History of post-Soviet Russia

During and after the disintegration of the USSR, when wide-ranging reforms including privatisation and market and trade liberalization were being undertaken,[102] the Russian economy went through a major crisis. The period was characterized by deep contraction of output, with GDP declining by roughly 50% between 1990 and the end of 1995 and industrial output declining by over 50%.[102][103]

In October 1991, Yeltsin announced that Russia would proceed with radical, market-oriented reform along the lines of "shock therapy", as recommended by the United States and International Monetary Fund.[104][105] Price controls were abolished, privatization was started. Millions plunged into poverty, from 1.5% of the population living in poverty in the late Soviet era, to 39%–49% by mid-1993.[106]

Delays in wage payment became a chronic problem with millions being paid months, even years late. Russia took up the responsibility for settling the USSR's external debts, even though its population made up just half of the population of the USSR at the time of its dissolution.[107] The privatization process largely shifted control of enterprises from state agencies to groups of individuals with inside connections in the Government and the mafia. Corruption became an everyday rule of life. Many of the newly rich mobsters and businesspeople took billions in cash and assets outside of the country in an enormous capital flight.[108] The depression of state and economy led to the collapse of social services; the birth rate plummeted while the death rate skyrocketed. The early and mid-1990s saw extreme lawlessness, rise of criminal gangs and violent crime

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