The Russian Federation is the largest country in the world. It stretches from Northern Asia to Eastern Europe and occupies an area of 17 Million sq.km. The Federation is composed of 46 provinces, 21 republics, 4 autonomous okrugs, 9 krays, 2 federal cities, and 1 autonomous oblast.
Russia is blessed with natural resources. It contributes a leading role in minerals exports. It has almost 2% of world’s bauxite, 6% of world’s aluminum, 30% world’s iron, 22% of world’s titanium. Russia is also leading natural diamond and artificial diamond production. It also produces 3.9% of world steel and 5% of the world’s total uranium.
It is the sixth largest coal producer and has second largest coal reserves in the world. Moreover, the third largest gold producer and has fifth largest gold reserves in the world. Russia is also known for it’s reserves of natural gas and oil. It is the world’s third largest oil producer and holds 25% of world oil (total reserves about 17 billion tons). Moreover, this country is the second largest producer of natural gas worldwide, (has 48 billion cubic meters gas reserves).
Russia also plays a major role in agricultural production. Russia was the third largest producer of wheat and produced 72 Million tons of wheat in 2018. in 2016, Russia was ranked first in sugar beet production and the eighth largest producer. In 2018, Russia was ranked sixth in milk production.
In short, the Russian economy is one of the biggest economy in the world and contributes a major role in world’s trade.