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mixed economy with state ownership in strategic areas of the economy.Market reforms in the 1990s privatized much of Russian industry and agriculture, with notable exceptions to this privatization occurring in the energy and defense-related sectors.It is also the second-largest exporter of petroleum.

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The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners.

The volume of decisions facing planners in Moscow became overwhelming.

Russia has the world's 15th highest patent application rate, the 8th highest concentration of high-tech public companies, such as internet and aerospace and the third highest graduation rate of scientists and engineers.

One study estimates that "the wealth held offshore by rich Russians is about three times larger than official net foreign reserves, and is comparable in magnitude to total household financial assets held in Russia." By the 1970s the Soviet Union entered the Era of Stagnation.

(Forbes ranks each country in a number of categories and draws from multiple sources such as the World Economic Forum, World Bank, and Central Intelligence Agency).

Following the annexation of Crimea in March 2014 and Russia's reported involvement in the ongoing conflict in Ukraine (denied by Russia), the United States, the EU (and some other European countries), Canada and Japan imposed sanctions on Russia's financial, energy and defence sectors.

According to survey provided by Financial Times in 2012, Russia was second by economic performance among G20, following Saudi Arabia.

Economic performance estimate on seven measures: gross domestic product growth, budget deficit and government debt for 2012; economic recovery – output compared with the pre-crisis peak; change in debt since 2009; change in unemployment from 2009 to 2013; and, finally, the deviation of the current account from balance.

The value of Russian arms exports totalled .7 billion in 2013—second only to the US.

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