The Russian-American Company was established in 1799 to promote trade and colonization in North America, particularly in the region of present-day Alaska. It was a state-sponsored enterprise of the Russian Empire, aiming to exploit the natural resources of the area, including fur-bearing animals. The company played a significant role in the early Russian presence in North America. The company operated until 1867, when the United States purchased Alaska from Russia. During its existence, the Russian-American Company established settlements, conducted trade with Indigenous peoples, and contributed to the fur trade, which was vital to the economy of both Russia and the emerging United States.