End of recession in 2023 but medium-term outlook remains gloomy
D4
HIGH RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in July 2023.
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GDP |
|
|
Population |
|
|
Form of state | Federation | |
Head of government | Vladimir Vladimirovich PUTIN (President) | |
Next elections | 2024, Presidential |

- Abundant natural resources, in particular oil and gas
- More than 20 years of continued current account surpluses (including the crisis years 2009, 2015-2016 and 2020)
- Low public debt

- Geopolitical risks: Russian invasion of Ukraine in February 2022, followed by ongoing severe armed conflict between the two countries. As a result, substantially intensified dispute with the West, including extensive sanctions and counter-sanctions
- Far-reaching structural reforms still outstanding
- High vulnerability to global oil price shocks
- Prone to capital flight
- Exchange rate remains vulnerable to volatility and sudden depreciation
- Poor rule of law and high level of perceived corruption
Trade structure by destination/origin
(% of total, annual 2021)
Exports | Rank | Imports |
---|---|---|
China
13.6%
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1 |
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Netherlands
8.4%
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2 |
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Germany
5.9%
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3 |
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Türkiye
5.3%
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4 |
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Belarus
4.5%
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5 |
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Trade structure by product
(% of total, annual 2021)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
45.4%
|
1 |
9.5%
Road vehicles
|
Iron and steel
7.2%
|
2 |
7.1%
Other industrial machinery and parts
|
Non-ferrous metals
6.1%
|
3 |
6.8%
Electrical machinery, apparatus and appliances, n.e.s.
|
Gas, natural and manufactured
5.0%
|
4 |
4.9%
Telecommunication and sound recording apparatus
|
Coal, coke and briquettes
4.3%
|
5 |
4.7%
Specialised machinery
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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