Economy of Russia in the context of "Ural Mountains"

⭐ In the context of the Ural Mountains, the Russian economy is considered to be particularly reliant on what type of output originating from this region?

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⭐ Core Definition: Economy of Russia

The economy of Russia is a high-income, industrialized, mixed and market-oriented emerging economy. It has the ninth-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.

Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the third-largest exporter of natural gas, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. As of 2020, its foreign exchange reserves were the fifth-largest in the world. Russia has a labour force of about 73 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.

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👉 Economy of Russia in the context of Ural Mountains

The Ural Mountains (/ˈjʊərəl/ YOOR-əl), or simply the Urals, are a mountain range in Eurasia that runs north–south mostly through Russia, from the coast of the Arctic Ocean to the river Ural and northwestern Kazakhstan. The mountain range forms part of the conventional boundary between the continents of Europe and Asia, marking the separation between European Russia and Siberia. Vaygach Island and the islands of Novaya Zemlya form continuations of the chain to the north into the Arctic Ocean. The average altitudes of the Urals are around 1,000–1,300 metres (3,300–4,300 ft), the highest point being Mount Narodnaya, which reaches a height of 1,894 metres (6,214 ft).

The mountains lie within the Ural geographical region and significantly overlap with the Ural Federal District and the Ural economic region. Their resources include metal ores, coal, precious and semi-precious stones. Since the 18th century, the mountains have contributed significantly to the mineral sector of the Russian economy. The region is one of the largest centers of metallurgy and heavy industry production in Russia.

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Economy of Russia in the context of Trade deficit

Balance of trade is the difference between the monetary value of a nation's exports and imports of goods over a certain time period. Sometimes, trade in services is also included in the balance of trade but the official IMF definition only considers goods. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other.

If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance. As of 2016, about 60 out of 200 countries have a trade surplus. The world's largest trade surpluses are held by China ($823 billion), Germany ($226 billion), and Russia ($120 billion), while the largest trade deficits are held by the United States ($1.15 trillion), United Kingdom ($271 billion), and India ($241 billion).

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Economy of Russia in the context of Russian studies

Russian studies is an interdisciplinary field crossing politics, history, culture, economics, and languages of Russia and its neighborhood, often grouped under Soviet and Communist studies. Russian studies should not be confused with the study of the Russian literature or linguistics, which is often a distinct department within universities.

In university, a Russian studies major includes many cultural classes teaching Russian politics, history, geography, linguistics, Russian language, literature, and arts. Mysticism and folklore are commonly studied, the introduction of Christianity, rule under the tsars and expansion of Russian Empire, later rule under communism, history of the Soviet Union, and its collapse and studies about present-day Russia.

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Economy of Russia in the context of Kopeck

The kopeck or kopek is or was a coin or a currency unit of a number of countries in Eastern Europe closely associated with the economy of Russia. It is usually the smallest denomination within a currency system; 100 kopeks are worth 1 ruble or 1 hryvnia.

Originally, the kopeck was the currency unit of Imperial Russia, the Russian Soviet Federative Socialist Republic and then the Soviet Union (as the Soviet ruble). As of 2020, it is the currency unit of Russia, Belarus and Ukraine. The Russian kopeck is also used in the two breakaway states of Abkhazia and South Ossetia. Transnistria, another breakaway state has its own kopeck. In the past, several other countries influenced by Russia and the Soviet Union had currency units that were also named kopecks.

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LINKED FROM (PARENTS)
← Ural Mountains ← Trade deficit ← Balance of trade ← Urals ← Trade surplus ← Russian studies ← Kopeck
LINKS TO (CHILDREN)
Economy → Russia → World Bank high-income economy → Mixed economy → Market economy → Developing country → List of countries by GDP (nominal) → List of countries by GDP (PPP) → Purchasing power parity → Exchange rate → World Trade Organization → World energy resources → Natural gas → Oil and gas reserves and resource quantification → Energy superpower → List of countries by natural gas proven reserves → List of countries by coal reserves → List of countries by proven oil reserves → Oil shale reserves → List of countries by natural gas exports → List of countries by natural gas production → List of countries by oil exports → List of countries by oil production → Foreign exchange reserves → List of countries by foreign-exchange reserves → List of countries by labour force → Arms industry →