Russia

By Eliana Maakaroun

Russia is the largest federation, composed of 21 republics that form the Commonwealth of Independent States.

The country is situated between eastern Europe and north Asia, making it half european, half asian. It goes from the Baltic Sea in the west to the Pacific Ocean in the east, and from the Arctic Ocean in the north to the Black Sea and the Caucasus in the south.

Norway and Finland border the country from the northwest, and in the west, Russia shares a frontier with Estonia, Latvia, Belarus, Ukraine, Poland, and Lithuania. Georgia and Azerbaijan are Russia’s southwest neighbors; and Kazakhstan, Mongolia, China, and North Korea along the southern border.

The country is a Constitutional federation.

2008 marked the 10th consecutive year of growth for the country, averaging around 7% annually, since the 1998 financial crisis. The growth was driven by high oil prices and a cheap ruble; followed by higher consumer demand and investment.

Investment has indeed played an important role, as it achieved more than 12% of real gains per year, and over 10% of personal income, thus declining poverty and empowering as well as expanding the middle class.

Furthermore, since 2001, the federal budget has had an average surplus of 3% of the GDP.

Regarding the political life, former President and current Premier, Vladimir Putin, was an essential pillar in building the rule of law, and progressing the bedrock of a modern market economy. Under his mandate, the Government has promised additional legislative amendments regarding intellectual property protection, yet enforcement remains problematic.

Actual President, Dimitri Medvedev is following Putin’s steps into making Russia a better and less corrupted country.