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The 1998 Economic Crisis


In 1998, Russia found itself in the midst of a severe economic crisis due to the sharp decline in the price of crude oil as well as the effect of the Asian financial crisis. The Russian government defaulted on its obligations and had to devalue its currency. President Yeltsin was forced to sack his newly appointed government to appease the parliament.

The 1998 Economic Crisis Installation” at the Boris Yeltsin Presidential Center breaks down the reasons for the economic crisis and explains its consequences for Russia.

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