Attached. Please let me know if you have any questions or need revisions.RUSSIA’S ECONOMYPRESENTED BY:INTRODUCTION• Russia’s economy is highly dependent on gas and oil exports• A high part of the economy is used to fuel the military• As of 2020, projections indicated a possible 4.1 drop in the economy (Britannica, 2019)• This drop is hugely due to reduced oil prices and the impact of COVID-19• The economy can be classified as moderately free• Russia cannot currently join the Organization for Economic Co-Operation andDevelopment (Britannica, 2019)TARIFFS• Exporting to Russia has been difficult for most organizations• U.S based companied face both non-tariff and tariff trade barriers as they export to Russia(Export.gov, 2019)• There is an increasing concern within the U.S industry on the Russian licensing andassessment procedures (Butsenko & Kosmarova. 2015)• The Eurasian Economic Union (EAEU) has also furthered the complexity of the process,increasing delays and costs• Russia has also exercised its power in trades with US, banning agricultural and food importsfrom the US in 2014 (Export.gov, 2019)CONTINUED…• Imported goods also undergo certification and testing barriers• Only companies that are registered and existing within the nation can apply for approval…
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