Made-in-Russia may be the label you see most in the coming years since many foreign firms are locating manufacturing facilities in Russia due to the country worst currency crisis since 1998, coupled with the drop in Russia in real wages that are now on par with wages in China for the first time in 100 years.  Cheap labor costs in Russia is spurring multinational firms to locate in that country and export to Europe and indeed globally.  The average monthly salary in Russia has dropped 30 percent in two years to $400, taking it close to incomes in other ex-Soviet republics such as Kazakhstan.  The ruble has declined 40 percent in value versus the dollar in the last two years alone.  Since wages are rising across much of Eastern Europe, many firms there are eyeing Russia as the lease expensive, best alternative place to manufacture goods.

Source:  Based on Olga Tanas and Ilya Khrennikov, with Andrey Lemeshko, “For Manufacturers, Russia Is Now a Bargain,” Bloomberg Businessweek, November 28 to December 4, 2016:  p. 15.