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 gas accounting for 55%. Prices in commodities such as oil have led to both periods of catastrophe and prosperity for Russia's economy.
Why mention Putin?
In Putin's first term, he carried on Yeltsin's economic legacy of supporting free-market activity. Recently, Putin has been activley centralizing Russia's political power inside the Kremlin. Does this mean the same for Russia's economy, which has seen tremendous progress, thanks to the private sector, since the 1998 collapse?
http://www.scaruffi.com/politics/russians.html
Nick Marshall
