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Russian natural resources

Russian natural resources

Russia is one of the world’s most resource-rich countries. In 2005, the World Bank put the country in first place for total value of subsoil wealth (oil, gas, coal and minerals); a more recent estimate puts the value of the country’s natural resources at US$75.7 trillion — again, in first place. Apart from gas, oil and coal (proven reserves: 1st, 7th, 3rd place respectively; production: 1st, 3rd, 6th place), Russia is in the world’s top ten for a wide range of minerals, including iron, nickel, platinum, gold and diamonds. Natural resources have brought Russia economic wealth. The World Bank estimates that natural resource rents (calculated as production value minus costs) contributed around 18.7% of GDP in 2012 (13.9% from oil and 2.3% from gas). The impact on exports is particularly significant: in 2013, 68% of these came from oil and gas (21% petroleum products; 33% crude oil; 14% natural gas); ‘metals and precious stones’ accounted for a further 11.1%. Moreover, oil and to a lesser extent gas contribute around 50% to the federal budget (mostly extraction taxes and export duties).

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