Just about the economy
Over the past 100 years, Russia’s oil production has risen from just a few million tonnes to one of the world’s largest output levels, shaped by Soviet industrial expansion, post-Soviet decline, and recent constraints from OPEC+, the pandemic, and sanctions.
In July 2025, household deposits in Russian banks hit a record RUB 60.8 trillion, but with 76% of balances concentrated among the top 5% of relatively conservative depositors, even lower rates are unlikely to translate into a consumption boom
Fluctuations in the exchange rate of the ruble are affected by economic and political events such as oil prices, trade restrictions, and sanctions. To gain a deeper understanding of the ruble’s actual value, we need to appraise the nominal and real exchange rates by considering the trading partner structure and inflation. During the period of 2004 to 2023, the nominal effective exchange rate declined by 48%, while the real effective exchange rate increased by 12% due to high inflation.
Explore the historical fluctuations of the Central Bank interest rate and inflation in Russia from 1991 to 2023, revealing the highest and lowest values recorded during this period, as well as the overall trends that have shaped the Russian economy.
Russia’s current account reached a record high of over $25 billion per month in the first half of 2022 but fell to $6 billion per month in the first quarter of 2023, posing a challenge for the economy. Nevertheless, with few exceptions, Russia has maintained positive quarterly current account balances.
At a nominal annual growth rate of the federal budget from 1993 to 2022, the revenues of the budget increased by 2.4 times in real terms, while expenses increased by 1.9 times.
How did oil and gas budget revenues change depending on the volume of production and oil prices in 2011-2023
Russia’s GDP growth rates have lagged behind key developed countries for many decades — from 1980 to 2021, the Russian economy grew by only 59% or 1.1% per year.