The Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world; covering over 17,125,191 square kilometers (6,612,073 sq mi), consisting of more than one-eighth of the Earth's inhabited land area, extending to eleven time zones, and has borders with sixteen sovereign nations. Russia has a population of 146.7 million.
The economy of Russia is an upper-middle income mixed and transition economy, with enormous natural resources, particularly oil and natural gas. It is the fifth-largest economy in Europe, the world's eleventh-largest economy by nominal GDP and the sixth-largest by PPP.
Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources. The World Bank estimates the total value of Russia's natural resources at $75 trillion US dollars. Energy revenues account for more than 80% of Russian exports abroad. In 2016, the oil-and-gas sector accounted for 36% of federal budget revenues. Russia is considered an energy superpower. It has the world's largest proven natural gas reserves and is the largest exporter of natural gas.
Russia is also the second-largest exporter of petroleum. Russia has a large and sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, including a fifth-generation fighter jet, nuclear powered submarines, firearms, and short range/long range ballistic missiles. In 2019, Russia is the third-biggest exporter of arms in the world, behind only to the United States and China.