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Showing posts with label Economy_of_Russia. Show all posts
Showing posts with label Economy_of_Russia. Show all posts

Thursday, January 13, 2011

Revenue

In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover. Some companies receive revenue from interest, dividends or royalties paid to them by other companies. Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, received during a period of time, as in "Last year, Company X had revenue of $42 million."
Profits or net income generally imply total revenue minus total expenses in a given period. In accounting, revenue is often referred to as the "top line" due to its position on the income statement at the very top. This is to be contrasted with the "bottom line" which denotes net income.
For non-profit organizations, annual revenue may be referred to as gross receipts. This revenue includes donations from individuals and corporations, support from government agencies, income from activities related to the organization's mission, and income from fundraising activities, membership dues, and financial investments such as stock shares in companies. For government, revenue includes gross proceeds from income taxes on companies and individuals, excise duties, customs duties, other taxes, sales of goods and services, dividends and interest.
In general usage, revenue is income received by an organization in the form of cash or cash equivalents. Sales revenue or revenues is income received from selling goods or services over a period of time. Tax revenue is income that a government receives from taxpayers.
In more formal usage, revenue is a calculation or estimation of periodic income based on a particular standard accounting practice or the rules established by a government or government agency. Two common accounting methods, cash basis accounting and accrual basis accounting, do not use the same process for measuring revenue. Corporations that offer shares for sale to the public are usually required by law to report revenue based on generally accepted accounting principles or International Financial Reporting Standards.
In a double-entry bookkeeping system, revenue accounts are general ledger accounts that are summarized periodically under the heading Revenue or Revenues on an income statement. Revenue account names describe the type of revenue, such as "Repair service revenue", "Rent revenue earned" or "Sales".

Business revenue

Business revenue is income from activities that are ordinary for a particular corporation, company, partnership, or sole-proprietorship. For some businesses, such as manufacturing and/or grocery, most revenue is from the sale of goods. Service businesses such as law firms and barber shops receive most of their revenue from rendering services. Lending businesses such as car rentals and banks receive most of their revenue from fees and interest generated by lending assets to other organizations or individuals.
Revenues from a business's primary activities are reported as sales, sales revenue or net sales. This excludes product returns and discounts for early payment of invoices. Most businesses also have revenue that is incidental to the business's primary activities, such as interest earned on deposits in a demand account. This is included in revenue but not included in net sales. Sales revenue does not include sales tax collected by the business.
Other revenue (a.k.a. non-operating revenue) is revenue from peripheral (non-core) operations. For example, a company that manufactures and sells automobiles would record the revenue from the sale of an automobile as "regular" revenue. If that same company also rented a portion of one of its buildings, it would record that revenue as “other revenue” and disclose it separately on its income statement to show that it is from something other than its core operations.

Financial statement analysis
Revenue is a crucial part of financial statement analysis. A company’s performance is measured to the extent to which its asset inflows (revenues) compare with its asset outflows (expenses). Net Income is the result of this equation, but revenue typically enjoys equal attention during a standard earnings call. If a company displays solid “top-line growth,” analysts could view the period’s performance as positive even if earnings growth, or “bottom-line growth” is stagnant. Conversely, high income growth would be tainted if a company failed to produce significant revenue growth. Consistent revenue growth, as well as income growth, is considered essential for a company's publicly traded stock to be attractive to investors.
Revenue is used as an indication of earnings quality. There are several financial ratios attached to it, the most important being gross margin and profit margin. Also, companies use revenue to determine bad debt expense using the income statement method.
Price / Sales is sometimes used as a substitute for a Price to earnings ratio when earnings are negative and the P/E is meaningless. Though a company may have negative earnings, it almost always has positive revenue.
Gross Margin is a calculation of revenue less cost of goods sold, and is used to determine how well sales cover direct variable costs relating to the production of goods.
Net income/sales, or profit margin, is calculated by investors to determine how efficiently a company turns revenues into profits.

Government revenue

Main article: Government revenue
Government revenue includes all amounts of money received from sources outside the government entity. Large governments usually have an agency or department responsible for collecting government revenue from companies and individuals.
Government revenue may also include reserve bank currency which is printed. This is recorded as an advance to the retail bank together with a corresponding currency in circulation expense entry. The income derives from the Official Cash rate payable by the retail banks for instruments such as 90 day bills.There is a question as to whether using generic business based accounting standards can give a fair and accurate picture of government accounts in that with a monetary policy statement to the reserve bank directing a positive inflation rate the expense provision for the return of currency to the reserve bank is largely symbolic in that to totally cancel the currency in circulation provision all currency would have to be returned to the reserve bank and cancelled.

(source:wikipedia)

Federal Reserve Bank of New York

William C. Dudley, the current (10th) president of Federal Reserve Bank of New York and vice-chairman of the Federal Open Market Committee
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U. S. Virgin Islands. Working within the Federal Reserve System, the New York Fed implements monetary policy, supervises and regulates financial institutions and helps maintain the nation's payment systems.
The New York Fed and its president are considered first among equals. It is by far the largest (by assets), most active (by volume) and most influential of the 12 regional Federal Reserve Banks.


Largest regional Federal Reserve Bank
Map of Federal Reserve districts
Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in Manhattan's Financial District has been the place where monetary policy in the United States is implemented, although policy is decided in Washington, D.C. by the Board of Governors of the Federal Reserve System. The New York Federal reserve is a private bank and the largest in terms of assets of the twelve regional banks. Operating in the financial capital of the U.S., the New York Fed is responsible for conducting open market operations, the buying and selling of outstanding U.S. Treasury securities. The Trading Desk is the office at the Federal Reserve Bank of New York that manages the FOMC Directive to sell or buy bonds. Note that the responsibility for issuing new U.S. Treasury securities lies with the Bureau of the Public Debt. In 2003, Fedwire, the Federal Reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District. It transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District. The New York Fed is also responsible for carrying out exchange rate policy by buying and selling dollars at the discretion of the United States Treasury Department. The New York Federal Reserve is the only regional bank with a permanent vote on the Federal Open Market Committee and its president is traditionally selected as the Committee's vice chairman. The current president is William C. Dudley. The New York Fed opened for business on November 16, 1914 under the leadership of Benjamin Strong Jr., who was previously president of the Bankers Trust Company. He led the Bank until his death in 1928. The Bank grew rapidly during the early years, bringing about the need for a new home. The New York Fed's three-class Board of Directors, bank membership, and organization and legal status are the same in structure, for the New York region, as those of the other eleven Fed districts, which collectively cover the rest of the country.

33 Liberty Street
Federal Reserve Bank of New York building
Main article: 33 Liberty Street
A public competition for design of the building was held and the architectural firm of York and Sawyer submitted the winning design. The bank moved to its current location in 1924. The Federal Reserve Bank of New York maintains a vault that lies 80 feet below street level and 50 feet below sea level, resting on Manhattan bedrock. By 1927, the vault contained ten percent of the world's official gold reserves. Currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as Swiss Banks do not report their gold stocks) and holds approximately 7,000 metric tons of gold bullion ($270 billion as of July 2010), more than Fort Knox. The gold is owned by many foreign nations, central banks and international organizations. The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it protects at no charge as a gesture of goodwill to other nations.

Current Board of Directors

The following people serve on the board of directors as of 2010: All terms expire December 31.

Class A
Class A
Name Title Term Expires
Richard L. Carrión Chairman, President and Chief Executive Officer
Popular, Inc.
San Juan, Puerto Rico 2013
Charles V. Wait President, Chief Executive Officer, and Chairman
The Adirondack Trust Company
Saratoga Springs, New York 2011
Jamie Dimon Chairman and Chief Executive Officer
JPMorgan Chase & Co.
New York City 2012

Class B
Class B
Name Title Term Expires
James S. Tisch President and Chief Executive Officer
Loews Corporation
New York, New York 2010
Jeffrey R. Immelt Chairman and Chief Executive Officer
General Electric Company
Fairfield, Connecticut 2011
Jeffrey B. Kindler Chairman and Chief Executive Officer
Pfizer, Inc.
New York, New York 2012

Class C
Class C
Name Title Term Expires
Kathryn S. Wylde President and Chief Executive Officer
Partnership for New York City
New York, New York 2010
Denis M. Hughes
(Chair)
President
New York State AFL-CIO
New York, New York 2011
Lee C. Bollinger
(Deputy Chair)
President
Columbia University
New York, New York 2012

Former Board members

Indra K. Nooyi, Chairman and Chief Executive Officer, PepsiCo. Inc., left the Board when her term expired in 2009, and Kindler now fills the seat. Bollinger's and Dimon's three-year terms were renewed in 2009. Tisch and Wylde filled partial-term vacancies, the latter for Stephen Friedman's seat, in the year.

Resignation of Stephen Friedman, Chair
Stephen Friedman resigned as Chair of the Federal Reserve Bank of New York on Thursday, May 7, 2009 effective immediately. Friedman, former CEO of Goldman Sachs and then-chairman of Stone Point Capital, LLC, Greenwich, Conn., was criticized for seemingly benefiting from his role as Chair of the New York Fed branch due to the US Government's aid to Goldman Sachs in recent months. He had "remain[ed] on the board of Goldman even as he was supposedly regulating [Goldman]; in order to rectify the problem, he applied for, and got, a conflict of interest waiver from the government. Friedman was also supposed to divest himself of his Goldman stock after Goldman became a bankholding company, but thanks to the waiver, he was allowed to go out and buy 52,000 additional shares in his old bank, leaving him $3 million richer," as one report put it. Friedman's resignation announcement came within an hour of the government's release of the stress tests for 19 US banks. Denis Hughes, formerly Deputy Chair, was designated as Interim Chair following Friedman's resignation.

Presidents

 Presidents of the Federal Reserve Bank of New York
Presidents of the bank since its founding have been:
10. William C. Dudley, 2009-
9. Timothy Geithner, 2003–2009
8. William J. McDonough, 1993–2003
7. E. Gerald Corrigan, 1985–1993
6. Anthony M. Solomon, 1980–1985
5. Paul Volcker, 1975–1979
4. Alfred Hayes, 1956–1975
3. Allan Sproul, 1941–1956
2. George L. Harrison, 1928–1940
1. Benjamin Strong Jr., 1914–1928

1. Strong (1914–1928)


2. Harrison (1928–1940)


3. Sproul (1941–1956)


4. Hayes (1956–1975)


5. Volcker (1975–1979)


6. Solomon (1980–1985)


7. Corrigan (1985–1993)


8. McDonough (1993–2003)


9. Geithner (2003–2009)


10. Dudley (2009- )


Branches

The Federal Reserve Bank of New York Buffalo Branch used to be the only branch of the Federal Reserve Bank of New York, but it was closed on October 31, 2008.


(source:wikipedia)

Economy of Long Island



Long Island Title.jpg


Long Island's commuter towns are well known for supplying skilled labor to more urban places, but its four counties have their own factories, offices, schools and other workplaces, employing more workers than commute to distant jobs.

Affluence

The counties of Nassau and Suffolk have long been renowned for their affluence and high standard of living. This affluence is especially pervasive among the hamlets and villages on the North Shore of Long Island, the extreme eastern South Shore (home to the Hamptons) and several wealthy pockets along the South Shore further west. However, nearly all of Long Island (especially Nassau County and western Suffolk County) is quite expensive to live on by national standards.
Long Island is home to some of the most expensive mansions in the country. In 2005, the most expensive residence in the country was Three Ponds in Bridgehampton.Several of the nation's largest private residences are also on Long Island, including financier Ira Rennert's, Fair Field, in the Hampton's hamlet of Sagaponack and the country's second largest home, Oheka Castle. Long Island is home to the luxury communities of the Hamptons, Cold Spring Harbor and Lloyd Harbor in Suffolk County, and Hewlett Bay Park, Cove Neck, Oyster Bay Cove, Laurel Hollow, Sands Point, Roslyn, Glen Head, Brookville, Old Brookville, Upper Brookville, Muttontown, Syosset, Woodbury, Jericho, Massapequa, Garden City, Hewlett Harbor, and Manhasset in Nassau County.

Aviation industry

Long Island industry has long benefited from its proximity to New York City. During the 1930s, the island developed an aviation industry, and until about 1990 was considered one of the aviation centers of the United States, with companies such as Grumman Aircraft having their headquarters and factories in the Bethpage area. Grumman was long a major supplier of warplanes for the U.S. Navy and the Marine Corps, as seen in many movies. Prominent WW-II Grumman aircraft included the F4F Wildcat and F6F Hellcat fighters, and the TBF Avenger bomber. Grumman was also prominent in the US space program, being the producer of the Apollo Lunar Excursion Module.
In their early decades, aerospace-related companies were concentrated on Long Island, especially in eastern Nassau County in the Bethpage area. Over the years, the industry also diversified to other locations. The Sperry Gyroscope company did very well during WW-II as military demand skyrocketed; it specialized in high technology devices such as gyrocompasses, analog computer-controlled bombsights, airborne radar systems, and automated take-off and landing systems. These became jumping-off points into the multibillion-dollar annually avionics business. During the Cold War decade of the 1950s, part of Sperry Gyroscope was moved to Phoenix, Arizona. This was to try to preserve parts of this vital defense company in the event of nuclear warfare. Both on Long Island and in Arizona, Sperry continued to excel in avionics, and it also provided avionics systems for such NASA programs as the Space Shuttle.
The Cradle of Aviation Museum illustrates and celebrates Long Island aviation.

Science and engineering

Long Island has played a prominent role in scientific research and in engineering. It was the home of the Grumman Aircraft factories where all the Apollo program Lunar Module spacecraft were built; and it still is the home of the Brookhaven National Laboratories in nuclear physics and Department of Energy research. All of this makes Long Island one of the leading high-technology areas in the world.
Late in the 20th century companies such as Sperry Rand and Computer Associates, headquartered in Islandia, made Long Island a center for the computer industry. Gentiva Health Services, a national provider of home health and pharmacy services, also is headquartered in Long Island.
Long Island was home to the first Trans-Atlantic radio broadcast, from Rocky Point, New York to Paris, France.

Agriculture

Long Island, NY is rich in farming history and features many produce farms located on both the North Shore and South Shores. Because the western and central regions of the island are now largely devoted to residential use, the East End of the island is now the primary agricultural area of Long Island.
East End farms and farmers' markets are the major providers of Long Island's remaining supplies of locally grown fruits, berries, vegetables, poultry, and dairy products. Some farms offer pick-your-own peaches, apples, and pumpkins. This has become a traditional spring, summer, and fall outing for many Long Island residents.  The island also still has a considerable area and resources even in Nassau County devoted to landscaping horticulture.

Long Island wine
In little over quarter of a century the Long Island wine industry has grown from one vineyard to 3,000 acres (12 km2) of vines in thirty wineries. The island's maritime climate, geography and soil characteristics provide good winegrowing conditions.
The Long Island wine region formally encompasses all of Nassau County and Suffolk County, but most island vineyards are located on the North and South Forks. Some of the vineyards can grow Euopean varietal grapes, while others concentrate on hybrid grapes that are better-adapted to North American conditions of climate and pest resistance.

News and media

Long Island is the home of several newspapers and radio stations. Newsday has one of the largest circulations of all U.S. daily newspapers. The Long Island Press is a weekly paper begun in 2003. There are a few specialty newspapers such as the Long Island Business News and there are several weeklies that cover smaller community news and current events in the Long Island Communities. News 12, owned and operated by Cablevision System Corp, is one of the primary Long Island TV cable news channels.
Long Island Radio Stations
WALK-FM, 97.5 WBAB-FM 102.3 WBLI-FM, 106.1 WBZO-FM, 103.1 WLIR-FM, 107.1 WHLI-AM, 1100 WKJY-FM, 98.3 WKWZ-FM, 88.5


Tourism

Tourism thrives primarily in the summer and on the East End because of the natural beauty, parks and beaches in Long Island. The North fork on the east end of Suffolk County is known for fishing villages, quaint towns, ferries to Connecticut and other neighbors, and for wineries. The South fork has similar tourist attractions including golf, equestrian, boating, surfing, and fine dining in the Hamptons and Montauk. Patchogue is also host to the Patchogue Theatre for the Performing Arts, which is also the official home theater of the Atlantic Wind Symphony.


Sunrise in Quogue.
Villages are significant additional tourist attraction for the Island. Some tourism is local Long Islanders simply visiting nearby friendly villages. Examples of well developed villages that attract surrounding communities are Huntington Village, Northport Village, Islip Hamlet, Port Jefferson Village, Sayville, & Cold Spring Harbor in Suffolk County. Roslyn Village, Great Neck, The City of Long Beach, The City of Glen Cove, Massapequa Park and Rockville Centre, Garden City are popular Nassau County Villages. The Long Island Convention and Visitors Bureau provides information about tourism on Long Island.

Other industries

Fishing continues to be an important industry, especially at Northport and Montauk.
Since World War II, Long Island has become increasingly suburban and, in some areas, fully urbanized. Levittown was only the first of many new suburbs, and businesses followed residential development eastward.
Long Island is home to the East Coast's largest industrial park, the Hauppauge Industrial Park. The park has over 1,300 companies, and employs over 55,000 Long Islanders. Companies in the park and abroad are represented by the Hauppauge Industrial Association.
A growing entertainment industry presence can also be found on the Island. Most recently producer Mitchell Kriegman established Wainscott Studios in Water Mill where the PBS children's show, “It's a Big Big World”, is shot.

See also


(source:wikipedia)

Monday, December 27, 2010

Boris Yeltsin


Boris Nikolayevich Yeltsin
Борис Николаевич Ельцин

In office
10 July 1991 – 31 December 1999
Prime MinisterYegor Gaidar
Viktor Chernomyrdin
Sergey Kiriyenko
Yevgeny Primakov
Sergei Stepashin
Vladimir Putin
Succeeded byVladimir Putin
Vice PresidentAlexander Rutskoy (1991–1993)

Born1 February 1931
Butka, Sverdlovsk Oblast,Russian SFSR, Soviet Union
Died23 April 2007 (aged 76)
Moscow, Russia
Birth nameBoris Nikolayevich Yeltsin
NationalityRussian
Political partyCPSU (prior to 1990)
Independent (after 1990)
Spouse(s)Naina Yeltsina
ChildrenTatyana Borisovna Dyachenko
Elena Borisovna Okulova
Alma materUral State Technical University
ReligionRussian Orthodoxy
Signature

Boris Nikolayevich Yeltsin (Russian: Бори́с Никола́евич Е́льцин,1 February 1931 – 23 April 2007) was the first President of the Russian Federation, serving from 1991 to 1999.
Boris Yeltsin came to power with a wave of high expectations. On 12 June 1991 he was elected president of the Russian Soviet Federative Socialist Republic with 57% of the vote, becoming the first popularly elected president. However, Yeltsin never recovered his popularity after a series of economic and political crises in Russia in the 1990s.
Following the dissolution of the Soviet Union in December 1991, Yeltsin, vowing to transform Russia's socialist command economy into a free market economy, endorsed 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 people.
In August 1991, Yeltsin won international plaudits for casting himself as a democrat and defying the August coup attempt of 1991 by the members of Soviet government opposed to further decentralisation under the Union Treaty of 1991. The Yeltsin era was marked by widespread corruption, economic collapse, and enormous political and social problems. During the first part of his rule, he ruled by decree. Later, his prime ministers effectively ran things. His confrontations with parliament climaxed in the October 1993 Russian constitutional crisis, during which Yeltsin illegally dissolved, besieged, and later shelled the Russian White House, killing hundreds. He then seized dictatorial powers, scrapped the constitution under which he had been legally removed from office, banned opposition parties and media, and deepened his economic experimentation. Later in 1993, Yeltsin imposed a new constitution with strong presidential powers, which was approved by referendum in December. He left office widely unpopular with the Russian population as an ineffectual and ailing autocrat. By some estimates, his approval ratings when leaving office were 2%.
Just hours before the first day of 2000, Yeltsin made a surprise announcement of his resignation, leaving the presidency in the hands of his chosen successor, then-Prime Minister Vladimir Putin.

Early life

Boris Yeltsin was born in the village of Butka, in Talitsky District of Sverdlovsk Oblast, Russian SFSR. His father, Nikolay Yeltsin, was convicted of anti-Soviet agitation in 1934 and sentenced to hard labour in a gulag for three years. Following his release he remained unemployed for a period of time and then worked in construction. His mother, Klavdiya Vasilyevna Yeltsina, worked as a seamstress.
Boris Yeltsin studied at Pushkin High School in Berezniki in Perm Krai. He was fond of sports (in particular skiing, gymnastics, volleyball, track and field, boxing and wrestling) despite losing the thumb and index finger of his left hand when he and some friends sneaked into a Red Army supply depot, stole several grenades, and tried to dissect them.
Yeltsin received his higher education at the Ural State Technical University in Sverdlovsk, majoring in construction, and graduated in 1955. The subject of his degree paper was "Television Tower".
From 1955 to 1957 he worked as a foreman with the building trust Uraltyazhtrubstroy and from 1957 to 1963 he worked in Sverdlovsk, and was promoted from construction site superintendent to chief of the Construction Directorate with the Yuzhgorstroy Trust. In 1963 he became chief engineer, and in 1965 head of the Sverdlovsk House-Building Combine, responsible for sewerage and technical plumbing. He joined the ranks of the CPSU nomenklatura in 1968 when he was appointed head of construction with the Sverdlovsk Regional Party Committee. In 1975 he became secretary of the regional committee in charge of the region's industrial development. In 1976 the Politburo of the CPSU promoted him to the post of the first secretary of the CPSU Committee of Sverdlovsk Oblast (effectively he became the head of one of the most important industrial regions in the USSR), he remained in this position until 1985.

CPSU member

Yeltsin was a member of the Communist Party of the Soviet Union (CPSU) from 1961 to July 1990, and a nomenklatura member since 1968.
In 1977 as a party official in Sverdlovsk, Yeltsin was—on orders from Moscow—ordered to execute the order to destroy the Ipatiev House where the last Russian tsar had been killed by Bolshevik troops. The Ipatiev House was demolished in one night, 27 July 1977. Also during Yeltsin's stay in Sverdlovsk, a CPSU palace was built which was named "White Tooth" by the residents. During this time, Yeltsin developed connections with key people in the Soviet power structure.
He was appointed to the Politburo, and was also "Mayor" of Moscow (First Secretary of the CPSU Moscow City Committee) from 24 December 1985 to 1987. He was promoted to these high rank positions by Mikhail Gorbachev and Yegor Ligachev, who presumed that Yeltsin would be their man. Yeltsin was also given a country house (dacha) previously occupied by Gorbachev. During this period Yeltsin portrayed himself as a reformer and populist (for example, he took a trolleybus to work), firing and reshuffling his staff several times. His initiatives became popular among Moscow residents.
In 1987, after a confrontation with hardliner Yegor Ligachev and Mikhail Gorbachev about Gorbachev's wife, Raisa, meddling in affairs of the state[citation needed], Yeltsin was sacked from his high ranking party positions. On 21 October 1987 at the plenary meeting of the Central Committee of the CPSU, Yeltsin, without prior approval from Gorbachev, lashed out at the Politburo. He expressed his discontent with both the slow pace of reform in society and the servility shown to the General Secretary, then asked to resign from the Politburo, adding that the City Committee would decide whether he should resign from the post of first secretary of the Moscow City Party Committee. In his reply, Gorbachev accused Yeltsin of "political immaturity" and "absolute irresponsibility", and at the plenary meeting of the Moscow City Party Committee proposed relieving Yeltsin of his post of first secretary. Nobody backed Yeltsin. Criticism of Yeltsin continued on 11 November 1987 at the meeting of the Moscow City Party Committee. After Yeltsin admitted that his speech had been a mistake, he was fired from the post of first secretary of the Moscow City Committee. He was demoted to the position of first deputy commissioner for the State Committee for Construction. After being fired, Yeltsin was hospitalized and later (confirmed by Nikolai Ryzhkov) attempted suicide. He was perturbed and humiliated but began plotting his revenge. His opportunity came with Gorbachev's establishment of the Congress of People's Deputies. He recovered, and started intensively criticizing Gorbachev, highlighting the slow pace of reform in the Soviet Union as his major argument.
Yeltsin's criticism of the Politburo and Gorbachev led to a smear campaign against him, in which examples of Yeltsin's awkward behavior were used against him. An article published in Pravda described him as being drunk at a lecture during his visit to the United States, an allegation which appeared to be confirmed by a TV account of his speech. However, popular dissatisfaction with the regime was very strong, and these attempts to smear Yeltsin only added to his popularity. In another incident, Yeltsin fell from a bridge. Commenting on this event, Yeltsin hinted that he was helped to fall from the bridge by the enemies of perestroika, but his opponents suggested that he was simply drunk.

President of the RSFSR

In March 1989, Yeltsin was elected to the Congress of People's Deputies as the delegate from Moscow district and gained a seat on the Supreme Soviet of Russia.
On 29 May 1990, he was elected chairman of the Presidium of the Supreme Soviet of the Russian SFSR (RSFSR), the post he held until 10 July 1991. He was supported by both democratic and conservative members of the Supreme Soviet, which sought power in the developing political situation in the country. A part of this power struggle was the opposition between power structures of the Soviet Union and the RSFSR. In an attempt to gain more power, on 12 June 1990, the Congress of People's Deputies of the RSFSR adopted a declaration of sovereignty and Yeltsin quit the CPSU in July 1990.
On 12 June 1991, Yeltsin won 57% of the popular vote in the democratic presidential elections for the Russian republic, defeating Gorbachev's preferred candidate, Nikolai Ryzhkov who got just 16% of the vote. In his election campaign, Yeltsin criticized the "dictatorship of the center", but did not suggest the introduction of a market economy. Instead, he said that he would put his head on the railtrack in the event of increased prices. Yeltsin took office on 10 July.
On 18 August 1991, a coup against Gorbachev was launched by the government members opposed to perestroika. Gorbachev was held in Crimea while Yeltsin raced to the White House of Russia (residence of the Supreme Soviet of the RSFSR) in Moscow to defy the coup. The White House was surrounded by the military but the troops defected in the face of mass popular demonstrations. Yeltsin responded to the coup by making a memorable speech from the turret of a tank. By 21 August most of the coup leaders had fled Moscow and Gorbachev was "rescued" from Crimea and then returned to Moscow. Yeltsin was subsequently hailed by his supporters around the world for rallying mass opposition to the coup.
Although restored to his position, Gorbachev's powers were now fatally compromised. Neither union nor Russian power structures heeded his commands as support had swung over to Yeltsin. Through the fall of 1991, the Russian government took over the union government, ministry by ministry.
On 6 November 1991, Yeltsin issued a decree banning the Communist Party throughout the RSFSR.
In early December 1991, Ukraine voted for independence from the Soviet Union. A week later, on 8 December, Yeltsin met Ukrainian president Leonid Kravchuk and the leader of Belarus, Stanislav Shushkevich, in Belovezhskaya Pushcha, where the three presidents announced the dissolution of the Soviet Union and that they would establish a voluntary Commonwealth of Independent States (CIS) in its place. According to Mikhail Gorbachev, the president of the Soviet Union at that time, Yeltsin kept the plans of the Belovezhskaya meeting in strict secrecy and the main goal of the dissolution of the Soviet Union was to get rid of Gorbachev, who by that time had started to recover his position after the events of August. Mikhail Gorbachev has also accused Yeltsin of violating the people's will expressed in the referendum in which the majority voted to keep the Soviet Union.
On 24 December, the Russian Federation took the Soviet Union's seat in the United Nations. The next day, President Gorbachev resigned and the Soviet Union ceased to exist, thereby ending the world's largest and most influential socialist state. Economic relations between the former Soviet republics were severely compromised. Millions of ethnic Russians found themselves in the newly formed foreign countries.

President of the Russian Federation

Yeltsin's first term
Radical reforms
Most of Yeltsin's time as president was plagued by economic contraction.
Just days after the dissolution of the Soviet Union, Boris Yeltsin resolved to embark on a program of radical economic reform, with the aim of restructuring Russia's economic system—converting the world's largest command economy into a free-market one. During early discussions of this transition, Yeltsin's advisers debated issues of speed and sequencing, with an apparent division between those favoring a rapid approach and those favoring a gradual or slower approach.
In late 1991 Yeltsin turned to the advice of Western economists, and Western institutions such as the IMF, the World Bank, and the U.S. Treasury Department, who had developed a standard policy recipe for transition economies in the late 1980s. This policy recipe came to be known as the "Washington Consensus" or "shock therapy", a combination of measures intended to liberalize prices and stabilize the state's budget. Such measures had been attempted in Poland, and advocates of "shock therapy" felt the same could be done in Russia. Some Russian policymakers were skeptical that this was the way to go, but the approach was favored by Yeltsin's deputy, Yegor Gaidar, a 35-year-old Russian economist inclined toward radical reform.
On 2 January 1992, Yeltsin, acting as his own prime minister, ordered the liberalization of foreign trade, prices, and currency. At the same time, Yeltsin followed a policy of 'macroeconomic stabilization,' a harsh austerity regime designed to control inflation. Under Yeltsin's stabilization program, interest rates were raised to extremely high levels to tighten money and restrict credit. To bring state spending and revenues into balance, Yeltsin raised new taxes heavily, cut back sharply on government subsidies to industry and construction, and made steep cuts to state welfare spending.
In early 1992, prices skyrocketed throughout Russia, and deep credit crunch shut down many industries and brought about a protracted depression. The reforms devastated the living standards of much of the population, especially the groups dependent on Soviet-era state subsidies and welfare entitlement programs. Through the 1990s, Russia's GDP fell by 50 percent, vast sectors of the economy were wiped out, inequality and unemployment grew dramatically, while incomes fell. Hyperinflation, caused by the Central Bank of Russia's loose monetary policy, wiped out a lot of personal savings, and tens of millions of Russians were plunged into poverty.
Some economists argue that in the 1990s Russia suffered an economic downturn more severe than the United States or Germany had undergone six decades earlier in the Great Depression. Russian commentators and even some Western economists, such as Marshall Goldman, widely blamed Yeltsin's Western-backed economic program for the country's disastrous economic performance in the 1990s. Many politicians began to quickly distance themselves from the program. In February 1992, Russia's vice president, Alexander Rutskoy denounced the Yeltsin program as "economic genocide." By 1993 conflict over the reform direction escalated between Yeltsin on the one side, and the opposition to radical economic reform in Russia's parliament on the other.

Confrontation with parliament
 1993 Russian constitutional crisis
Also throughout 1992, Yeltsin wrestled with the Supreme Soviet of Russia and the Congress of People's Deputies for control over government, government policy, government banking and property. In the course of 1992, the speaker of the Russian Supreme Soviet, Ruslan Khasbulatov, came out in opposition to the reforms, despite claiming to support Yeltsin's overall goals. In December 1992, the 7th Congress of People's Deputies succeeded in turning down the Yeltsin-backed candidacy of Yegor Gaidar for the position of Russian prime minister. An agreement was brokered by Valery Zorkin, chairman of the Constitutional Court, which included the following provisions: a national referendum on the new constitution; parliament and Yeltsin would choose a new head of government, to be confirmed by the Supreme Soviet; and the parliament was to cease making constitutional amendments that change the balance of power between the legislative and executive branches. Eventually, on 14 December, Viktor Chernomyrdin, widely seen as a compromise figure, was confirmed in the office.
The conflict escalated soon, however, with the parliament changing its prior decision to hold a referendum. Yeltsin, in his turn, announced in a televised address to the nation on 20 March 1993, that he was going to assume certain "special powers" in order to implement his program of reforms. In response, the hastily-called 9th Congress of People's Deputies attempted to remove Yeltsin from presidency through impeachment on 26 March 1993. Yeltsin's opponents gathered more than 600 votes for impeachment, but fell 72 votes short of the required two-thirds majority.
During the summer of 1993, a situation of dual power developed in Russia. Since July, two separate administrations of the Chelyabinsk Oblast functioned side by side, after Yeltsin refused to accept the newly elected pro-parliament head of the region. The Supreme Soviet pursued its own foreign policies, passing a declaration on the status of Sevastopol.
In August, a commentator reflected on the situation as follows: "The President issues decrees as if there were no Supreme Soviet, and the Supreme Soviet suspends decrees as if there were no President." (Izvestiya, 13 August 1993).
On 21 September 1993 Yeltsin announced in a televised address his decision to disband the Supreme Soviet and Congress of People's Deputies by decree.
In his address Yeltsin declared his intent to rule by decree until the election of the new parliament and a referendum on a new constitution, triggering the constitutional crisis of October 1993. On the night after Yeltsin's televised address, the Supreme Soviet declared Yeltsin removed from presidency, by virtue of his breaching the constitution, and Vice-President Alexander Rutskoy was sworn in as the acting president.
Between 21–24 September Yeltsin was confronted by significant popular unrest, encouraging the defenders of the parliament. Moscow saw what amounted to a spontaneous mass uprising of anti-Yeltsin demonstrators numbering in the tens of thousands marching in the streets resolutely seeking to aid forces defending the parliament building.[clarification needed] The demonstrators were protesting the new and terrible living conditions under Yeltsin. Since 1989 GDP had declined by half. Corruption was rampant, violent crime was skyrocketing, medical services were collapsing, food and fuel were increasingly scarce and life expectancy was falling for all but a tiny handful of the population; moreover, Yeltsin was increasingly getting the blame.
By early October, Yeltsin had secured the support of Russia's army and ministry of interior forces. In a massive show of force, Yeltsin called up tanks to shell the Russian White House, Russia's parliament building. The attack on Russia's parliament building left 500 people dead and injured 1000 more.
As Supreme Soviet was dissolved, in December 1993 elections to the newly established parliament, the State Duma, were held. Candidates associated with Yeltsin's economic policies were overwhelmed by a huge anti-Yeltsin vote, the bulk of which was divided between the Communist Party and ultra-nationalists. The referendum, however, held at the same time, approved the new constitution, which significantly expanded the powers of the president, giving Yeltsin a right to appoint the members of the government, to dismiss the prime minister and, in some cases, to dissolve the Duma.

Chechnya
 First Chechen War
In December 1994, Yeltsin ordered the military invasion of Chechnya in an attempt to restore Moscow's control over the republic. Nearly two years later Yeltsin withdrew federal forces from the devastated Chechnya under a 1996 peace agreement brokered by Alexander Lebed, then Yeltsin's security chief. The peace deal allowed Chechnya greater autonomy but not full independence.
The decision to launch the war in Chechnya dismayed many in the West. TIME magazine wrote:
"Then, what was to be made of Boris Yeltsin? Clearly he could no longer be regarded as the democratic hero of Western myth. But had he become an old- style communist boss, turning his back on the democratic reformers he once championed and throwing in his lot with militarists and ultranationalists? Or was he a befuddled, out-of-touch chief being manipulated, knowingly or unwittingly, by– well, by whom exactly? If there was to be a dictatorial coup, would Yeltsin be its victim or its leader?"

Privatization and the rise of "the oligarchs"
Main article: Privatization in Russia
Following the collapse of the Soviet Union, Yeltsin promoted privatization as a way of spreading ownership of shares in former state enterprises as widely as possible to create political support for his economic reforms. In the West, privatization was viewed as the key to the transition from Communism in Eastern Europe, ensuring a quick dismantling of the Soviet-era command economy to make way for 'free market reforms.' In the early 1990s, Anatoly Chubais, Yeltsin's deputy for economic policy, emerged as a leading advocate of privatization in Russia.
In late 1992, Yeltsin launched a program of free vouchers as a way to give mass privatization a jump-start. Under the program, all Russian citizens were issued vouchers, each with a nominal value of around 10,000 rubles, for purchase of shares of select state enterprises. Although each citizen initially received a voucher of equal face value, within months most of them converged in the hands of intermediaries who were ready to buy them for cash right away.
In 1995, as Yeltsin struggled to finance Russia's growing foreign debt and gain support from the Russian business elite for his bid in the early-1996 presidential elections, the Russian president prepared for a new wave of privatization offering stock shares in some of Russia's most valuable state enterprises in exchange for bank loans. The program was promoted as a way of simultaneously speeding up privatization and ensuring the government a much-needed infusion of cash for its operating needs.
However, the deals were effectively giveaways of valuable state assets to a small group of tycoons in finance, industry, energy, telecommunications, and the media who came to be known as "oligarchs" in the mid-1990s. This was due to the fact that ordinary people sold their vouchers for cash. The vouchers where bought out by a small group of investors. By mid-1996, substantial ownership shares over major firms were acquired at very low prices by a handful of people. Boris Berezovsky, who controlled major stakes in several banks and the national media, emerged as one of Yeltsin's most prominent backers. Along with Berezovsky, Mikhail Khodorkovsky, Vladimir Potanin, Vladimir Bogdanov, Rem Viakhirev, Vagit Alekperov, Alexander Smolensky, Victor Vekselberg, Mikhail Fridman and a few years later Roman Abramovich, were habitually mentioned in the media as Russia's oligarchs.

KAL 007
On 5 December 1991, Senator Jesse Helms, ranking member of the Minority on the U.S. Senate Committee on Foreign Relations, wrote to Boris Yeltsin concerning U.S. servicemen who were POWs or MIAs. "The status of thousands and thousands of American servicemen who are held by Soviet and other Communist forces, and who were never repatriated after every major war this century, is of grave concern to the American people."
Yeltsin would ultimately respond with a statement made on 15 June 1992, while being interviewed aboard his presidential jet on his way to the United States, "Our archives have shown that it is true — some of them were transferred to the territory of the U.S.S.R. and were kept in labor camps... We can only surmise that some of them may still be alive.". On 10 December 1991, just five days after Senator Helms had written Yeltsin concerning American servicemen, he again wrote to Yeltsin, this time concerning Korean Air Lines Flight 007 (KAL 007) requesting information concerning possible survivors, including Congressman from Georgia Larry McDonald, and their whereabouts.
"One of the greatest tragedies of the Cold War was the shoot-down of the Korean Airlines Flight 007 by the Armed Forces of what was then the Soviet Union on 1 September 1983... The KAL-007 tragedy was one of the most tense incidences of the entire Cold War. However, now that relations between our two nations have improved substantially, I believe that it is time to resolve the mysteries surrounding this event. Clearing the air on this issue could help further to improve relations." In March 1992, Yeltsin would hand over KAL 007's Black Box without its tapes to Korean President Roh Tae-Woo at the end of the plenary session of the Korean National Assembly with this statement, "We apologize for the tragedy and are trying to settle some unsolved issues."
Yeltsin would ultimately respond on 8 January 1992 by handing over to the International Civil Aviation Organization (ICAO) of the United Nations what the Russians had for so many years denied possessing: the tapes of the KAL 007's "Black Box" (its Digital Flight Data Recorder and Cockpit Voice Recorder).
The openness of Yeltsin about POW/MIA and KAL 007 matters may also have signaled his willingness for more openness to the West. In 1992, which he labelled the "window of opportunity", he was willing to discuss biological weapons with the U.S. and admitted that the Sverdlovsk anthrax leak of 2 April 1979 had been caused as a result of a mishap at a military facility. The Russian government had maintained that the cause was contaminated meat. The true number of victims in the anthrax outbreak at Sverdlovsk, about 850 miles (1,368 km) east of Moscow, is not known.

1996 presidential election
In February 1996, Yeltsin announced that he would seek a second term in the spring 1996 Russian presidential election. The announcement followed weeks of speculation that Yeltsin was at the end of his political career because of his health problems and growing unpopularity in Russia. At the time Yeltsin was recuperating from a series of heart attacks. Domestic and international observers also noted his occasionally erratic behaviour. When campaigning opened at the beginning of 1996, Yeltsin's popularity was close to zero. Meanwhile, the opposition Communist Party of the Russian Federation had already gained ground in parliamentary voting on 17 December 1995, and its candidate, Gennady Zyuganov, had a strong grass roots organization, especially in the rural areas and small towns, and appealed effectively to memories of the old days of Soviet prestige on the international stage and the socialist domestic order.
Panic struck the Yeltsin team when opinion polls suggested that the ailing president could not win; some members of his entourage urged him to cancel presidential elections and effectively rule as dictator from then on. Instead, Yeltsin changed his campaign team, assigning a key role to his daughter, Tatyana Dyachenko, and appointing Chubais as campaign manager. Chubais, acting as both Yeltsin's campaign manager and adviser on Russia's privatisation programme, used his control of the privatisation programme as an instrument of Yeltsin's reelection campaign.
In the spring of 1996, Chubais and Yeltsin recruited a team of a handful of financial and media oligarchs to bankroll the Yeltsin campaign and guaranteed favorable media coverage the president on national television and in leading newspapers. In return, Chubais allowed well-connected Russian business leaders to acquire majority stakes in some of Russia's most valuable state-owned assets. The media painted a picture of a fateful choice for Russia, between Yeltsin and a "return to totalitarianism." The oligarchs even played up the threat of civil war if a Communist were elected president.

Yeltsin and Bill Clinton share a laugh in October 1995.
Yeltsin campaigned energetically, dispelling concerns about his health, and maintained a high media profile. To boost his popularity, Yeltsin promised to abandon some of his more unpopular economic reforms, boost welfare spending, end the war in Chechnya, and pay wage and pension arrears. Yeltsin's campaign also got a boost from the announcement of a $10 billion loan to the Russian government from the International Monetary Fund.
Zyuganov, who lacked Yeltsin's resources and financial backing, saw his strong initial lead whittle away. After the first round on 16 June Yeltsin appointed a highly popular candidate Alexander Lebed, who came in third in the first round, Secretary of the Security Council of Russia, sacked at the latter's behest defence minister Pavel Grachev and on 20 June sacked a number of his siloviki, one of them being his chief of presidential security Alexander Korzhakov, viewed by many as Yeltsin's éminence grise.
In the run-off on 3 July, with a turnout of 68.9%, Yeltsin won 53.8% of the vote and Zyuganov 40.3%, with the rest (5.9%) voting "against all".

Yeltsin's second term
In July 1996, Yeltsin was re-elected as president with financial support from influential business oligarchs who owed their wealth to their connections with Yeltsin's administration. Despite only gaining 35% of the first round vote in the 1996 elections, Yeltsin defeated his communist rival Gennady Zyuganov with 54% in the runoff election. Later that year, Yeltsin underwent an emergency quintuple heart bypass surgery and remained in the hospital for months.
During Yeltsin's presidency, Russia received US$ 40 billion in funds from the IMF and other international lending organizations. However, his opponents allege that most of these funds were stolen by people from Yeltsin's circle and placed in foreign banks.
In 1998, a political and economic crisis emerged when Yeltsin's government defaulted on its debts, causing financial markets to panic and the ruble to collapse in the 1998 financial crisis.
During the 1999 Kosovo war, Yeltsin strongly opposed the NATO military campaign against Yugoslavia, and warned of possible Russian intervention if NATO deployed ground troops to Kosovo. In televised comments he stated: "I told NATO, the Americans, the Germans: Don't push us toward military action. Otherwise there will be a European war for sure and possibly world war."
Yeltsin on the day of his resignation, together with Putin and Alexander Voloshin,.
On 15 May 1999, Yeltsin survived another attempt of impeachment, this time by the democratic and communist opposition in the State Duma. He was charged with several unconstitutional activities, including the signing of the Belavezha Accords, dissolving the Soviet Union in December 1991, the coup-d'état in October 1993, and initiating the war in Chechnya in 1994. None of these charges received the two-thirds majority of the Duma which was required to initiate the process of impeachment of the president.
On 9 August 1999 Yeltsin fired his prime minister, Sergei Stepashin, and for the fourth time, fired his entire cabinet. In Stepashin's place he appointed Vladimir Putin, relatively unknown at that time, and announced his wish to see Putin as his successor.
In late 1999 Yeltsin and President Clinton openly disagreed on the war in Chechnya. At the November meeting of the Organization for Security and Cooperation in Europe, Clinton pointed his finger at Yeltsin and demanded he halt bombing attacks that had resulted in many civilian casualties. Yeltsin immediately left the conference.
In December while visiting China to seek support on Chechnya, Yeltsin replied to Clinton’s criticism of a Russian ultimatum to citizens of Grozny. He bluntly pronounced: "Yesterday, Clinton permitted himself to put pressure on Russia. It seems he has for a minute, for a second, for half a minute, forgotten that Russia has a full arsenal of nuclear weapons. He has forgotten about that." Clinton dismissed Yeltsin's comments stating: "I didn't think he'd forgotten that America was a great power when he disagreed with what I did in Kosovo." It fell to Vladimir Putin to downplay Yeltsin's comments and present reassurances about U.S. and Russian relations.

Resignation

Yeltsin appearing on TV announcing his resignation on 31 December 1999.
On 31 December 1999, in a surprise announcement aired at 12:00 noon on Russian television and taped in the morning of the same day, Yeltsin said he had resigned and Prime Minister Vladimir Putin had taken over as acting president, with elections due to take place on 26 March 2000. Yeltsin asked for forgiveness for what he acknowledged were errors of his rule, and said Russia needed to enter the new century with new political leaders. Yeltsin said: "I want to beg forgiveness for your dreams that never came true. And also I would like to beg forgiveness not to have justified your hopes."

Alleged alcoholism and neurological disorder

According to numerous reports, Yeltsin struggled with alcoholism. The subject made headlines abroad during Yeltsin's visit to the U.S. in 1989 for a series of lectures on social and political life in the Soviet Union. That trip was described by a report in the Italian newspaper La Repubblica. The article reported that Yeltsin often appeared drunk in public. The article was reprinted by Pravda. Yeltsin's alleged alcoholism was also the subject of media discussion following his meeting with U.S. Deputy Secretary of State Strobe Talbott following Clinton's inauguration in 1993 and after his flight stop-over at Shannon Airport, Ireland in September 1994 when the waiting Irish Taoiseach (prime minister) Albert Reynolds was told that Yeltsin was unwell and would not be leaving the aircraft. Reynolds tried to make excuses for him in an effort to offset his own humiliation in vainly waiting outside the plane to meet him. Speaking to the media in March 2010, Yeltsin's daughter Tatyana Yumasheva, claimed that her father suffered a heart attack on the flight from the United States to Moscow and was therefore not in the position to leave the plane.
According to former Deputy Prime Minister of Russia Boris Nemtsov, the bizarre behavior of Yeltsin resulted from "strong drugs" given to him by Kremlin's doctors, which were incompatible even with a small amount of alcohol. This was discussed by journalist Yelena Tregubova from the "Kremlin's pool" in connection with an episode during Yeltsin's visit to Stockholm in 1997 when Yeltsin suddenly started talking nonsense (he allegedly told his bemused audience that Swedish meatballs reminded him of Björn Borg's face), lost his balance, and almost fell down on the podium after drinking a single glass of Champagne. Yeltsin, in his memoirs, claimed no recollection of the event but did make a passing reference to the incident when he met Borg a year later at The World Circle Kabaddi Cup in Hamilton, Ontario, where the pair had been invited to present the trophy.Similarly, Yeltsin made a hasty withdrawal from the funeral of King Hussein of Jordan in February 1999.
After Yeltsin's death, a Dutch neurosurgeon revealed that his team was secretly flown to Moscow to operate on Yeltsin in 1999. Yeltsin suffered from an unspecified neurological disorder that affected his sense of balance, causing him to wobble as if in a drunken state; the goal of the operation was to reduce the pain.
According to author and historian Taylor Branch's interviews with Bill Clinton, on a 1995 visit to Washington D.C., Yeltsin was found on Pennsylvania Avenue, drunk, in his underwear and trying to hail a cab in order to find pizza.

Life after resignation


Yeltsin with Naina Yeltsina on his 75th birthday on 1 February 2006.
Yeltsin's personal and health problems received a great deal of attention in the global press. As the years went on, he was often viewed as an increasingly unstable leader, rather than the inspiring figure he was once seen as. The possibility that he might die in office was often discussed. Starting in the last years of his presidential term, Yeltsin's primary residence was the Gorki-9 presidential dacha west of Moscow. He made frequent stays at the nearby government sanatorium in Barvikha.
Yeltsin maintained a low profile after his resignation, making almost no public statements or appearances. However, on 13 September 2004, following the Beslan school hostage crisis and nearly-concurrent terrorist attacks in Moscow, Putin launched an initiative to replace the election of regional governors with a system whereby they would be directly appointed by the president and approved by regional legislatures. Yeltsin, together with Mikhail Gorbachev, publicly criticized Putin's plan as a step away from democracy in Russia and a return to the centrally-run political apparatus of the Soviet era.
In September 2005, Yeltsin underwent a hip operation in Moscow after breaking his femur in a fall while vacationing on the Italian island of Sardinia.
On 1 February 2006, Yeltsin celebrated his 75th birthday. He used this occasion as an opportunity to criticize a "monopolistic" U.S. foreign policy, and to state that Vladimir Putin was the right choice for Russia. He also disputed accusations of corruption.

Passion for tennis

Yeltsin at the semi-finals of the Davis Cup with tennis player Dmitry Tursunov after the game in which the Russian won against the American Andy Roddick.
Yeltsin also used his retirement to pursue his considerable love of tennis. He was a frequent fixture at tournaments held in Russia, notably Russian Davis Cup and Federation Cup team events. As well as this, he has contributed to the past 3 Wimbledon prize funds under the term of his will, donating $10 million spread over a decade from the date of his death. Far from a passive supporter like many VIPs who attend sports events, Yeltsin gained a reputation as an animated fan, cheering and jumping in support of the Russians. When the Russian men won the Davis Cup in 2002 and 2006 Yeltsin descended the stands to celebrate with the players, group hugging the team.
In Yeltsin's place, following his death in April 2007, his widow Naina attended the final of that year's Federation Cup, in which Russia's women comprehensively beat Italy.

Death
Funeral of Yeltsin on 25 April 2007,.
Wikinews has related news: Boris Yeltsin, former president of Russia, dies at 76
Boris Yeltsin died of congestive heart failure on 23 April 2007 at the age of 76. According to experts quoted by Komsomolskaya Pravda, the onset of Yeltsin's condition was due to his visit to Jordan between 25 March and 2 April. He was buried in the Novodevichy Cemetery on 25 April 2007, following a period during which his body had lain in state in the Cathedral of Christ the Saviour in Moscow.
Yeltsin was the first Russian statesman in 113 years to be buried in a church ceremony, after Emperor Alexander III. He was also the first leader in Russian and Soviet history to die quietly in retirement having overseen a peaceful transfer to his successor, Lenin not having appointed a successor upon his death and Khrushchev being ousted.
President Putin declared the day of his funeral a national day of mourning, with flags flown at half-staff and all entertainment programs suspended for the day.
Yeltsin is survived by his wife, Naina Iosifovna Yeltsina, whom he married in 1956, and their two daughters Yelena and Tatyana, born in 1957 and 1959 respectively.
Russian president Vladimir Putin said, declaring 25 April 2007, a day of national mourning, that:
Yeltsin's "presidency has inscribed him forever in Russian and in world history." ... "A new democratic Russia was born during his time: a free, open and peaceful country. A state in which the power truly does belong to the people." ... "the first President of Russia’s strength consisted in the mass support of Russian citizens for his ideas and aspirations. Thanks to the will and direct initiative of President Boris Yeltsin a new constitution, one which declared human rights a supreme value, was adopted. It gave people the opportunity to freely express their thoughts, to freely choose power in Russia, to realise their creative and entrepreneurial plans. This Constitution permitted us to begin building a truly effective Federation." ... "We knew (Yeltsin) as a brave and a warm-hearted, spiritual person. He was an upstanding and courageous national leader. And he was always very honest and frank while defending his position." ... "(Yeltsin) assumed full responsibility for everything he called for, for everything he aspired to. For everything he tried to do and did do for the sake of Russia, for the sake of millions of Russians. And he invariably took upon himself, let it in his heart, all the trials and tribulations of Russia, peoples’ difficulties and problems."
Shortly after the news broke, former Soviet leader Mikhail Gorbachev issued a statement, saying:
"I offer my deepest condolences to the family of a man on whose shoulders rested many great deeds for the good of the country and serious mistakes—a tragic fate".

Memorial

In April 2008, a new memorial to Yeltsin was dedicated in Moscow's Novodevichy cemetery, to mixed reactions. At the memorial service, a military chorus performed Russia's national anthem — an anthem that was changed shortly after the end of Yeltsin's term, to follow the music of the old Soviet anthem, with lyrics reflecting Russia's new status.


(source:wikipedia)