Russia is considered across the world to be one of the most powerful countries in world. In spite of all the many sanctions it has a rising economy. It is a nuclear power with a massive military strength. And, it commands a massive influence over world's political and economic systems. Russia has vast economic resources from oil to natural gas. The political influence in global affairs it holds gives it a permanent seat on the United Nations Security Council as well the founding member of the BRICs. On top of this geographically, it is the largest country in the world by land area with significant strategic advantage spanning across Eurasia. Russian economy is very much dependent on exports of oil and natural gas making it economically vulnerable to fluctuations in global energy prices. International sanctions have also had negative impact on the economy, especially after the invasion of Ukraine with limited access to technology and financial markets. Russia also suffers from internal corruption which hinders economic development and discourages foreign investment. Demographically, it faces many challenges with the decline in birth rates and an aging population that put a further strain on the economy. It faces weak institutions with significant issues over rule of law and property rights that make it challenging for businesses to thrive and discourages investment. Despite the many obstacles, Russia has been a very resilient economy in face of sanctions, strong government spending, and redirection of exports to Asia. It is also a very high-income country and among the top economies in the world by nominal GDP. Although, economically Russia has struggled through the many challenges, it has kept a strong military and political influence during times of political instability under uncertain and geopolitical risks. Russians face a generally lower living standards while being a high-income country compared to other developed nations. There is a technological lag from the limited investment in innovation that hinders long-term competitiveness. There is also a big inequality gap where wealth is concentrated in the hands of a few. Addressing these challenges through diversification, institutional reforms, and improved international relations will be vital for Russian's economic future.
