Major natural resources of Russia and their role in development of modern Russian economy

Russia is rich in natural resources such as oil, gas, coal, and timber. Iron ore, nickel, coal, gold, diamonds, furs, petroleum, zinc, aluminum, tin, lead, platinum, titanium, copper, tungsten phosphates, and mercury are the most popular natural resources that Russia provides. However, most such resources are located in remote and climatically unfavorable areas that are difficult to develop and far from Russian ports.

The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves, and is the largest exporter, of natural gas. It has the second largest coal reserves, the eighth largest oil reserves, and is the largest exporter of oil.

Natural resources, especially oil and gas, dominate Russian exports. Oil and gas exports continue to be the main source of hard currency. Russia is also a leading producer and exporter of minerals and gold. Ninety percent of Russian exports to the United States are minerals or other raw materials.

Under the Federal Law " On Continental Shelf Development " upon proposal from the federal agency managing the state fund of mineral resources or its territorial offices the Russian government approves the list of some sections of the mineral resources that are passed for development without any contests and auctions, some sections of federal importance of the Russian continental shelf, some sections of the mineral resources of federal importance that are situated in Russia and stretch out on its continental shelf, some gas deposits of federal importance that are handed over for prospecting and developing the mineral resources under a joint license. The Russian government is also empowered to decide on the handover of the foresaid sections of the mineral resources for development without any contests and auctions.

The Russian fishing industry is the world's fourth-largest, behind Japan, the United States, and China.