Renovation Work At The Sayan-Shushenskaya GES, Russia

In August 1991, an unsuccessful military coup, directed against Gorbachev and aimed at preserving the Soviet Union, instead led to the end of socialist rule. The USSR was dissolved into 15 post-Soviet states in December 1991.
• Russian Federation
Boris Yeltsin was elected the President of Russia in June 1991, in the first direct presidential election in Russian history. During and after the Soviet disintegration, wide-ranging reforms including privatisation and market and trade liberalization were being undertaken, including the radical changes along the lines of "shock therapy" as recommended by the United States and International Monetary Fund. All this resulted in a major economy crisis, characterized by 50% decline of both GDP and industrial output between 1990–95.
The privatization largely shifted control of enterprises from state agencies to individuals with inside connections in the government system. Many of the newly rich businesspeople took billions in cash and assets outside of the country in an enormous capital flight. The depression of state and economy led to the collapse of social services; the birth rate plummeted while the death rate skyrocketed. Millions plunged into poverty, from 1.5% level of poverty in the late Soviet era, to 39–49% by mid-1993. The 1990s saw extreme corruption and lawlessness, rise of criminal gangs and violent crime.