The Fall of the USSR, Pt II

The dissolution of the Soviet Union in 1991 left a power vacuum that Boris Yeltsin filled amidst significant political and economic instability. The subsequent implementation of "shock therapy"—a rapid transition to a free-market economy—triggered hyperinflation and the collapse of the social safety net, devastating the average citizen's life savings and health. This economic upheaval facilitated the rise of powerful oligarchs who consolidated control over state assets through voucher schemes and privatization. The resulting societal disillusionment and economic hardship created a climate of nostalgia for the Soviet era, which Vladimir Putin leveraged to consolidate autocratic power. By reining in oligarchs and capitalizing on rising oil exports, Putin restored a sense of national stability and pride, effectively ending the chaotic transition period of the 1990s while simultaneously centralizing control over the Russian Federation's political and media landscape.