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Siberia (Russian: Сибирь, Sibir'), formally known as the Siberian Republic, is a republic of the Union of Soviet Sovereign Republics located in North Asia. Historically part of Russia, Siberia gained sovereignty within the Soviet Union in the late 1990s and is currently the largest republic in area. The economy of Siberia is dominated by the extraction and refinement of natural gas and petroleum, which makes the republic one of the wealthiest in the USSR. Siberia is globally notorious for its cold climate, with the republic being dominated by taiga forests and the Arctic tundras.