Overview
1998: the ruble collapses and Russia's GDP is down by 40% from its level in 1991
1999: Yeltsin resigns and appoints Vladimir Putin as his successor
2001: Russia's share of the world's gross domestic product is only 1% 2002: Russia becomes an ally of NATO
2003: between 1999 and 2003, Russia economy has grown by about 33%
2005: a Caspian oil pipeline opens that bypasses both Russia and the Arab countries
2005: Russia ends its de facto dollar peg and aligns the rouble with the euro
2007: Vladimir Putin's party wins more than 60% of the vote in parliamentary elections
Why mention Oil? . 80% of Rusian exports consist of natural resources with oil and natural gass accounting for 55%. Prices in commodities such as oil have led to both periods of catastrophe and prosperity.
