Russia’s Ministry of Natural Resources and Environment has estimated the market value of the country’s oil reserves at 74.5 trillion rubles ($1.2 trillion), which is nearly double the amount of last year’s valuation.

According to the ministry’s data, the market value of the oil reserves increased by 88 percent over the past year.

The combined value of hydrocarbons, gold, diamonds, copper, and iron ore has also been re-evaluated and now stands at an estimated 93.4 trillion rubles ($1.5 trillion). The increase in newly discovered oil reserves in volume terms was not so impressive. It rose by 8.7 percent, from 9.04 billion to 9.83 billion tons. Also, the value of oil reserves reached some 71.7 percent of Russia’s GDP in 2018.

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The value of gas reserves increased by about a quarter – from 11.31 trillion rubles ($177 billion) to 14.11 trillion rubles ($221 billion). In volume terms, it increased by 3.6 percent, to 15 trillion cubic meters. The value of Russia’s iron ore was estimated at 1.2 trillion rubles ($18 billion), gold was valued at 614 billion rubles ($9.6 billion), and diamonds were estimated to be worth 546 billion rubles ($8.5 billion). Copper and coal reserves in value terms have slightly decreased since 2017.

Russia’s Ministry of Natural Resources conducted the evaluation of the country’s mineral reserves for the first time last year, estimating their market value for 2017.

For its valuations, the ministry used its own methodology approved by a relevant order. According to the ministry, the subject of the valuation includes “reserves estimated by section of subsoil for which a license for the use of subsoil has been issued.” This means that the assessment does not account for all reserves, but only those which are commercially retractable.

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From a statistical perspective, the valuation of the country’s economic assets allows one to measure “national wealth.” The Russian government ordered the inclusion of natural resources in a balance sheet of its assets and liabilities back in 2012. This measure was required by international standards, in particular those of the Organization for Economic Co-operation and Development (OECD) and the UN’s system of national accounts, or SNA.

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