From Soviet Union to Russian Oligarchic Power System and to Putin
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The collapse of the Soviet Union sent Russia into a downward spiral, and if it were up to the USA and NATO, it would have been reduced to a peripheral country. In the mid-1990s, Boris Yeltsin drunkenly presided over the sell-off of state assets, and in the midst of this primitive capital accumulation process, the oligarchs emerged from the decomposing bureaucracy as the new ruling and owning class, becoming real factors of economic and political power.
In 1998, Russia was hit by a severe economic crisis that brought the country to the brink of total collapse. Yeltsin could no longer sustain himself in power and resigned. He was succeeded by Vladimir Putin, who immediately went about to restore Russia’s power.