The World Bank has classified Russia as an upper-income country.

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Recently, the World Bank blog stated that Russia is classified as an upper middle-income country. The definition of upper middle income countries is that their per capita gross national incomes need to exceed $14,005 in the current fiscal year, which has been increased from $13,845 compared with the previous fiscal year. In 2023, Russia's per capita gross national income was $14,250.
According to reports, the World Bank promoted Russia from an upper middle-income country to an upper middle-income country mainly due to increases in military spending and recovery in trade, finance, and construction activities. These factors led to a real GDP growth rate of 3.6% for Russia, a nominal GDP growth rate of 10.9%, and an increase in average per capita gross national income by 11.2% according to the purchasing power parity chart.
In fact, after updating the purchasing power parity data of all countries on May 5th this year, Russia became the fourth largest economy in the world in 2021.