- Russia’s natural resources estimated at 75 trillion US$
- Potentially making Russia the richest country in the world
- Numerous constraints linked to the obsolescence of its infrastructure and the crisis in Ukraine
Russia is a major oil and gas producer and also has a strong geological potential, making it one of the largest mining countries in the world.
By 2021, Russia accounted for 12.2% of global oil production, 17.4% of global gas production and 5.5% of global coal production, according to the latest BP Statistical Review of World Energy.
In order to diversify its sources of income, but also to obtain new geopolitical levers, notably in Africa, Moscow is seeking to revitalise this strategic industry. Russia can rely on several of its international companies, particularly in diamonds, fertilisers and nickel. It even plans to expand its mining activities by reinvesting in and modernising historical sectors such as coal or developing new ones such as lithium.
According to Florian Vidal, in the note published on 7 April by the French Institute of International Relations (IFRI), hydrocarbon revenues “considerably irrigate the national federal budget and create a structural dependence for the country’s public finances”. It states that the natural resources found in the Russian soil represent “a total value equivalent to 75,000 billion US dollars, making Russia potentially the richest country in the world”.
Florian Vidal also states that “the Russian mining sector, which is largely privatised, is suffering from numerous constraints linked to the obsolescence of its infrastructure, the lack of investment, as well as the lack of qualified human resources in the sector, which could be further aggravated by the consequences of the war in Ukraine.
As a reminder, IFRI is the main independent centre for research, information and debate on major international issues in France, created in 1979 by Thierry de Montbrial. It is not subject to any administrative supervision, freely defines its activities and regularly publishes its work. Through its studies and debates, the Institute brings together political decision-makers and experts on an international scale in an interdisciplinary approach.
Summary by Rachid Ouedraogo
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