНЫЙ ПОДХОД. Российские банки борются за частников |publisher=Vtbmagazine.ru |language=ru|access-date=12 November 2011}}</ref><ref name=samaratoday>{{cite web|url=http://bank.samaratoday.ru/showNews.php?idNews=741|archive-url=https://web.archive.org/web/20111021205725/http://bank.samaratoday.ru/showNews.php?idNews=741|archive-date=21 October 2011 |title=Ежегодно объем потребительского кредитования в России удваивается |publisher=Bank.samaratoday.ru |access-date=12 November 2011}}</ref> The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.<ref name=gks>{{cite web|url=http://www.gks.ru/free_doc/2006/b06_11/07-01.htm|archive-url=https://web.archive.org/web/20060715183735/http://www.gks.ru/free_doc/2006/b06_11/07-01.htm|archive-date=15 July 2006 |title=Основные Социально-Экономические Индикаторы Уровня Жизни Населения |publisher=Gks.ru |access-date=12 November 2011}}</ref><ref name=CIA>{{cite web |url=https://www.cia.gov/the-world-factbook/countries/russia/ |title=CIA – The World Factbook – Russia |publisher=Cia.gov |access-date=12 November 2011 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109173026/https://www.cia.gov/the-world-factbook/countries/russia/ |url-status=live }}</ref>

Russia repaid its borrowing of $3.3 billion from the IMF three years early in 2005.<ref>{{cite journal | title=Russia pays off IMF debt early | journal=Imf Survey | url=https://www.elibrary.imf.org/view/journals/023/0034/002/article-A004-en.xml#:~:text=due%20in%202008.-,Abstract,its%20remaining%20%243.33%20billion%20debt. | date=8 February 2005 | volume=34 | issue=2 | access-date=28 December 2023 | archive-date=2 January 2022 | archive-url=https://web.archive.org/web/20220102032820/https://www.elibrary.imf.org/view/journals/023/0034/002/article-A004-en.xml#:~:text=due%20in%202008.-,Abstract,its%20remaining%20%243.33%20billion%20debt. | url-status=live }}</ref>

[[Inflation]] remained a problem however, as the [[Bank of Russia|central bank]] aggressively expanded [[money supply]] to combat appreciation of the ruble.<ref name="Emerging Markets">{{cite web|title=In Russia, a modern institution is quietly gaining ground|publisher=Emerging Markets|url=http://www.emergingmarkets.org/Article/3124142/In-Russia-a-modern-institution-is-quietly-gaining-ground.html|date=26 November 2012|access-date=27 July 2014|archive-url=https://web.archive.org/web/20140808161811/http://www.emergingmarkets.org/Article/3124142/In-Russia-a-modern-institution-is-quietly-gaining-ground.html|archive-date=8 August 2014|url-status=dead}}</ref> Nevertheless, in 2007 the [[World Bank]] declared that the Russian economy achieved "unprecedented macroeconomic stability".<ref>[http://news.bbc.co.uk/2/hi/business/7096426.stm Russia attracts investors despite its image] {{Webarchive|url=https://web.archive.org/web/20160305213615/http://news.bbc.co.uk/2/hi/business/7096426.stm |date=5 March 2016 }} [[BBC News]] Retrieved in March 2008</ref> Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.<ref name="iie"/>

===2009–2014===
[[File:Standard & Poor’s rating dynamics Russia.png|thumb|Changes in the credit rating (foreign) of Russia, [[Standard & Poor's]]]]
Russian banks were affected by the [[2008 financial crisis]], though no long term damage was done due to a proactive and timely response by the government and central bank.<ref>{{cite web|author1=Jarko Fidrmuc|author2=Philipp Johann Süß|title=The Outbreak of the Russian Banking Crisis|publisher=University of Munich|url=https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|date=September 2009|access-date=26 July 2014|archive-date=12 August 2016|archive-url=https://web.archive.org/web/20160812014351/https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|url-status=live}}</ref><ref>{{cite news|url=https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|work=[[The Guardian]]|title=Financial crisis: action taken by central banks and governments|date=21 October 2008|access-date=26 July 2014|archive-date=15 November 2020|archive-url=https://web.archive.org/web/20201115182048/https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | work=Reuters | title=Insight: No more easy pickings in Russia's banking market | date=22 May 2013 | access-date=26 July 2014 | archive-date=1 January 2016 | archive-url=https://web.archive.org/web/20160101114511/http://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | url-status=live }}</ref> A sharp, but brief [[Great Recession in Russia|recession in Russia]] was followed by a strong recovery beginning in late 2009.<ref name="WB GDP growth"/>

Between 2000 and 2012, Russia's energy exports fuelled a rapid growth in [[living standards]], with real [[disposable income]] rising by 160%.<ref>{{cite web|url=http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|publisher=Rosstat|language=ru|script-title=ru:ДИНАМИКА РЕАЛЬНЫХ ДОХОДОВ НАСЕЛЕНИЯ|access-date=21 July 2014|archive-date=13 January 2021|archive-url=https://web.archive.org/web/20210113160837/http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|url-status=dead}}</ref> In [[U.S. dollar|dollar]]-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.<ref name="KPMG" /> In the same period, unemployment and poverty more than halved and Russians' self-assessed [[life satisfaction]] also rose significantly.<ref name="challenges_p12">{{cite book|title=Russia After the Global Economic Crisis|url=https://archive.org/details/russiaaftergloba00aslu|url-access=limited|last1=Guriev|first1=Sergei|last2=Tsyvinski|first2=Aleh|publisher=Peterson Institute for International Economics; Centre for Strategic and International Studies; New Economic School|year=2010|isbn=9780881324976|editor=Anders Åslund |editor2=Sergei Guriev |editor3=Andrew C. Kuchins|pages=[https://archive.org/details/russiaaftergloba00aslu/page/n22 12]–13|chapter=Challenges Facing the Russian Economy after the Crisis}}</ref> This growth was a combined result of the [[2000s commodities boom]], [[World oil market chronology from 2003|high oil prices]], as well as prudent economic and fiscal policies.<ref name="Putin 2007">''Putin: Russia's Choice'', (Routledge 2007), by [[Richard Sakwa]], Chapter 9</ref> However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all [[financial assets]] held by Russian [[households]].<ref>{{cite web|url=https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|title=Global Wealth Report 2013 – Pg. 53|publisher=Credit Suisse|access-date=13 April 2015|archive-url=https://web.archive.org/web/20150214155424/https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|archive-date=14 February 2015|url-status=dead}}</ref><ref>{{cite news|url=https://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|title=Russia's Wealth Inequality One Of Highest In The World|date=9 October 2013|work=[[Huffington Post]]|access-date=21 July 2014|archive-url=https://web.archive.org/web/20131009154921/http://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|archive-date=9 October 2013}}</ref> Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.<ref>{{cite web |url=http://gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf |title=Illicit Financial Flows from Developing Countries: 2002–2011|date=2013 |publisher=Global Financial Integrity|access-date=5 December 2014|archive-date=8 April 2016|archive-url=https://web.archive.org/web/20160408000634/http://www.gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf|url-status=live}}</ref> Since 2008 [[Forbes]] has repeatedly named [[Moscow]] the "billionaire capital of the world".<ref>{{cite magazine|url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|title=Cities Of The Billionaires|last=Vorasarun|first=Chaniga|date=30 April 2008|access-date=21 August 2014|magazine=Forbes|archive-date=17 April 2009|archive-url=https://web.archive.org/web/20090417171221/http://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|url-status=live}}<br />{{cite magazine|url=https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|title=Forbes Top 10 Billionaire Cities – Moscow Beats New York Again|last=Geromel|first=Ricardo|date=14 March 2013|access-date=21 August 2014|magazine=Forbes|archive-date=15 January 2021|archive-url=https://web.archive.org/web/20210115160142/https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|url-status=live}}</ref>

In July 2010, Russia, together with Belarus and Kazakhstan, became a founding member of the [[Eurasian Customs Union|Customs Union]] of the [[Eurasian Economic Community]] (EurAsEC), and the [[Eurasian Economic Space|EurAsEC Single Economic Space]], a [[common market]] of the same countries, came into force on 1 January 2012, superseding the bilateral agreements on free trade. At the same time Russia's membership to the [[WTO]] was accepted in 2011.<ref>{{cite web |title=Russia becomes WTO member after 18 years of talks |url=https://www.bbc.com/news/business-16212643 |website=BBC |access-date=26 January 2021 |date=16 December 2011 |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506170131/https://www.bbc.com/news/business-16212643 |url-status=live }}</ref> Russia joined the [[World Trade Organization]] (WTO) on 22 August 2012 after 19 years of negotiations.<ref name="auto5">{{cite web | url=https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | title=WTO &#124; Russian Federation - Member information | access-date=19 June 2023 | archive-date=16 February 2016 | archive-url=https://web.archive.org/web/20160216210915/https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | url-status=live }}</ref><ref>{{Cite web |title=Russia joins WTO after 19 years of talks {{!}} Financial Times |url=https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |access-date=15 August 2023 |website=www.ft.com |archive-date=18 June 2023 |archive-url=https://web.archive.org/web/20230618173812/https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |url-status=live }}</ref><ref>{{cite news | url=https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | title=Russia's entry to WTO ends 19 years of negotiations | newspaper=The Guardian | date=22 August 2012 | last1=Elliott | first1=Larry | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173804/https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | url-status=live }}</ref> On 20 September 2012, the multi-lateral [[Commonwealth of Independent States Free Trade Area|Free Trade Area]] of the [[Commonwealth of Independent States]] (CIS FTA) came into force for Russia and subsequently superseded previous bilateral agreements among 9 participating post-Soviet states.<ref name="auto2">{{cite web | url=https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | title=CIS Free Trade Agreement Comes into Force - U.S.-Ukraine Business Council (USUBC) | date=20 October 2012 | access-date=19 June 2023 | archive-date=21 March 2023 | archive-url=https://web.archive.org/web/20230321165528/https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | url-status=live }}</ref> In 2015, Russia became a founding member of the [[Eurasian Economic Union]] (EAEU), which replaced EurAsEC and envisaged a supranational [[economic union]] (the deepest stage of [[economic integration]]<ref name="auto3">{{cite web | url=https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | title=Stages of Economic Integration: From Autarky to Economic Union | access-date=19 June 2023 | archive-date=10 October 2022 | archive-url=https://web.archive.org/web/20221010225658/https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | url-status=live }}</ref>).<ref name="auto">{{Cite web|url=http://www.eaeunion.org/?lang=en#about|title=Eurasian Economic Union|website=www.eaeunion.org|access-date=19 June 2023|archive-date=1 April 2020|archive-url=https://web.archive.org/web/20200401235136/http://www.eaeunion.org/?lang=en#about|url-status=live}}</ref>

Rapid GDP and income growth continued until 2013. The most important topic of discussion in the economy for a decade was the [[middle-income trap]]. In 2013, the [[World Bank]] announced that Russia had graduated to a [[high-income economy]] based on the results of 2012<ref>{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications | title=New Country Classifications | date=2 July 2013 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://blogs.worldbank.org/opendata/new-country-classifications | url-status=live }}</ref><ref name=WB2013>{{cite web|url=http://data.worldbank.org/about/country-and-lending-groups|archive-url=https://web.archive.org/web/20140702131322/http://data.worldbank.org/about/country-and-lending-groups|archive-date=2 July 2014|title=Country and Lending Groups|publisher=World Bank|access-date=1 July 2013}}</ref><ref>{{cite web | url=https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | title=World Bank updates its country classification by GNI per capita | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173812/https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | url-status=live }}</ref> but in 2016 it was reclassified as an [[upper-middle income economy]]<ref>{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications-2016 | title=New country classifications by income level: 2016-2017 | date=July 2016 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618202633/https://blogs.worldbank.org/opendata/new-country-classifications-2016 | url-status=live }}</ref><ref>{{cite web | url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | title=World Bank Country and Lending Groups – World Bank Data Help Desk | access-date=26 August 2016 | archive-date=28 October 2019 | archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | url-status=live }}</ref> due to changes in the exchange rate of the Russian ruble, which is a [[floating currency]]. While the UN [[Human Development Index]], which assesses progress in the standard of living, health and education, ranks Russia among the '[[List of countries by Human Development Index|very high human development]]' countries.<ref>https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf {{Webarchive|url=https://web.archive.org/web/20230318014833/https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf |date=18 March 2023 }} {{bare URL PDF|date=February 2024}}</ref><ref>{{cite web | url=https://www.statista.com/statistics/877144/human-development-index-of-russia/ | title=Russia HDI 2021 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://www.statista.com/statistics/877144/human-development-index-of-russia/ | url-status=live }}</ref>

Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high-technology sector.<ref>{{cite news |url=https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |work=[[The New York Times]] |title=Economic Reforms Likely to Continue Under Putin |date=22 September 2011 |access-date=27 July 2014 |first=Andrew E. |last=Kramer |archive-date=1 April 2019 |archive-url=https://web.archive.org/web/20190401105303/https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |url-status=live }}</ref> In 2012 oil, gas and petroleum products accounted for over 70% of total exports.<ref name="EIA">{{cite web|url=https://www.eia.gov/international/analysis/country/RUS|title=Russia – Analysis|publisher=[[U.S. Energy Information Administration|EIA]]|date=31 October 2017|access-date=17 February 2021|archive-date=17 February 2021|archive-url=https://web.archive.org/web/20210217013340/https://www.eia.gov/international/analysis/country/RUS|url-status=live}}</ref> This economic model appeared to show its limits, when after years of strong performance, the Russian economy expanded by a mere 1.3% in 2013.<ref name="WB GDP growth"/> Several reasons were proposed to explain the slowdown, including a prolonged [[Great Recession in Europe|recession in the EU]], which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and [[Demographic crisis of Russia#In the economic sphere|demographic problems]].<ref>{{cite web|url=http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|title=On Bank of Russia key rate|publisher=[[Bank of Russia]]|date=16 June 2014|access-date=26 July 2014|archive-date=1 January 2016|archive-url=https://web.archive.org/web/20160101114510/http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|url-status=live}}</ref> Political turmoil in neighbouring [[Ukraine]] added to the uncertainty and suppressed investment.

===2014–2021===
[[File:Countries by Natural Gas Proven Reserves (2014).svg|thumb|Countries by [[List of countries by natural gas proven reserves|natural gas proven reserves]] (2014), based on data from The World Factbook. Russia has the world's largest reserves.]]

Following the [[annexation of Crimea by the Russian Federation|annexation of Crimea]] in March 2014 and Russia's involvement in the ongoing [[War in Donbas (2014–2022)|War in Donbas]], the United States, the European Union, Canada, and Japan [[International sanctions during the Ukrainian crisis|imposed sanctions]] on Russia.<ref>{{cite web|title = EUROPA – EU Newsroom – EU sanctions against Russia over Ukraine crisis|url = http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm|website = europa.eu|access-date = 22 June 2015|archive-date = 11 June 2015|archive-url = https://web.archive.org/web/20150611143544/http://europa.eu/newsroom/highlights/special-coverage/eu_sanctions/index_en.htm|url-status = live}}</ref> This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis. Russia responded with sanctions against a number of countries, including a one-year period of total ban on food imports from the European Union and the United States.

According to the [[Ministry of Economic Development (Russia)|Russian economic ministry]] in July 2014, GDP growth in the first half of 2014 was 1%. The ministry projected growth of 0.5% for 2014.<ref>{{cite news|url=http://www.vedomosti.ru/finance/news/2014/07/25/vvp-rossii-v-pervom-polugodii-vyros-na-1-minekonomrazvitiya|newspaper=[[Vedomosti]]|script-title=ru:ВВП России в первом полугодии вырос на 1% — Минэкономразвития|date=27 July 2014|access-date=7 August 2014|language=ru|archive-date=23 September 2015|archive-url=https://web.archive.org/web/20150923143455/http://www.vedomosti.ru/finance/news/2014/07/25/vvp-rossii-v-pervom-polugodii-vyros-na-1-minekonomrazvitiya|url-status=live}}</ref> The Russian economy grew by a better than expected 0.6% in 2014.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2015-04-01/russia-s-economy-unexpectedly-expanded-0-4-in-fourth-quarter|title=Russian Economy Unexpectedly Expanded 0.4% in Fourth Quarter|author=Anna Andrianova|date=2 April 2015|work=Bloomberg.com|access-date=30 April 2015|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828112036/https://www.bloomberg.com/news/articles/2015-04-01/russia-s-economy-unexpectedly-expanded-0-4-in-fourth-quarter|url-status=live}}</ref> Russia is rated one of the most unequal of the world's major economies.<ref>{{cite news|url=https://www.theguardian.com/inequality/2017/apr/25/unequal-russia-is-anger-stirring-in-the-global-capital-of-inequality?CMP=share_btn_tw|title=Unequal Russia: is anger stirring in the global capital of inequality?|newspaper=The Guardian|date=25 April 2017|access-date=27 April 2017|archive-date=11 January 2021|archive-url=https://web.archive.org/web/20210111232642/https://www.theguardian.com/inequality/2017/apr/25/unequal-russia-is-anger-stirring-in-the-global-capital-of-inequality?CMP=share_btn_tw|url-status=live}}</ref>

As a result of the World Bank's designation of a high-income economy, Barack Obama issued a proclamation 9188: "I have determined that Russia is sufficiently advanced in economic development and improved in trade competitiveness that it is appropriate to terminate the designation of Russia as a beneficiary developing country effective October 3, 2014."<ref>{{cite web | url=https://obamawhitehouse.archives.gov/the-press-office/2014/05/07/message-congress-respect-russia-s-status-under-generalized-system-prefer | title=Message to the Congress -- with respect to Russia's status under the Generalized System of Preferences | date=7 May 2014 | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104155043/https://obamawhitehouse.archives.gov/the-press-office/2014/05/07/message-congress-respect-russia-s-status-under-generalized-system-prefer | url-status=live }}</ref> U.S. Customs and Border Protection (CBP) indicated that Russia formally graduated from the GSP program on 4 October 2014.<ref>{{cite web | url=https://www.cbp.gov/trade/trade-community/outreach-programs/trade-agreements/special-trade-programs/gsp/gsp-renewal | title=Renewal of the Generalized System of Preference (GSP) &#124; U.S. Customs and Border Protection | access-date=4 January 2024 | archive-date=4 January 2024 | archive-url=https://web.archive.org/web/20240104155044/https://www.cbp.gov/trade/trade-community/outreach-programs/trade-agreements/special-trade-programs/gsp/gsp-renewal | url-status=live }}</ref>

As of 2015, [[real income]] was still lower for 99% of Russians than it was in 1991.<ref name=":9">{{Cite book |last=Weber |first=Isabella |url=https://www.worldcat.org/oclc/1228187814 |title=How China escaped shock therapy : the market reform debate |date=2021 |publisher=[[Routledge]] |isbn=978-0-429-49012-5 |location=Abingdon, Oxon |pages=2 |oclc=1228187814}}</ref>

[[File:Russian bonds.webp|thumb|400px|Russian bonds, [[Inverted yield curve]]s to tame inflation during their wars ([[Russo-Georgian War]], [[Russo-Ukrainian War]], [[Russian invasion of Ukraine]])
{{legend-line|#FFD900 solid 3px|20-year bond}}
{{legend-line|#929292 solid 3px|10-year bond}}
{{legend-line|#E4181C solid 3px|1-year bond}}
{{legend-line|#1C3578 solid 3px|3-month bond}}
]]
The Russian economy risked going into recession from early 2014, mainly due to falling [[Price of oil|oil prices]], [[International sanctions during the Ukrainian crisis|sanctions]], and the subsequent [[capital flight]].<ref>{{cite web|url=https://www.bbc.com/news/business-29643612|title=Falling oil prices: Who are the winners and losers?|author=Tim Bowler|date=19 January 2015|work=BBC News|access-date=30 April 2015|archive-date=14 February 2018|archive-url=https://web.archive.org/web/20180214013857/https://www.bbc.com/news/business-29643612|url-status=live}}</ref> While in 2014 GDP growth remained positive at 0.6%,<ref>{{cite web|url=http://www.gks.ru/bgd/free/b04_03/IssWWW.exe/Stg/d05/75.htm|work=gks.ru|language=ru|script-title=ru:О состоянии внешней торговли в январе-феврале 2015 года|trans-title=On the state of foreign trade in January–February 2015|archive-url=https://web.archive.org/web/20150427143206/http://www.gks.ru/bgd/free/b04_03/IssWWW.exe/Stg/d05/75.htm|archive-date=27 April 2015|access-date=30 April 2015}}</ref> in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.<ref name="bloom1">{{cite news|url=https://www.bloomberg.com/news/articles/2016-01-28/russia-s-economy-faces-long-term-decline|title=Russia's Great Downward Shift|author=Matlack, Carol|newspaper=Bloomberg.com|date=28 January 2016|publisher=Bloomberg L.P.|access-date=28 January 2016|archive-date=29 January 2016|archive-url=https://web.archive.org/web/20160129095302/http://www.bloomberg.com/news/articles/2016-01-28/russia-s-economy-faces-long-term-decline|url-status=live}}</ref> By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%.<ref name="gks.ru">{{cite web|url=http://www.gks.ru/bgd/free/B04_03/IssWWW.exe/Stg/d03/20.htm|title=О производстве и использовании валового внутреннего продукта (ВВП) за 2017 год|website=www.gks.ru|access-date=1 February 2018|archive-url=https://web.archive.org/web/20180612210719/http://www.gks.ru/bgd/free/B04_03/IssWWW.exe/Stg/d03/20.htm|archive-date=12 June 2018|url-status=dead}}</ref><ref name="russianeconomy2016">{{cite news|url=https://www.bloomberg.com/news/articles/2017-03-31/russian-economy-crawls-to-0-3-growth-with-recession-in-rearview|title=Russian Economy Crawled to Growth With Recession in Rearview|date=31 March 2017|agency=Bloomberg|access-date=10 April 2017|archive-date=21 April 2019|archive-url=https://web.archive.org/web/20190421013616/https://www.bloomberg.com/news/articles/2017-03-31/russian-economy-crawls-to-0-3-growth-with-recession-in-rearview|url-status=live}}</ref>

In January 2016, [[Bloomberg L.P.|Bloomberg]] rated Russia's economy as the 12th most innovative in the world,<ref name="bloomberg.com">[https://www.bloomberg.com/news/articles/2016-01-19/these-are-the-world-s-most-innovative-economies These Are the World's Most Innovative Economies] {{Webarchive|url=https://web.archive.org/web/20220402041320/https://www.bloomberg.com/news/articles/2016-01-19/these-are-the-world-s-most-innovative-economies |date=2 April 2022 }} Bloomberg Business.</ref> up from 14th in January 2015<ref>[https://web.archive.org/web/20150127083847/http://www.bloomberg.com/visual-data/best-and-worst/most-innovative-countries Most Innovative: Countries] Bloomberg Business.</ref> and 18th in January 2014.<ref>[https://www.bloomberg.com/slideshow/2014-01-22/30-most-innovative-countries.html#slide14 30 Most Innovative Countries] {{Webarchive|url=https://web.archive.org/web/20160701043449/http://www.bloomberg.com/slideshow/2014-01-22/30-most-innovative-countries.html#slide14 |date=1 July 2016 }} Bloomberg Business.</ref> Russia has the world's 15th highest patent application rate, the 8th highest concentration of high-tech public companies, such as internet and aerospace and the third highest graduation rate of scientists and engineers.<ref name="bloomberg.com" />

According to the British company BP (Statistical Yearbook 2018), proven oil reserves in Russia at the end of 2017 were {{convert|14.5|e9t|e9LT e9ST|abbr=off}}, natural gas was {{convert|35|e12m3|abbr=off}}.<ref>{{Cite web |title=Statistical Review of World Energy |url=https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html |access-date=11 May 2023 |website=bp.com |archive-date=15 January 2023 |archive-url=https://web.archive.org/web/20230115042241/https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html |url-status=dead }}</ref> Gold reserves in Russia's subsoil, according to the U.S. Geological Survey, were {{convert|5500|t}} at the end of 2017.<ref>{{Cite web|url=https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf|title=Mineral Commodity Summaries &#124; U.S. Geological Survey|website=minerals.usgs.gov|access-date=30 April 2023|archive-date=25 January 2019|archive-url=https://web.archive.org/web/20190125055346/https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf|url-status=live}}</ref>

In 2019, the [[Ministry of Natural Resources and Environment (Russia)|Ministry of Natural Resources]] estimated the country's mineral reserves in physical terms. At the end of 2017, oil reserves were {{convert|9.04|e9t|e9LT e9ST|abbr=off}}, gas reserves were {{convert|14.47|e12m3|abbr=off}}, gold reserves were {{convert|1407|t}}, and diamonds reserves were {{convert|375|e6carat|0|abbr=off}}. Then for the first time the Ministry evaluated the mineral reserves of Russia in terms of value. The value of oil reserves amounted to 39.6 trillion rubles, the value of gas amounted to 11.3 trillion rubles, coking coal amounted to almost 2 trillion rubles, iron ore amounted to 808 billion rubles, diamonds amounted to 505 billion rubles, gold amounted to 480 billion rubles. The combined value of all mineral and energy resources (oil, gas, gold, copper, iron ore, thermal and lignite coal, and diamonds) amounted to 55.24 trillion rubles (US$844 billion), or 60% of GDP for 2017. The assessment occurred after the adoption of a new classification of reserves in Russia and the object of the methodology was only those fields for which a license was issued, so the assessment of the Ministry of Natural Resources is less than the total volume of explored reserves. Experts criticized such "an unsuccessful attempt to estimate reserves," pointing out that "one should not take such an estimate seriously" and "the form contains an incorrect formula for calculating the value".<ref>{{cite web | url=https://www.rbc.ru/economics/14/03/2019/5c8931029a7947b028b8886c | title=55 триллионов в запасе: как власти оценили все природные ресурсы России | date=14 March 2019 | access-date=30 April 2023 | archive-date=14 March 2019 | archive-url=https://web.archive.org/web/20190314075344/https://www.rbc.ru/economics/14/03/2019/5c8931029a7947b028b8886c | url-status=live }}</ref><ref>{{Cite web|url=https://www.themoscowtimes.com/2019/03/14/russias-natural-resources-make-up-60-of-gdp-reports-a64800|title=Russia's Natural Resources Make Up 60% of GDP|date=14 March 2019|website=The Moscow Times|language=en|access-date=17 March 2019|archive-date=7 November 2020|archive-url=https://web.archive.org/web/20201107232241/https://www.themoscowtimes.com/2019/03/14/russias-natural-resources-valued-at-60-of-gdp-a64800|url-status=live}}</ref>

In the [[International Comparison Program]] 2021, the Commonwealth of Independent States (CIS) region was linked through the standard global core list approach, unlike in ICP 2017. Based on the results, the [[World Bank]] announced that in 2021 Russia was the 4th largest economy in the world ($5.7 trillion and 3.8 percent of the world) and the largest economy in Europe and Central Asia when measured in PPP terms.<ref name="thedocs.worldbank.org">https://thedocs.worldbank.org/en/doc/0274411350395ce53ccd3e91a431e924-0050022024/original/FINAL-ICP-2021-Global-and-regional-highlights.pdf</ref>

=== 2022–present ===
[[File:Imports of goods and services (% of GDP) - 2022 - World Bank.png|thumb|Like some other major economies like the United States, China, Brazil, Japan, Argentina and others, Russia has one of the world's lowest import dependence as a percentage of GDP among more than 200 countries and territories over the past 30 years. Sanctions, boycotts and disruption of supply chains in 2022 led to a drop of import from 20.7% (top-15) to 15.6% (top-5).<ref>{{cite web | url=https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?most_recent_value_desc=false | archive-url=https://web.archive.org/web/20240104132502/https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?most_recent_value_desc=false | archive-date=4 January 2024 | title=World Bank Open Data }}</ref>]]
{{See also|Economic impact of the Russian invasion of Ukraine|2022 Russian debt default}}

In 2022, [[Sanctions involving Russia|heavy sanctions]] were enacted due to the [[Russian invasion of Ukraine]] which will likely result in a steep recession.<ref>{{Cite web |title=Russian Invasion to Shrink Ukraine Economy by 45 Percent This Year |url=https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year |access-date=15 June 2022 |website=World Bank |language=en |archive-date=9 July 2022 |archive-url=https://web.archive.org/web/20220709085502/https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year |url-status=live }}</ref> Since early 2022, many official economic statistics have not been published.<ref>{{Cite web|url=https://carnegieendowment.org/russia-eurasia/politika/2022/07/secret-economy-what-hiding-the-stats-does-for-russia?lang=en|title=Secret Economy: What Hiding the Stats Does for Russia|access-date=17 July 2022|archive-date=21 July 2022|archive-url=https://web.archive.org/web/20220721074229/https://carnegieendowment.org/eurasiainsight/87432|url-status=live}}</ref> Sanctions also included asset freezes on the [[Russian Central Bank]],<ref>{{cite news |title=Germany open to Russian Central Bank asset seizure to finance Ukraine's recovery |url=https://www.euractiv.com/section/eastern-europe/news/germany-open-to-russian-central-bank-asset-seizure-to-finance-ukraines-recovery/ |work=Euractiv |date=17 May 2022 |access-date=26 February 2023 |archive-date=25 October 2022 |archive-url=https://web.archive.org/web/20221025192552/https://www.euractiv.com/section/eastern-europe/news/germany-open-to-russian-central-bank-asset-seizure-to-finance-ukraines-recovery/ |url-status=live }}</ref> which holds $630&nbsp;billion in [[List of countries by foreign-exchange reserves|foreign-exchange reserves]],<ref>{{cite news |last1=Davidson |first1=Kate |last2=Weaver |first2=Aubree Eliza |title=The West declares economic war on Russia |url=https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |url-status=live |archive-url=https://ghostarchive.org/archive/20220301/https://www.politico.com/newsletters/morning-money/2022/02/28/the-west-declares-economic-war-on-russia-00012208 |archive-date=1 March 2022 |work=[[Politico]] |date=28 February 2022}}</ref> to prevent it from offsetting the effects of sanctions.<ref>{{cite news |last=Pop |first=Valentina |date=25 February 2022 |title=EU leaders agree more Russia sanctions, but save some for later |work=[[Financial Times]] |url=https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |url-status=live |archive-url=https://ghostarchive.org/archive/20220226/https://www.ft.com/content/8b99b33b-92b0-42f4-ac02-ecbc9fae4c4c |archive-date=26 February 2022 }}</ref>

According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.<ref>{{cite news |title=Cost of War: How much Russia spending each day on war with Ukraine? |url=https://groundreport.in/cost-of-war-how-much-russia-spending-each-day-on-war-with-ukraine/ |work=Ground Report |date=28 May 2022 |access-date=26 February 2023 |archive-date=4 February 2023 |archive-url=https://web.archive.org/web/20230204222452/https://groundreport.in/cost-of-war-how-much-russia-spending-each-day-on-war-with-ukraine/ |url-status=live }}</ref><ref>{{cite news |title=Ukraine war: Russia shells out $900 million a day over 'special military operation' |url=https://www.wionews.com/world/ukraine-war-russia-spends-900-million-a-day-on-its-military-operation-477085 |work=[[WION]] |date=7 May 2022 |access-date=26 February 2023 |archive-date=22 October 2022 |archive-url=https://web.archive.org/web/20221022221946/https://www.wionews.com/world/ukraine-war-russia-spends-900-million-a-day-on-its-military-operation-477085 |url-status=live }}</ref><ref>{{cite news |title=Moscow is having a hard time facing the costs of the Ukraine war |url=https://www.israelhayom.com/2022/08/22/moscow-is-having-a-hard-time-facing-the-costs-of-the-ukraine-war/ |work=[[Israel Hayom]] |date=22 August 2022 |access-date=26 February 2023 |archive-date=7 February 2023 |archive-url=https://web.archive.org/web/20230207014440/https://www.israelhayom.com/2022/08/22/moscow-is-having-a-hard-time-facing-the-costs-of-the-ukraine-war/ |url-status=live }}</ref>

On 27 June 2022, Russia [[Sovereign default|defaulted]] on part of its foreign currency, its first such default [[Repudiation of debt at the Russian Revolution|since 1918]].<ref>{{Cite news |date=25 June 2022 |title=Russia in debt default as payment deadline passes |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-61929926 |access-date=16 November 2022 |archive-date=9 July 2022 |archive-url=https://web.archive.org/web/20220709085856/https://www.bbc.com/news/business-61929926 |url-status=live }}</ref>

In November 2022, it was reported that Russia had officially entered a recession as the [[Federal State Statistics Service (Russia)|Federal State Statistics Service]] had reported a national GDP loss for the second consecutive quarter.<ref>{{Cite web |date=16 November 2022 |title=Russia falls into recession |url=https://english.alarabiya.net/News/world/2022/11/16/Russia-falls-into-recession- |access-date=16 November 2022 |website=Al Arabiya English |language=en |archive-date=16 November 2022 |archive-url=https://web.archive.org/web/20221116191618/https://english.alarabiya.net/News/world/2022/11/16/Russia-falls-into-recession- |url-status=live }}</ref>

As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the [[G7]] group agreed to [[2022 Russian crude oil price cap sanctions|cap the price of Russian oil and petroleum products]], designed to allow Russia to maintain production, but limiting revenue from oil sales.<ref>{{cite news |title=Russia's main oil product is trading way below the $60 price cap as just a handful of buyers keep up trade with the heavily sanctioned nation |url=https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1 |work=Business Insider |date=9 January 2023 |access-date=26 February 2023 |archive-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226050427/https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1 |url-status=live }}</ref><ref>{{cite news |title=Western sanctions push Russia's energy revenues to lowest since 2020 |url=https://www.reuters.com/business/energy/western-sanctions-push-russias-energy-revenues-lowest-level-since-2020-2023-02-03/ |work=Reuters |date=3 February 2023 |access-date=26 February 2023 |archive-date=8 June 2023 |archive-url=https://web.archive.org/web/20230608111648/https://www.reuters.com/business/energy/western-sanctions-push-russias-energy-revenues-lowest-level-since-2020-2023-02-03/ |url-status=live }}</ref>

In 2022, ''[[The Economist]]'' calculated that Russia did graduate into the category of high-income economies by 2022, if counted at purchasing power parity rather than the exchange rate but could fall below the threshold due to the invasion of Ukraine.<ref>{{cite news | url=https://www.economist.com/finance-and-economics/2023/03/30/which-countries-have-escaped-the-middle-income-trap | title=Which countries have escaped the middle-income trap? | newspaper=The Economist | access-date=19 June 2023 | archive-date=19 June 2023 | archive-url=https://web.archive.org/web/20230619034134/https://www.economist.com/finance-and-economics/2023/03/30/which-countries-have-escaped-the-middle-income-trap | url-status=live }}</ref> In December 2022, a study at Bank of Russia's Research and Forecasting Department, found that the import dependence of the Russian economy is relatively low, does not exceed the median for other countries, and the share of imports in most industries is lower than in other countries. The key explanation for this could be the low involvement of the Russian economy in global value supply chains and its focus on production of raw materials. However, 60% of Russia's imports come from the countries that have announced sanctions against Russia.<ref name="auto1">{{cite web | url=https://econs.online/en/articles/economics/russia-s-import-dependence/ | title=Russia's Import Dependence — ECONS.ONLINE | date=26 January 2023 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618155005/https://econs.online/en/articles/economics/russia-s-import-dependence/ | url-status=live }}</ref>

[[TASS]] reported poor results for the Russian economy the first quarter of 2023 with revenue of 5.7 trillion roubles – down 21% (mainly due to falling oil revenue), expenditure 8.1 trillion roubles – up 34% (mainly due to increased military costs), creating a deficit 2.4 trillion roubles – ($29.4 billion)<ref>{{cite web |title=Russian budget deficit expected to reach $29.42 bln in Q1 — Finance Ministry |url=https://tass.com/economy/1601397 |website=TASS |date=7 April 2023 |url-status=live |archive-url=https://archive.today/20231202055945/https://tass.com/economy/1601397 |archive-date=2 December 2023 }}</ref>

Following [[Central Bank of Russia]] interventions, the exchange rate of the rouble against the dollar remained relatively stable in 2022, although in 2023 it started to decrease significantly, reaching RUB&nbsp;97 per USD&nbsp;1 on 15 August 2023. Both the interventions and the exchange rate decrease resulted in significant criticism of the Central Bank by Russian state propaganda.<ref>{{Cite web |title="The Most Powerful" Russian Currency and "Stable" Russian Economy: the Reality Behind the Propaganda |url=https://ukraineworld.org/articles/infowatch/russian-currency |date=18 August 2023 |first1=Alona |last1=Hryshko |access-date=18 August 2023 |website=UkraineWorld |language=en |url-status=live |archive-url=https://web.archive.org/web/20230818111740/https://ukraineworld.org/articles/infowatch/russian-currency |archive-date=18 August 2023 }}</ref> Quarter 2 of 2023 saw a 13% fall in the value of the rouble against the dollar and a current account surplus estimated in to be falling by 80% from the annual 2022 surplus of $233 billion.<ref>{{cite web |title=Russian Cash Flood Turns to $5.4 Billion Trickle, Strains Ruble |url=https://www.energyconnects.com/news/gas-lng/2023/july/russian-cash-flood-turns-to-5-4-billion-trickle-strains-ruble/ |agency=Bloomberg |website=Energy Connects |date=11 July 2023 |url-status=live |archive-url=https://web.archive.org/web/20231118212001/https://www.energyconnects.com/news/gas-lng/2023/july/russian-cash-flood-turns-to-5-4-billion-trickle-strains-ruble/ |archive-date= 18 November 2023 }}</ref>

After 11 years of negotiations, on 8 June 2023, in Sochi, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan signed the [[Commonwealth of Independent States Agreement on Free Trade in Services, Establishment, Operations and Investment]] to partly integrate Uzbekistan and Tajikistan on the common standards of the WTO ([[General Agreement on Trade in Services]]) and the [[EAEU]] (some provisions were borrowed from EAEU law) even without their membership in the WTO (Uzbekistan) or the EAEU (Uzbekistan and Tajikistan).<ref>{{cite web | url=https://cis.minsk.by/reestrv2/doc/6738#documentCard | title=Единый реестр правовых актов и других документов Содружества Независимых Государств | access-date=4 January 2024 | archive-date=28 October 2023 | archive-url=https://web.archive.org/web/20231028103539/https://cis.minsk.by/reestrv2/doc/6738#documentCard | url-status=live }}</ref> The Treaty on the Eurasian Economic Union has preserved international agreements on trade in services in the sphere of national competence of the member states therefore, the EAEU is not a party to the agreement.

In August and September 2023, the Central Bank of Russia started raising the key lending rate, ending up at 13% in September, while USD to RUB exchange rate remained at RUB&nbsp;95.<ref>{{Cite web |date=15 September 2023 |title=Russia raises interest rate to 13% as economy struggles |url=https://www.euronews.com/2023/09/15/russia-raises-interest-rate-to-13-as-economy-struggles |first1=Andrey |last1=Poznyakov |first2=Daniel |last2=Bellamy |access-date=18 September 2023 |website=euronews |language=en |archive-date=18 September 2023 |archive-url=https://web.archive.org/web/20230918084219/https://www.euronews.com/2023/09/15/russia-raises-interest-rate-to-13-as-economy-struggles |url-status=live }}</ref> As of June 2023 share of Russia's exports to EU dropped to 1.7% while Russia's imports from EU dropped to 1.5%.<ref>{{Cite web |title=Russia's share in EU trade falls below 2% - Products Eurostat News - Eurostat |url=https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230901-1 |access-date=6 October 2023 |website=ec.europa.eu |date=September 2023 |archive-date=20 September 2023 |archive-url=https://web.archive.org/web/20230920221905/https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230901-1 |url-status=live }}</ref> In October 2023 the "psychological barrier" of RUB&nbsp;100 per USD&nbsp;1 was crossed.<ref>{{Cite news |last=Marrow |first=Alexander |date=9 October 2023 |title=Russian rouble tumbles to over 18-month low vs dollar |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/russian-rouble-tumbles-over-18-month-low-vs-dollar-2023-10-09/ |access-date=9 October 2023 |archive-date=10 October 2023 |archive-url=https://web.archive.org/web/20231010184610/https://www.reuters.com/markets/currencies/russian-rouble-tumbles-over-18-month-low-vs-dollar-2023-10-09/ |url-status=live }}</ref> In July 2024 the Russian Central Bank raised the key interest rate to 18%.<ref>{{cite news | url=https://www.nytimes.com/2024/07/26/world/europe/russia-inflation-interest-rate.html | title=Battling Inflation, Russia Raises Key Interest Rate to 18 Percent | work=The New York Times | date=26 July 2024 | last1=Troianovski | first1=Anton }}</ref>

The 2024 budget expects revenues of 35 trillion rubles ($349 billion) with expenditure of 36.6 trillion, based on a Urals oil forecast of $71.30 per barrel, a 90.1 rubles to USD&nbsp;1 exchange rate and inflation of 4.5%. Defence spending will double to 10.78 trillion, 29.4% of expenditure. Russia currently has a record low unemployment rate of just 3 percent,<ref>{{cite web |title=Russia's 2024 Budget Shows It's Planning for a Long War in Ukraine |url=https://carnegieendowment.org/russia-eurasia/politika/2023/09/russias-2024-budget-shows-its-planning-for-a-long-war-in-ukraine?lang=en |date=11 October 2023 |access-date=23 October 2023 |archive-date=12 October 2023 |archive-url=https://web.archive.org/web/20231012082647/https://carnegieendowment.org/politika/90753#:~:text=Planned%20expenditure%20is%2036.6%20trillion,percent%20of%20GDP%20in%202024. |url-status=live }}</ref> due to a demographic decline, demands of the war for industrial and military manpower, and large scale emigration.

In January 2025, it was reported that Russia had used a two-prong strategy to finance the large costs of the [[Russo-Ukrainian war]] since early 2022.  In addition to the official Russian government [[Military budget of Russia|defense budget]]
—direct financial expenditure for waging the war was estimated at US$250 billion through June 2024
,<ref name=ntv20240623>{{cite news |last=Brumme|first=Christoph |title=In der Ukraine kämpft Russland um Rohstoffe |url=https://www.n-tv.de/politik/Der-Krieg-gegen-die-Ukraine-ist-fuer-Russland-ein-Kampf-um-Rohstoffe-article25032685.html |date=23 June 2024 |access-date=25 January 2025 |work=[[n-tv]] |language=de}}</ref> rising to over 20% of annual GDP—an off-budget financing mechanism was employed to fund the war with over US$200 billion from preferential bank loans made to defence contractors and war-related businesses, loans compelled by the Russian government.<ref name=mt20250114>{{cite news |title=Russia's Hidden War Debt Creates a Looming Credit Crisis |url=https://www.themoscowtimes.com/2025/01/14/russias-hidden-war-debt-creates-a-looming-credit-crisis-a87606 |last=Aris|first=Ben |work=[[Moscow Times]] |date=14 January 2025 |access-date=24 January 2025 }}</ref><ref name=kpost20250115>{{cite news |title=Russia's Preferential Defense Loans a Ticking Bomb for Moscow's Economy |url=https://www.kyivpost.com/post/45424 |last=Hrazhdan|first=Olena |work=[[Kyiv Post]] |date=15 January 2025 |access-date=24 January 2025 }}</ref>

Russian economy had a significant [[Economic expansion|expansion]] in 2023, because it is [[Crowding out (economics)|crowded out]] by defense spending. This became an [[Output gap|inflationary output gap]], which lead to a stagnation, and became a [[recession]] in 2025. Until 2026 Russian economy is expected to have a stagnation, because of the shrinking of the output gap, with the risk of a [[stagflation]] still remaining.<ref>{{Cite web |last=Briancon |first=Pierre |title=Russia's economy would struggle to cope with peace |url=https://www.reuters.com/breakingviews/russias-economy-would-struggle-cope-with-peace-2025-03-17/ |website=Reuters.com}}</ref><ref>{{Cite web |last=BOFIT |title=BOFIT Forecast for Russia 2024–2026 |url=https://www.bofit.fi/en/forecasting/latest-forecast-for-russia/ |access-date=2025-03-21 |website=BOFIT |language=en}}</ref><ref>{{Cite web |date=2025-03-22 |title=RUSSIAN FEDERATION |url=https://thedocs.worldbank.org/en/doc/d5f32ef28464d01f195827b7e020a3e8-0500022021/related/mpo-rus.pdf |access-date=2025-03-22 |website=www.worldbank.org}}</ref><ref>{{Cite web |title=Russia's Economic Gamble: The Hidden Costs of War-Driven Growth |url=https://carnegieendowment.org/russia-eurasia/politika/2024/12/russia-economy-difficulties?lang=en |access-date=2025-03-21 |website=Carnegie Endowment for International Peace |language=en}}</ref>

<gallery>
File:Map of countries by GDP (PPP) per capita in 2022 by IMF.png|[[Gross domestic product]] (PPP) per capita in April 2022
File:Russiaunemployment.png|Unemployment rate of Russia since the fall of the Soviet Union
File:Russian inflation rate.webp|Russian inflation rate 2012–2022
</gallery>