Boris Yeltsin

Who was Boris Yeltsin?

Boris Nikolayevich Yeltsin was a Russian politician and the first President of the Russian Federation, serving from 1991 to 1999.

Originally a supporter of Mikhail Gorbachev, Yeltsin emerged under the perestroika reforms as one of Gorbachev's most powerful political opponents. On 29 May 1990 he was elected the chairman of the Russian Supreme Soviet. On 12 June 1991 he was elected by popular vote to the newly created post of President of the Russian Soviet Federative Socialist Republic, at that time one of the 15 constituent republics of the Soviet Union. Upon the resignation of Mikhail Gorbachev and the final dissolution of the Soviet Union on 25 December 1991, Yeltsin remained in office as the President of the Russian Federation, the USSR's successor state. Yeltsin was reelected in the 1996 election; in the second round he defeated Gennady Zyuganov from the revived Communist Party by a margin of 13%. However, Yeltsin never recovered his early popularity after a series of economic and political crises in Russia in the 1990s.

He vowed to transform Russia's socialist command economy into a free market economy and implemented economic shock therapy, price liberalization and privatization programs. Due to the method of privatization, a good deal of the national wealth fell into the hands of a small group of oligarchs. Much of the Yeltsin era was marked by widespread corruption, inflation, economic collapse and enormous political and social problems that affected Russia and the other former states of the USSR. Within the first few years of his presidency, many of Yeltsin's political supporters turned against him and Vice President Alexander Rutskoy denounced the reforms as "economic genocide".