Impact of Natural Resources on the Economy of Russia

Russia: A Giant of Natural Resources

Russia positions itself as the global leader in terms of wealth in natural resources, with an estimated value of $75 trillion. This abundance is manifested by immense reserves of essential raw materials, including coal, natural gas, oil, gold, timber, and rare metals.

Significant economic impact

Natural resources play a crucial role in the Russian economy, accounting for about 95% of its export revenues. This dependence highlights the strategic importance of these resources for the country's economic growth and the funding of national expenditures.

Diversification and resource management

In light of this wealth, Russia has implemented policies aimed at optimizing the use of its natural resources. Measures have been adopted to tax the export of certain raw materials when their prices exceed a defined threshold, thereby allowing for the subsidization of the domestic industry while discouraging the export of unprocessed products.

Challenges and Perspectives

Despite its dominant position, the Russian economy faces challenges. Dependence on natural resources exposes the country to fluctuations in commodity prices on global markets. Furthermore, the need to diversify the economy and develop other sectors remains a major issue to ensure sustainable long-term growth.

International Comparison

In the global context, other countries also have considerable natural resources. The United States ranks second with an estimated value of 45 trillion dollars, primarily in coal, timber, natural gas, gold, and copper. Saudi Arabia follows with 34 trillion dollars, mainly in oil and timber. Canada holds resources valued at 33 trillion dollars, including oil, uranium, timber, natural gas, and phosphate. Iran completes this ranking with 27 trillion dollars, focused on oil and natural gas.

Development Strategies

Russia seeks to capitalize on its natural resources while developing other economic sectors. Investments are being made in industry, particularly in pharmaceuticals, capital goods, and transportation, in order to reduce dependence on imports and stimulate domestic production.