Russian Federation 1991-present

Russian Federation 1991-present

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  • In 1991 communism fell resulting in the liberation of former memebers of the iron curtain and the fall of the berlin wall
  • In 1991 Boris Yeltsin became the firstt democratically elected president of russia with a 57% majority. The Presidents of Russia, Ukraine and Belarus met in on December 8 1991, founded the Commonwealth of Independent States and declared the end of the Soviet Union in the Belavezha Accords.  The Russian Federation (formerly the Russian Soviet Federative Socialist Republic took power on December 26.
  • After the fall of the USSR, the Russian economy went through a crisis. The recommendations by the US and the IMF, of ending Soviet-era price controls, drastic cuts in state spending, and an open foreign trade regime in early 1992, resulted in the economy being shattered, with millions plunging into poverty and a severe fall in the standard of living. This triggered an explosion in corruption and organized crime. 
  • Just hours before 2000 Boris Yeltsin resigned leaving Vladimir Putin as acting President Putin would go on to win numerous elections and further cement the power of Presidents in Russia.
  • Since Putin's rise to power Russia has grown economically ending 2006 with its eighth straight year of growth, averaging 6.7 percent annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble initially drove this growth, since 2003 consumer demand and, more recently, investment, have played a significant role. Over the last five years, fixed capital investments have averaged real gains greater than 10 percent per year and personal incomes have achieved real gains more than 12 percent per year. During this time, poverty has declined steadily and the middle class has continued to e, although Russia was significantly affected by the housing market crash of 2008 which impeded its growth and Russia has yet to see growth as large as it was pre 2006.
  • Russia most recently has had several interventions with Ukraine resulting in the annexation of Crimea and the possibility of a an all out war with Ukraine.
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