Economy Types

Russia (Mixed Economy):

Russia's economy has changed significantly since the former Soviet Union. While Russia was part of the Soviet Union, it was a centrally planned economy controlled by a communist system. Today, Russia has moved closer to a market-based economic system, but it still remains a statist economy where control of major companies is still in the hands of government officials. 

In the 1990s, economic reforms caused many key industries in Russia to be privatized, but large businesses such as banks, energy, transportation, and defense companies are still controlled by the state.  However, in Russia, it is still common for firms to be taken over or interfered with by government officials making private property rights very weak. 

Furthermore, many companies have remained in the public domain because of Russia's reliance on energy and its natural resources. Russia is a heavy exporter of steel, aluminum, oil, and natural gas which can expose the nation to boom and bust cycles in the global commodities market. For example, due to cheap oil prices, Russia entered a deep recession in 2015, and according to the CBR (Central Bank of Russia) oil prices of under $40 for extended periods of time could affect Russia's GDP by as much as a 5% drop. 

Ukraine (Mixed Economy):

After the fall of the Soviet Union, Ukraine also transitioned from a command economy to economy more reliant on the free-market. During August of 1991, Ukraine "liberalized" prices and attempted to implement a structure that would support a free market economy. However, poor economic conditions created by a 40% drop in production lead to some prevention of new reforms creating a slight move backward to a command economy. Furthermore, raw and undeveloped legislative frameworks, poorly developed capital markets, and corruption have contributed to a stall in new reforms which prevent much development. Therefore, similar to Russia, Ukraine is a statist and oligarch controlled economy.

Ukraine is also heavily reliant on Russian energy. Russia provides Ukraine with 75% of its oil and natural gas supply, and it also provides Ukraine with 100% of its nuclear material thus forcing Ukraine to be heavy reliant on Russia despite being a separate state.

Ukraine's economy primarily relies on agriculture and manufacturing. Its primary products are grain, sugar, beets, coal, electric power, transport equipment and machinery, and chemicals.