Russia: A commodity giant wakes up

Russia is a resource-rich country, and now a dominant player in the world energy market. It is quite literally fuelling the rise of the powerhouse economies of the East.

Oil, natural gas, metals, and timber account for more than 80% of exports, leaving the country vulnerable to swings in world prices. Strong oil export earnings have allowed Russia to increase its foreign reserves from only $12 billion to some $180 billion in 2005. This has led to a sudden flurry of activity in commodity trading within Russia.

economictimes