Curriculum The Economy of Russia
The Economy of Russia
Russia's economy: an overview, the Soviet planned economy, 1990s shock therapy, the 1998 default, energy giants, sovereign funds, sanctions after 2014 and 2022, the central bank and rouble, the war economy, demography, and a recap.
- Russia at a Glance Russia is the world's largest country by area, rich in oil, gas, metals and grain, with an economy shaped by energy exports and a turbulent history. 📄 Read-aloud
- The Soviet Planned Economy For most of the 20th century, the Soviet state planned production, owned nearly all firms and set prices, with mixed results. 📄 Read-aloud
- The 1990s: Shock Therapy and Privatisation After the Soviet collapse in 1991, prices were freed and firms privatised at breakneck speed, causing hyperinflation and deep hardship. 📄 Read-aloud
- The 1998 Default and Recovery Russia defaulted on its debt in 1998 and devalued the rouble, then recovered strongly as oil prices rose in the 2000s. 📄 Read-aloud
- Oil, Gas and the State Champions Companies such as Gazprom, Rosneft and Lukoil dominate energy, and pipelines tied Russia to Europe for decades. 📄 Read-aloud
- Sovereign Funds and Fiscal Rules Russia saved oil windfalls in stabilisation funds and set budget rules to prevent overspending when oil prices are high. 📄 Read-aloud
- The Economy of Russia: Checkpoint 1 Quick checkpoint - five questions on the economy of russia. 5 questions
- Sanctions After 2014 After annexing Crimea in 2014, Russia faced Western sanctions and an oil price drop that caused a recession, and it responded with import substitution. 📄 Read-aloud
- Sanctions After 2022 and Trade Redirection After the 2022 invasion of Ukraine, sweeping sanctions cut Russia from parts of global finance, and it redirected exports toward Asia. 📄 Read-aloud
- The Central Bank and the Rouble The central bank moved quickly in 2022 to defend the rouble, using high interest rates and capital controls. 📄 Read-aloud
- A War Economy: Military Spending and Labour Defence spending has risen sharply, boosting some industries but straining workers and the budget. 📄 Read-aloud
- Demography and Living Standards Russia faces a shrinking, ageing population, regional inequality and uneven incomes. 📄 Read-aloud
- Russia's Economy: Recap A recap of Russia's resource-based economy, its history and its challenges. 📄 Read-aloud