Russia with the smallest population of the BRIC (Brazil, Russia, India and China) economies is in per capita terms the wealthiest by a considerable margin. Russia’s domestic supply of consumer goods and services is underdeveloped in many sectors, but it has:
a large and growing middle class
discerning consumers who seek out quality and innovation
3.2 Free trade agreements
Russia, Kazakhstan and Belarus entered into a Customs Union in 2011. In 2015 the union evolved into the Eurasian Economic Union (EAEU), which consists of a Customs Union and a Single Economic Space.
Armenia has since joined the Union and Kyrgyzstan is on the verge of doing so.
The organisation is still in its infancy, but regulation of various different sectors and technical regulations are now being set centrally by the EAEU. Eventually there will be free movement of goods, services, capital and labour.
3.3 World Trade Organisation (WTO) accession
Russia became a full member of the WTO in 2012. It’s now expected to follow WTO rules and become integrated into the global economic system.
Russia has committed to:
change customs duty rates to permit access to the Russian services market
apply recognised food safety, and animal and plant health measures
simplify import licensing procedures
make changes relating to protection of intellectual property
5. Opportunities  in Russia
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5.1 Advanced engineering
Russian heavy industry across all manufacturing sub-sectors needs to update:
management practices
production processes
manufacturing equipment
Over 70% of existing capital assets are estimated to be outdated. Russian demand for new metal-machining equipment alone is valued at USD 1.5 billion annually.
There are opportunities for  companies to supply:
energy efficient manufacturing technologies and equipment, such as cleaning and recovery solutions and industrial automation solutions for resource management
machine tools and tooling
spare parts and components
advanced materials for manufacturing and assembly
 companies can develop their business in this sector via:
direct supply
Joint Ventures (JVs)
taking part in creation and running of engineering centres
joint Research and Development (R&D)
5.2 Mining
Russia has one of the largest reserves of ferrous and non-ferrous metals in the world. Its domestic mining sector is highly consolidated with many companies that combine extraction with processing, especially in metallurgy.

In the near future, Russia is going to increase state support for its metals and mining companies with extra cash help and by scrapping certain export duties on metals.
The main opportunities for companies in this market are in:
supply of machinery
consultancy
environmental and social aspects of the industry
5.3 Biotechnology and pharmaceuticals
The Russian pharmaceutical market is reported to have grown by 13.5% in 2013 and is valued at about USD 29 billion. Further growth is expected for 2015.