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Exporting to the Russian Federation

RUSSIAN FEDERATION
Actual population* Population world ranking
142,470,272 10
Actual GDP (PPP)* GDP world ranking
$2,553,000,000,000 7
Actual GDP (per capita)* GDP (per capita) world ranking
$18,100 77

 *See the end of this blog for definitions

The Russian Federation is an immense country consisting of millions of miles and covering nine time zones. Business opportunities are increasing, but will require advance preparation and sincere commitments of time and resources.

Conducting extensive market research and due diligence are essential. The Russian Federation market is complex, so it is important to determine the proper markets and establish effective communication means. Due to the vastness of the area, many companies begin on a regional basis. Traveling personally to the Russian Federation is recommended to create and maintain appropriate relationships and communication. It is important to carefully choose carefully the distribution method, whether it is through an agent, a distributor, a branch office or some other way. It’s also crucial to choose reliable partners. To learn more about market entry strategies and business planning, there are a variety of resources to consult, including the United States Commercial Service, the United Kingdom Trade and Investment, and the Ministry of Economic Development of the Russian Federation.

The Russian Federation has joined with two other countries—the Republic of Kazakhstan and the Republic of Belarus—to form the CU (Customs Union). The regulatory body of the CU is the Eurasian Economic Commission. Another aspect to note is that the Russian Federation GOST safety mark is being replaced by a new conformity mark called the EurAsian Conformity Mark or EAC. For more information, see www.gost-r.info/news-2012-09-13.php.

Some key components in communication include business cards and promotional materials. The business cards should be bilingual with company contact information on one side in Russian. The promotional materials need to be accurately translated into Russian using a quality translator. For assistance in determining the business customs, there are various resources to consult, including the United States Commercial Service and United Kingdom Trade and Investment.

Custom requirements need to be researched as there are specific rules that need to be followed. The Federal Customs Service of Russia is the Federal executive authority under the Ministry of Economic Development and Trade of the Russian Federation.

The Russian Federation is located in North Asia and is a member of the World Trade Organization and the Asia-Pacific Economic Cooperation.

Russian is the official language. Within some business circles, limited English is spoken, but business is conducted in Russian, so knowing the Russian language or hiring a quality interpreter is needed.

In the Russian Federation, the voltage used is 220V at 50Hz. The most frequently specified plug pattern is the Continental European plug.

Sources:
www.export.gov/russia
www.gov.uk
www.eurasiancommission.org
www.economy.gov.ru
www.Russian Federation-customs.org
http://eng.customs.ru

*Source: www.cia.gov/library/publications/the-world-factbook/index.html

Country comparison—Population: Population compares estimates from the US Bureau of Census based on statistics from population censuses, vital statistics, registration systems, or sample surveys pertaining to the recent past and on assumptions about future trends. (July 2014 est.)

Country comparison—GDP (Purchasing Power Parity):
GDP (purchasing power parity [PPP]) compares the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation’s GDP at PPP exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. (2013est.)  
                                                            
Country comparison—GDP – per capita (PPP): GDP – per capita (PPP) compares GDP on a purchasing parity basis divided by population as of 1 July for the same year. (2013 est.)

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