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Russian Economy and Government Overview
Russia exercises a form of federation government with the president as the head of the
state while the prime minister serves as the head of government. The federation was adopted in
1993 after the dissolution of the USSR and its constitution. The current president is Vladimir
Putin, with Dmitry Medvedev serving in the capacity of the federation’s premier. Globaledge has
given Russia 58.9/100 points in ratings on economics freedom. Russia’s economy is pegged on
VAT as a form of tax under the control of the ministry of finance. The review also sees the
Russian federation as a category B in risk ratings partially due to the political and occasionally
unfriendly environment difficult to conduct business. Russia is also a member with several trade
blocs including AEUA and EAEU.
The Russian Federation is a high income economy that has been on transition for quite
some time now. From the hay days of industrialization, Russia has been known as a leader in
producing different types of products (Goriaev, et al., 397). Mining is the biggest form of trade
that keeps Russia as a giant in producing mostly extractive minerals ranging from oil, coal, gas,
and other industrial chemicals. The great range of producing in the Russian economy support the
country’s $3.7 billion GDP as of 2017 ranking at 5/365 in the world. The GDP per capita
remains at $25,000 for the similar ...
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