Radiotelescope, Irbene, Russia

Russia took up the responsibility for settling the USSR's external debts, even though its population made up just half of the population of the USSR at the time of its dissolution. High budget deficits caused the 1998 Russian financial crisis and resulted in further GDP decline.
On 31 December 1999 President Yeltsin resigned, handing the post to the recently appointed Prime Minister, Vladimir Putin, who then won the 2000 presidential election. Putin suppressed the Chechen insurgency, although sporadic violence still occurs throughout the Northern Caucasus. High oil prices and initially weak currency followed by increasing domestic demand, consumption and investments has helped the economy grow for nine straight years, improving the standard of living and increasing Russia's influence on the world stage. While many reforms made during the Putin presidency have been generally criticized by Western nations as un-democratic, Putin's leadership over the return of order, stability, and progress has won him widespread popularity in Russia.
On 2 March 2008, Dmitry Medvedev was elected President of Russia, whilst Putin became Prime Minister.