Introduction: Founded in the 12th century, the Principality of Muscovy, was able to emerge from over 200 years of Mongol domination (13th-15th centuries) and to gradually conquer and absorb surrounding principalities. In the early 17th century, a new Romanov Dynasty continued this policy of expansion across Siberia to the Pacific. Under PETER I (ruled 1682-1725), hegemony was extended to the Baltic Sea and the country was renamed the Russian Empire. During the 19th century, more territorial acquisitions were made in Europe and Asia. Defeat in the Russo-Japanese War of 1904-05 contributed to the Revolution of 1905, which resulted in the formation of a...

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Economic Overview: Russia is a vast country with a wealth of natural resources. It is the world's largest exporter of natural gas and second largest exporter of oil, of which it produced about 12 per cent of global supply in 2009. Russia's economy is heavily dependent on these exports. Prior to the global financial crisis, the oil and gas sector generated more than 60 per cent of Russia's export revenues, and accounted for 30 per cent of all foreign direct investment (FDI) in the country.

The Russian economy was severely affected by the spread of the global financial market crisis in 2008 and 2009. Macroeconomic stability was threatened by ...

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