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The Soviet Union sold most of its oil and natural gas exports for United States dollars but bought most of its hard currency imports from Western Europe. The lower value of the United States dollar meant that the purchasing power of a barrel of Soviet crude oil, for example, was much lower than in the 1970s and early 1980s.
A major strength of the Soviet economy was its enormous supply of oil and gas, which became much more valuable as exports after the world price of oil skyrocketed in the 1970s. As Daniel Yergin notes, the Soviet economy in its final decades was "heavily dependent on vast natural resources–oil and gas in particular".
The foreign trade of the USSR was a government monopoly and was conducted by the Ministry of Foreign Trade. This ministry maintained control over the planning and operation of foreign trade through main administrations for imports and exports and for certain large geographical areas, as well as through foreign-trade corporations holding ...
MOSCOW/KYIV (Reuters) -Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy ...
Although the Revolutions of 1989 did not formally end Comecon, and the Soviet government itself lasted until 1991, the March 1990 meeting in Prague was little more than a formality, discussing the coordination of non-existent five-year plans. From January 1, 1991, the countries shifted their dealings with one another to a hard currency market ...
There was significant progress made in the economy in countries such as the Soviet Union. In 1980, the Soviet Union took first place in Europe and second worldwide in terms of industrial and agricultural production, respectively. In 1960, the USSR's industrial output was only 55% that of America, but this increased to 80% in 1980.
This is a list of countries by trade-to-GDP ratio, i.e. the sum of exports and imports of goods and services, divided by gross domestic product, expressed as a percentage, based on the data published by World Bank. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
The Union of Soviet Socialist Republics [t] (USSR), [u] commonly known as the Soviet Union, [v] was a transcontinental country that spanned much of Eurasia from 1922 to 1991. . During its existence, it was the largest country by area, extending across eleven time zones and sharing borders with twelve countries, and the third-most populous co