It’s interesting to know …

• Russia is a permanent member of the United Nations Security Council, a member of the G8, APEC and the SCO, and is a leading member of the Commonwealth of Independent States.

• The Shanghai Cooperation Organization (SCO) is an intergovernmental mutual-security organization which was founded in 2001 by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.

• On 29 March 1996 the Eurasian Economic Community originated from a customs union between Belarus, Russia and Kazakhstan. It was named EEC on 10 October 2000 when Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan signed the treaty. EurAsEC was formally created when the treaty was finally ratified by all five member states in May 2001. Armenia, Moldova and Ukraine have the observer status. EurAsEC is working on establishing a common energy market and exploring the more efficient use of water in central Asia.

• The ruble or rouble (code: RUB) is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia.

• Russia has the largest stockpile of nuclear weapons in the world. It has the second largest fleet of ballistic missile submarines and is the only country apart from the US with a modern strategic bomber force. The country has a large and fully indigenous arms industry, producing all of its own military equipment. The country is the world’s top supplier of weapons, a spot it has held since 2001, accounting for around 30% of worldwide weapons sales and exporting weapons to about 80 countries.

• The country has more than one-fifth of the world’s total forests – an area nearly as large as the continental United States.

• The Russian fishing industry rivals the size of the world’s other leading producers (Japan, the United States, and China). Russia produces about one-third of all canned fish and some one-fourth of the world’s total fresh and frozen fish.

• Russia produces about one-sixth of the world’s iron ore and between one-tenth and one-fifth of all nonferrous, rare, and precious metals.

• The Russian Trading System is a stock market established in 1995 in Moscow, consolidating various regional trading floors into one exchange. Originally RTS was modelled on NASDAQ’s trading and settlement software.

• The Moscow Interbank Currency Exchange or MICEX is one of the largest universal stock exchanges in the Russian Federation and Eastern and Central Europe. It accounts for about 98% of the Russian on-exchange share market.

Task V. Fill in the derivatives of the words given in the chart below:

Noun	Verb	Adjective
		average
	mine
corruption / corruptibility
		top
	import
innovation
	diversify
		regional
	transit
service

Task VI. Match the verbs on the left with a suitable object on the right to make correct word-combinations. Recall the contexts in which these combinations are used:

1. to improve	a. budgetary reforms
2. to support	b. banking system
3. to initiate	c. corruption
4. to cause	d. financial position
5. to combat	e. investments
6. to modernize	f. economic priorities
7. to outline	g. a rescue plan
8. to affect	h. growth rates
9. to require	i. industries
10. to demonstrate	j. cutbacks

Task VII. Read the text again and decide whether these statements about the economy of your country are True or False:

1. Economic growth in 2008 was driven largely by the middle-class expansion.

2. Positive trends in the Russian economy began to reverse in the second half of 2009.

3. In the first year of his term, President Medvedev outlined a number of economic priorities for Russia which reflected different aspects of economic development.

4. Mining provides a sizable share of the country’s imports.

5. Natural resources, especially energy, dominate Russian exports.

6. Russia’s manufacturing capacity is located mainly in the republic of Sakha and eastern Siberia.

7. Russia is one of the world’s two energy superpowers, is rich in natural energy resources.

8. The Russian timber industry is a significant contributor to the economy of Russia.

9. Russia is among the top ten countries in the world as regards marine and inland capture fisheries, and a huge player in terms of processing, trade and a rapidly developing seafood market.

10. The country’s principal imports have traditionally been oil, natural gas, minerals, military equipment, etc.

Task VIII. Read the text more carefully and complete the suggested statements:

1. Russia’s two sovereign wealth funds are: … and … .

2. The decline of Russian stock market was caused by … .

3. Russia’s infrastructure requires … if the country is to achieve broad-based economic growth.

4. Russia ranks among the world’s top producers of … .

5. Russian manufacturing remains strongly skewed toward … .

6. Light-industry sector produces … .

7. … limit Russia’s agricultural activity to about 10% of the country’s total land area.

8. Increased production of … and expansion of … have supported Russia’s livestock industry.

9. The … market is one of the most dynamic sectors of the Russian economy.

10. Russia’s chief trade-partners are … .

Task IX. Check your understanding of the detail by answering these questions:

1. What are the country’s economic priorities?

2. What is a major sector of the Russian economy? What do you know about its development?

3. Where are extractive industries located? What do they include?

4. What type of production do Russia’s manufacturing enterprises produce?

5. Why does energy play a central role in the Russian economy?

6. What is fertile triangle?

7. What are the country’s principal crops?

8. Why are some sectors of the Russian economy called ‘strategic’? What are they?

9. What are the country’s principal exports?

10. What does Russia import?

Task X. Fill in the blanks with the necessary prepositions:

The growth (1) __ any country starts from its capital and Russia is no exception. Moscow is the biggest and most developed city (2) __ Russia. It is also bigger (3) __ terms (4) __ investment, population and economy than any Russian region. But now more and more Russian cities are developing and are very attractive places to conduct business, (5) __ Russian and foreign companies alike. There are several reasons (6) __ that: Moscow became too small (7) __ big businesses, with fewer opportunities; and growth can be sustained only by expanding and multiplying a well-established and well-run business model into the regions. Consumer power is also dramatically growing (8) __ the regions.

There is also the political factor. Several years ago the Russian President changed the established order (9) __ elections for the Governors and Presidents of the Russian regions and created a system (10) __ which the President of Russia appoints Governors and Presidents (11) __ the Russian regions. This was a major factor prompting tremendous growth (12) __ regional business. Previously Regional Governors and Presidents bothered little (13) __ the economic growth (14) __ their region because (15) __ Russia it has never been necessary (16) __ politicians to answer (17) __ the people who elected them. With the new system, key performance indicators needed to be complied (18) __ in order to be appointed (19) __ the President (20) __ the next term: economic growth, social stability and political loyalty.

Russia Beyond the Headlines

20 March 2008

Task XI. Translate into English the sentences that follow:

1. Современная российская политика в отношении трудовых ресурсов ориентирована на сокращение неквалифицированного труда, переподготовку кадров, повышение их профессиональной мобильности.

2. Промышленность России начинает свою историю с конца 17 века, когда в стране возникли первые крепостные мануфактуры.

3. Природные ресурсы, используемые экономикой России, составляют 95,7% национального богатства страны. К ним относятся запасы пресных вод и минерального сырья.

4. По запасам угля РФ занимает лидирующее положение в мире, энергетический потенциал угольной промышленности значительно превышает нефтяной.

5. Россия экспортирует в основном углеводородное сырье (нефть и нефтепродукты, газ, уголь), стальной прокат и некоторые цветные металлы (алюминий, никель, медь) в первичных формах.

6. В агропромышленном комплексе РФ быстрыми темпами идет интеграция и кооперация мелких и средних собственников в акционерные общества, кооперативы, ассоциации, союзы и финансово-промышленные группы.

7. Государственный бюджет в РФ обеспечивает функционирование государства на трех уровнях: общегосударственном, федеральном и местном.

8. Банковская система действует в РФ на двух уровнях: Банк России (Центральный банк РФ) и многочисленные коммерческие банки.

9. Роль банковского сектора в экономике России возрастает: увеличивается кредитование малого и среднего бизнеса, ипотечное кредитование и потребительский кредит.

10. Экономический совет СНГ – основной исполнительный орган, обеспечивающий выполнение соглашений и решений, касающихся формирования и действия зоны свободной торговли, а также других вопросов социально-экономического сотрудничества.

C. Follow-up Activities

Task XII. Share your opinions on the following:

1. Do you think that Russia is still a superpower? Give extensive arguments to prove your position.

2. What are recent positive tendencies in the Russian economy?

3. What type of economy does Russia currently have?

Task XIII. Comment on the quotation:

“The crisis is not only a time for dramatic trials and troubles; it is also a challenge life gives us. We ought to use this opportunity.” Dmitry Medvedev, President of Russia (Russia Today, 04 June 2009)

D. Optional Reading