Russia

Russia is one of the world’s leading resource-based economies, with a nominal GDP of approximately USD 2.2 trillion (2023) and a population of around 146 million. The country has a GDP per capita of nearly USD 15,000, and its official currency is the Russian Ruble (RUB). Russia’s economic performance is closely linked to global commodity markets, particularly energy and minerals.

The energy sector forms the backbone of the Russian economy, contributing a substantial share of government revenues and export earnings. Russia ranks among the top global producers and exporters of crude oil, natural gas, coal, and nuclear energy technologies. The industrial sector is well-developed, encompassing metallurgy, heavy machinery, chemicals, fertilizers, aerospace, shipbuilding, and defense manufacturing. Agriculture has emerged as a strong growth area, with Russia becoming one of the world’s largest exporters of wheat, barley, sunflower oil, and fertilizers.

In 2023, Russia’s exports exceeded USD 420 billion, driven mainly by energy products, metals, fertilizers, grain, and petrochemicals, while imports were valued at approximately USD 285 billion. Trade flows have increasingly shifted toward China, India, Türkiye, the Middle East, Africa, and other BRICS and BRICS Plus economies, reflecting Russia’s pivot toward non-Western markets.

Russia also possesses vast reserves of oil, gas, coal, rare earth elements, timber, and freshwater resources, giving it long-term strategic leverage in global supply chains. Despite facing sanctions, financial restrictions, and geopolitical challenges, Russia has accelerated efforts toward import substitution, domestic manufacturing, alternative payment systems, and logistics corridor development.

Looking ahead, Russia’s role within BRICS is focused on energy security, food security, industrial cooperation, financial de-dollarization, and technology partnerships. Enhanced collaboration in energy infrastructure, fertilizers, transport corridors, and digital finance is expected to strengthen Russia’s integration with BRICS economies and reinforce collective economic resilience.