174-735: The modern history of Russia began with the Russian SFSR , a constituent republic of the Soviet Union , gaining more political and economical autonomy amidst the imminent dissolution of the USSR during 1988–1991, proclaiming its sovereignty inside the Union in June 1990, and electing its first President Boris Yeltsin a year later. The Russian Soviet Federative Socialist Republic was the largest Soviet Socialist Republic, but it had no significant independence before, being
348-574: A communist-led revolution in Afghanistan, Soviet forces invaded the country, ultimately starting the Soviet–Afghan War . In May 1988, the Soviets started to withdraw from Afghanistan , due to international opposition, persistent anti-Soviet guerrilla warfare, and a lack of support by Soviet citizens. From 1985 onwards, the last Soviet leader Mikhail Gorbachev , who sought to enact liberal reforms in
522-626: A troika was designated to take charge. Eventually Joseph Stalin , the General Secretary of the Communist Party , managed to suppress all opposition factions and consolidate power in his hands to become the country's dictator by the 1930s. Leon Trotsky , the main proponent of world revolution , was exiled from the Soviet Union in 1929, and Stalin's idea of Socialism in One Country became
696-532: A "return to totalitarianism." The oligarchs even played up the threat of civil war if a Communist were elected president. Russia Russia , or the Russian Federation , is a country spanning Eastern Europe and North Asia . It is the largest country in the world by area , extending across eleven time zones and sharing land borders with fourteen countries . It is the world's ninth-most populous country and Europe's most populous country . Russia
870-494: A Continental ". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article , as a remnant of the country's transition from British to American English . For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to
1044-537: A Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury , which assistant shall be appointed by the said Secretary. Alexander Hamilton took the oath of office as the first secretary of the treasury on September 11, 1789. Hamilton had served as George Washington 's aide-de-camp during
1218-595: A Varangian from the Rus' people , named Rurik , was elected ruler of Novgorod in 862. In 882, his successor Oleg ventured south and conquered Kiev , which had been previously paying tribute to the Khazars . Rurik's son Igor and Igor's son Sviatoslav subsequently subdued all local East Slavic tribes to Kievan rule, destroyed the Khazar Khaganate, and launched several military expeditions to Byzantium and Persia . In
1392-411: A box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. U.S. President Abraham Lincoln subsequently honored her with a commendation for her actions, and the federal government rewarded her with an appointment for life as a messenger with its Department of Issues. The U.S. Congress transferred several agencies that had previously been under
1566-558: A ceasefire with Chechen leaders, and a peace treaty was formally signed in May 1997. However, the conflict resumed in 1999; this time the rebellion was crushed by Vladimir Putin . The new capitalist opportunities presented by the opening of the Russian economy in the late 1980s and early 1990s affected many people's interests. As the Soviet system was being dismantled, well-placed bosses and technocrats in
1740-451: A crisis. By 1991, economic and political turmoil began to boil over as the Baltic states chose to secede from the Soviet Union. On 17 March, a referendum was held, in which the vast majority of participating citizens voted in favour of changing the Soviet Union into a renewed federation . In June 1991, Boris Yeltsin became the first directly elected President in Russian history when he
1914-484: A deputy prime minister, whereby some of the largest state industrial assets (including state-owned shares in Norilsk Nickel , Yukos , Lukoil , Sibneft , Surgutneftegas , Novolipetsk Steel , and Mechel ) were leased through auctions for money lent by commercial banks to the government. The auctions were rigged and lacked competition, being largely controlled by favored insiders with political connections or used for
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#17328815305502088-639: A global superpower. After World War II, according to the Potsdam Conference , the Red Army occupied parts of Eastern and Central Europe, including East Germany and the eastern regions of Austria . Dependent communist governments were installed in the Eastern Bloc satellite states. After becoming the world's second nuclear power , the Soviet Union established the Warsaw Pact alliance, and entered into
2262-462: A key role to his daughter, Tatyana Dyachenko , and appointing Anatoly Chubais campaign manager. Chubais, who was not just Yeltsin's campaign manager but also the architect of Russia's privatization program, set out to use his control of the privatization program as the key instrument of Yeltsin's reelection campaign. In addition, American lobbyists spent millions of dollars to see Yeltsin elected. The president's inner circle assumed that it had only
2436-778: A large confederacy, which was subsequently taken over by the Cumans and the Kipchaks . The ancestors of Russians are among the Slavic tribes that separated from the Proto-Indo-Europeans, who appeared in the northeastern part of Europe c. 1500 years ago. The East Slavs gradually settled western Russia (approximately between modern Moscow and Saint-Petersburg ) in two waves: one moving from Kiev towards present-day Suzdal and Murom and another from Polotsk towards Novgorod and Rostov . Prior to Slavic migration, that territory
2610-569: A market-oriented system. Furthermore, the end of the Cold War and the cutback in military spending affected industry quite dramatically making it difficult to quickly retool equipment, retrain workers, and find new markets. In the process of economic re-tooling, an enormous body of experience, qualified specialists and know-how was lost or misallocated, as the plants were sometimes switching from, for example, producing hi-tech military equipment to making kitchen utensils. A second obstacle, partly related to
2784-497: A member state of the G20 , SCO , BRICS , APEC , OSCE , and WTO ; and the leading member state of post-Soviet organisations such as CIS , CSTO , and EAEU/EEU . It possesses the largest stockpile of nuclear weapons and has the third-highest military expenditure . Russia is generally considered a great power and is a regional power . Internationally, Russia ranks very low in measurements of democracy , human rights and freedom of
2958-425: A million people. Meanwhile, life expectancy dropped for men from 64 years in 1990 to 57 years by 1994, while women's dropped from 74 to about 71. Both health factors and a sharp increase in deaths of the youth demographic from unnatural causes (such as murders, suicides, and accidents) have significantly contributed to this trend. Closely related to the declining life expectancy, alcohol-related deaths skyrocketed 60% in
3132-474: A number of conflicts in former Soviet states and other countries , including its war with Georgia in 2008 and its war with Ukraine since 2014, which has involved the internationally unrecognised annexations of Ukrainian territory including Crimea in 2014 and four other regions in 2022 during an ongoing invasion . Russia is a permanent member of the United Nations Security Council ;
3306-472: A number of unique obstacles during the post-Soviet transition including political reform, economic restructuring and the redrawing of political boundaries. The discomfort associated with these changes was not felt the same in each former Soviet republic. As a general rule, states to Russia's west, such as Poland , Hungary , and the Czech Republic , have fared slightly better than their eastern neighbors since
3480-458: A protracted depression. The rationale of the program was to squeeze the built-in inflationary pressure out of the economy so that producers would begin making sensible decisions about production, pricing and investment instead of chronically overusing resources—a problem that resulted in shortages of consumer goods in the Soviet Union in the 1980s. By letting the market rather than central planners determine prices, product mixes, output levels, and
3654-618: A secret protocol within the Molotov–Ribbentrop Pact with Nazi Germany . The Soviet Union later invaded Finland , and occupied and annexed the Baltic states , as well as parts of Romania . On 22 June 1941, Germany invaded the Soviet Union , opening the Eastern Front , the largest theater of World War II. Eventually, some 5 million Red Army troops were captured by the Nazis;
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#17328815305503828-577: A sharp rise in contract killings developed. The struggle for the center of power in Soviet Russia following the collapse of the Soviet Union and for the nature of the economic reforms culminated in a political crisis and bloodshed in the autumn of 1993. Yeltsin, who represented a course of radical privatization, was opposed by the Supreme Soviet. Confronted with opposition to the presidential power of decree and threatened with impeachment, he "dissolved"
4002-406: A short time in which to act on privatization; it, therefore, needed to take steps that would have a large and immediate impact, making the reversal of reform prohibitively costly for their opponents. Chubais' solution was to co-opt potentially powerful interests, including enterprise directors and regional officials, in order to ensure Yeltsin's reelection. The position of the enterprise directors to
4176-585: A siege of the Chechen capital of Grozny ; about 25,000 Chechen civilians died under week-long air raids and artillery fire in the sealed-off city. Massive use of artillery and air-strikes remained the dominating strategy throughout the Russian campaign. Even so, Chechen forces seized thousands of Russian hostages, while inflicting humiliating losses on the demoralized and ill-equipped Russian troops. The Russians finally managed to gain control of Grozny by February 1995 after heavy fighting. In August 1996, Yeltsin agreed to
4350-516: A significant share of the world's nuclear weapons immediately following the dissolution of the Soviet Union. However, the former Soviet republics were able to maintain transnational cooperation in other military areas, like establishing shared responsibility for the rocket and space infrastructure such as the Baikonur Cosmodrome . With the dissolution of the Warsaw Pact and COMECON and other treaties that served to bind its satellite states to
4524-454: A single employer; when the Soviet Union collapsed and the economic ties between Soviet republics and even regions were severed, the production in the whole country dropped by more than fifty percent. Roughly half of Russia's cities had only one large industrial enterprise, and three fourths had no more than four. Consequently, the decrease in production caused tremendous unemployment and underemployment. Thirdly, post-Soviet Russia did not inherit
4698-419: A small number of major banks, thus allowing a handful of powerful banks to acquire substantial ownership shares over major firms at shockingly low prices. These deals were effectively giveaways of valuable state assets to a few powerful, well-connected, and wealthy financial groups. The concentration of immense financial and industrial power, which loans for shares had assisted, extended to the mass media. One of
4872-534: A strong grassroots 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; 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
5046-508: A struggle for global dominance, known as the Cold War , with the rivalling United States and NATO . After Stalin's death in 1953 and a short period of collective rule , the new leader Nikita Khrushchev denounced Stalin and launched the policy of de-Stalinization , releasing many political prisoners from the Gulag labour camps. The general easement of repressive policies became known later as
5220-527: A sustained economic recession , and GDP per capita levels eventually returned to their 1991 levels by the mid-2000s. Following Yeltsin's resignation in 1999, Russia's politics have since been dominated by Vladimir Putin , serving as either President or Prime Minister. Although the Russian economy has improved significantly under Putin's leadership following relative economic chaos under Yeltsin, Putin has also been widely accused of corruption , authoritarian leadership, and widespread human rights abuses. For
5394-702: A system of state social security and welfare from the USSR. Instead the companies, mainly large industrial firms, were traditionally responsible for a broad range of social welfare functions—building and maintaining housing for their work forces, and managing health, recreational, educational, and similar facilities. The towns in contrast possessed neither the apparatus nor the funds for the provision of basic social services. Industrial employees were left heavily dependent on their firms. Thus, economic transformation created severe problems in maintaining social welfare since local governments were unable to assume finance or operational responsibility for these functions. Finally, there
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5568-415: A voucher of equal face value, within months most of the vouchers converged in the hands of intermediaries who were ready to buy them for cash right away. As the government ended the voucher privatization phase and launched cash privatization, it devised a program that it thought would simultaneously speed up privatization and yield the government a much-needed infusion of cash for its operating needs. Under
5742-514: Is a human capital dimension to the failure of post-Soviet reforms in Russia. The former Soviet population was not necessarily uneducated. Literacy was nearly universal, and the educational level of the Soviet population was among the highest in the world with respect to science, engineering, and some technical disciplines, although the Soviets devoted little to what would be described as " liberal arts " in
5916-485: Is a highly urbanised country including 16 population centres with over a million inhabitants. Its capital and largest city is Moscow . Saint Petersburg is Russia's second-largest city and its cultural capital . The East Slavs emerged as a recognised group in Europe between the 3rd and 8th centuries CE. The first East Slavic state, Kievan Rus' , arose in the 9th century, and in 988, it adopted Orthodox Christianity from
6090-606: The Oxford English Dictionary , the English name Russia first appeared in the 14th century, borrowed from Medieval Latin : Russia , used in the 11th century and frequently in 12th-century British sources, in turn derived from Russi , 'the Russians'; and the suffix -ia . In modern historiography, this state is usually denoted as Kievan Rus' after its capital city. Another Medieval Latin name for Rus'
6264-604: The American Revolutionary War and was influential in the ratification of the Constitution. Hamilton's financial and managerial acumen made him a logical choice for addressing the problem of the new nation's heavy war debt . His first official act as secretary was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of
6438-602: The Bank of the United States , which acted as the government's fiscal agent . The Department of Treasury believes their seal was created by Francis Hopkinson , the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created. In 1861, Sophia Holmes became
6612-497: The Battle of Kursk in the summer of 1943. Another German failure was the Siege of Leningrad , in which the city was fully blockaded on land between 1941 and 1944 by German and Finnish forces, and suffered starvation and more than a million deaths, but never surrendered. Soviet forces steamrolled through Eastern and Central Europe in 1944–1945 and captured Berlin in May 1945. In August 1945,
6786-731: The Brusilov Offensive of the Imperial Russian Army almost completely destroyed the Austro-Hungarian Army . However, the already-existing public distrust of the regime was deepened by the rising costs of war, high casualties , and rumors of corruption and treason. All this formed the climate for the Russian Revolution of 1917, carried out in two major acts. In early 1917, Nicholas II was forced to abdicate ; he and his family were imprisoned and later executed during
6960-534: The Bureau of Engraving and Printing and the U.S. Mint . These two agencies are responsible for printing all paper currency and minting coins , while the treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises
7134-636: The Byzantine Empire . Kievan Rus' ultimately disintegrated; the Grand Duchy of Moscow led the unification of Russian lands, leading to the proclamation of the Tsardom of Russia in 1547. By the early 18th century, Russia had vastly expanded through conquest, annexation, and the efforts of Russian explorers , developing into the Russian Empire , which remains the third-largest empire in history . However, with
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7308-458: The Cold War peacefully with the Nunn–Lugar cash-for-weapons scheme , in order to avoid the worst of the dissolution of the vast Soviet technological empire. Russia's economy was hit further by the financial crash of 1998 before experiencing a modest recovery in 1999–2000 as commodity prices began to rise again. According to Russian government statistics, the economic decline was far more severe than
7482-564: The Communist Party of the Russian Federation and its allies in the Duma . Russian voters, able to vote for opposition parties in the 1990s, often rejected economic reforms and yearned for the stability and personal security of the Soviet era. These were the groups that had enjoyed the benefits of Soviet-era state-controlled wages and prices, high state spending to subsidize priority sectors of
7656-470: The Congress of Vienna , which defined the map of post-Napoleonic Europe. The officers who pursued Napoleon into Western Europe brought ideas of liberalism back to Russia, and attempted to curtail the tsar's powers during the abortive Decembrist revolt of 1825. At the end of the conservative reign of Nicholas I (1825–1855), a zenith period of Russia's power and influence in Europe, was disrupted by defeat in
7830-677: The Crimean War . Nicholas's successor Alexander II (1855–1881) enacted significant changes throughout the country, including the emancipation reform of 1861 . These reforms spurred industrialisation, and modernised the Imperial Russian Army, which liberated much of the Balkans from Ottoman rule in the aftermath of the 1877–1878 Russo-Turkish War . During most of the 19th and early 20th century, Russia and Britain colluded over Afghanistan and its neighbouring territories in Central and South Asia;
8004-658: The Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB). Effective March 1, 2003, the Federal Law Enforcement Training Center , the United States Customs Service , and
8178-460: The Great Depression was in the United States in terms of gross domestic product. In 1995, a little over 3% of the work force was officially registered as unemployed, but, in addition to the technically jobless, 4.4% of the labour force were working only part time, while a further 3.9% had been sent on involuntary leave. Also millions of Russians turned up for work each day, but were not paid by
8352-600: The Great Northern War (1700–1721), securing Russia's access to the sea and sea trade. In 1703, on the Baltic Sea, Peter founded Saint Petersburg as Russia's new capital. Throughout his rule, sweeping reforms were made , which brought significant Western European cultural influences to Russia. He was succeeded by Catherine I (1725–1727), followed by Peter II (1727–1730), and Anna . The reign of Peter I's daughter Elizabeth in 1741–1762 saw Russia's participation in
8526-672: The Khrushchev Thaw . At the same time, Cold War tensions reached its peak when the two rivals clashed over the deployment of the United States Jupiter missiles in Turkey and Soviet missiles in Cuba . In 1957, the Soviet Union launched the world's first artificial satellite , Sputnik 1 , thus starting the Space Age . Russian cosmonaut Yuri Gagarin became the first human to orbit
8700-681: The Oldowan period in the early Lower Paleolithic . About 2 million years ago, representatives of Homo erectus migrated to the Taman Peninsula in southern Russia. Flint tools, some 1.5 million years old, have been discovered in the North Caucasus . Radiocarbon dated specimens from Denisova Cave in the Altai Mountains estimate the oldest Denisovan specimen lived 195–122,700 years ago. Fossils of Denny , an archaic human hybrid that
8874-556: The Rurik dynasty that ruled Kievan Rus' collectively. Kiev's dominance waned, to the benefit of Vladimir-Suzdal in the north-east, the Novgorod Republic in the north, and Galicia-Volhynia in the south-west. By the 12th century, Kiev lost its pre-eminence and Kievan Rus' had fragmented into different principalities. Prince Andrey Bogolyubsky sacked Kiev in 1169 and made Vladimir his base, leading to political power being shifted to
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#17328815305509048-786: The Russian Civil War . The monarchy was replaced by a shaky coalition of political parties that declared itself the Provisional Government , and proclaimed the Russian Republic . On 19 January [ O.S. 6 January], 1918, the Russian Constituent Assembly declared Russia a democratic federal republic (thus ratifying the Provisional Government's decision). The next day the Constituent Assembly
9222-446: The Russian Revolution in 1917, Russia's monarchic rule was abolished and eventually replaced by the Russian SFSR —the world's first constitutionally socialist state . Following the Russian Civil War , the Russian SFSR established the Soviet Union with three other Soviet republics , within which it was the largest and principal constituent. At the expense of millions of lives , the Soviet Union underwent rapid industrialisation in
9396-408: The Seven Years' War (1756–1763). During the conflict, Russian troops overran East Prussia , reaching Berlin. However, upon Elizabeth's death, all these conquests were returned to the Kingdom of Prussia by pro-Prussian Peter III of Russia . Catherine II ("the Great"), who ruled in 1762–1796, presided over the Russian Age of Enlightenment . She extended Russian political control over
9570-474: The Siberian River Routes , and by the mid-17th century, there were Russian settlements in eastern Siberia, on the Chukchi Peninsula , along the Amur River , and on the coast of the Pacific Ocean. In 1648, Semyon Dezhnyov became the first European to navigate through the Bering Strait . Under Peter the Great , Russia was proclaimed an empire in 1721, and established itself as one of the European great powers. Ruling from 1682 to 1725, Peter defeated Sweden in
9744-412: The Soviet Union , by joining the Russian SFSR into a single state with the Byelorussian , Transcaucasian , and Ukrainian republics. Eventually internal border changes and annexations during World War II created a union of 15 republics ; the largest in size and population being the Russian SFSR, which dominated the union politically, culturally, and economically. Following Lenin's death in 1924,
9918-447: The United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS") . In 2020, the Treasury suffered a data breach following a cyberattack likely conducted by a nation state adversary , possibly Russia. This was in fact the first detected case of the much wider 2020 United States federal government data breach , which involved at least eight federal departments. The basic functions of
10092-494: The first human expedition into outer space . In 1991, the Russian SFSR emerged from the dissolution of the Soviet Union as the Russian Federation. A new constitution was adopted, which established a federal semi-presidential system . Since the turn of the century, Russia's political system has been dominated by Vladimir Putin , under whom the country has experienced democratic backsliding and become an authoritarian dictatorship . Russia has been militarily involved in
10266-414: The legislative and executive branches on matters of fiscal policy . The department is administered by the secretary of the treasury , who is a member of the Cabinet . The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes . The department
10440-409: The parliament building, the "White House" as it is called . With tanks thrown against the small-arms fire of the parliamentary defenders, the outcome was not in doubt. Rutskoy, Ruslan Khasbulatov , and the other parliamentary supporters surrendered and were immediately arrested and jailed. The official count was 147 dead, 437 wounded (with several men killed and wounded on the presidential side). Thus
10614-494: The 10th to 11th centuries, Kievan Rus' became one of the largest and most prosperous states in Europe. The reigns of Vladimir the Great (980–1015) and his son Yaroslav the Wise (1019–1054) constitute the Golden Age of Kiev, which saw the acceptance of Orthodox Christianity from Byzantium , and the creation of the first East Slavic written legal code , the Russkaya Pravda . The age of feudalism and decentralisation had come, marked by constant in-fighting between members of
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#173288153055010788-448: The 16th century, Russia expanded east of the Ural Mountains . However, the Tsardom was weakened by the long and unsuccessful Livonian War against the coalition of the Kingdom of Poland and the Grand Duchy of Lithuania (later the united Polish–Lithuanian Commonwealth ), the Kingdom of Sweden , and Denmark–Norway for access to the Baltic coast and sea trade. In 1572, an invading army of Crimean Tatars were thoroughly defeated in
10962-414: The 1930s and later played a decisive role for the Allies in World War II by leading large-scale efforts on the Eastern Front . With the onset of the Cold War , it competed with the United States for ideological dominance and international influence . The Soviet era of the 20th century saw some of the most significant Russian technological achievements , including the first human-made satellite and
11136-408: The 1990s and deaths from infectious and parasitic diseases shot up 100%, mainly because medicines were no longer affordable to the poor. While the opening of the Russian market to imports in the early 1990s meant the nation no longer suffered from the supply shortages of consumer goods that was often characteristic of the USSR ( see Consumer goods in the Soviet Union ), the relative impoverishment of
11310-508: The 1990s was the conflict between economic reformers and those hostile to the new capitalism. In the 1990s, former Soviet bureaucrats, factory directors, aggressive businessmen and criminal organizations used insider deals, bribery and simple brute force in order to grab lucrative assets, which were previously state-owned. Russia's new "capitalists" spent millions of dollars for protection. However, almost every business in Russia, from curbside vendors to huge oil and gas companies, made payments to
11484-428: The Byzantine double-headed eagle his own, and eventually Russia's, coat-of-arms. Vasili III united all of Russia by annexing the last few independent Russian states in the early 16th century. In development of the Third Rome ideas, the grand duke Ivan IV ("the Terrible") was officially crowned the first tsar of Russia in 1547. The tsar promulgated a new code of laws ( Sudebnik of 1550 ), established
11658-407: The Central Bank actually tried to derail reforms by actively printing even more money during this period of inflation. After all, the Russian government was short of revenue and was forced to print money to finance its debt. As a result, inflation exploded into hyperinflation, and the Russian economy continued into an evermore serious slump. Upon the Soviet Union's collapse, the new Russian government
11832-860: The Communist Party, KGB, and Komsomol (Soviet Youth League) were cashing in on their Soviet-era power and privileges. Some quietly liquidated the assets of their organization and secreted the proceeds in overseas accounts and investments. Others created banks and business in Russia, taking advantage of their insider positions to win exclusive government contracts and licenses and to acquire financial credits and supplies at artificially low, state-subsidized prices in order to transact business at high, market-value prices. Great fortunes were made almost overnight. Between 1987 and 1992, trading of natural resources and foreign currencies, as well as imports of highly demanded consumer goods and then domestic production of their rudimentary substitutes, rapidly enabled these pioneering entrepreneurs to accumulate considerable wealth. In turn,
12006-492: The Department of the Treasury include: With respect to the estimation of revenues for the executive branch , Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress. From 1830 until 1901, responsibility for overseeing weights and measures
12180-406: The Earth, aboard the Vostok 1 crewed spacecraft on 12 April 1961 . Following the ousting of Khrushchev in 1964, another period of collective rule ensued, until Leonid Brezhnev became the leader. The era of the 1970s and the early 1980s was later designated as the Era of Stagnation . The 1965 Kosygin reform aimed for partial decentralisation of the Soviet economy . In 1979, after
12354-415: The Polish–Lithuanian Commonwealth and annexed most of its territories into Russia , making it the most populous country in Europe. In the south, after the successful Russo-Turkish Wars against the Ottoman Empire , Catherine advanced Russia's boundary to the Black Sea, by dissolving the Crimean Khanate , and annexing Crimea . As a result of victories over Qajar Iran through the Russo-Persian Wars , by
12528-849: The Provisional Government and gave full governing power to the soviets, leading to the creation of the world's first socialist state . The Russian Civil War broke out between the anti-communist White movement and the Bolsheviks with its Red Army . In the aftermath of signing the Treaty of Brest-Litovsk that concluded hostilities with the Central Powers of World War I ; Bolshevist Russia surrendered most of its western territories, which hosted 34% of its population, 54% of its industries, 32% of its agricultural land, and roughly 90% of its coal mines. The Allied powers launched an unsuccessful military intervention in support of anti-communist forces. In
12702-837: The Red Army invaded Manchuria and ousted the Japanese from Northeast Asia, contributing to the Allied victory over Japan. The 1941–1945 period of World War II is known in Russia as the Great Patriotic War . The Soviet Union, along with the United States, the United Kingdom and China were considered the Big Four of Allied powers in World War II, and later became the Four Policemen , which
12876-451: The Russian autocratic state. The destruction of Kievan Rus' saw the eventual rise of the Grand Duchy of Moscow , initially a part of Vladimir-Suzdal . While still under the domain of the Mongol - Tatars and with their connivance, Moscow began to assert its influence in the region in the early 14th century, gradually becoming the leading force in the "gathering of the Russian lands". When
13050-476: The Russian parliament culminated in a constitutional crisis which ended violently through military force. During the crisis, Yeltsin was backed by Western governments, and over 100 people were killed. In December, a referendum was held and approved, which introduced a new constitution, giving the president enormous powers. The 1990s were plagued by armed conflicts in the North Caucasus , both local ethnic skirmishes and separatist Islamist insurrections. From
13224-431: The Russian people during this time meant only a limited number saw any significant benefit. Russians on fixed incomes (the vast majority of the workforce) saw their purchasing power drastically reduced, so while the stores might have been well stocked in the Yeltsin era, average people could now afford to buy little, if anything from these stores. By 2011, the average income has risen to more than $ 700 per month, emblematic of
13398-408: The Soviet Union led Russia into a deep and prolonged depression. During and after the disintegration of the Soviet Union, wide-ranging reforms including privatisation and market and trade liberalisation were undertaken, including radical changes along the lines of " shock therapy ". The privatisation largely shifted control of enterprises from state agencies to individuals with inside connections in
13572-637: The Soviet Union, the conversion of the world's largest state-controlled economy into a market-oriented economy would have been extraordinarily difficult regardless of the policies chosen. The policies chosen for this transition were (1) liberalization, (2) stabilization and (3) privatization . These policies were based on the Washington Consensus of the International Monetary Fund (IMF), World Bank and Treasury Department . On 2 January 1992, Yeltsin—acting as his own prime minister—enacted
13746-626: The Soviet Union. The transitional disorganisation of the country's agriculture, combined with the harsh state policies and a drought, led to the Soviet famine of 1932–1933 ; which killed 5.7 to 8.7 million, 3.3 million of them in the Russian SFSR. The Soviet Union, ultimately, made the costly transformation from a largely agrarian economy to a major industrial powerhouse within a short span of time. The Soviet Union entered World War II on 17 September 1939 with its invasion of Poland , in accordance with
13920-479: The Soviet and Russian leadership wrestled for control, which culminated in the 1991 August coup , where the Soviet military attempted to overthrow Mikhail Gorbachev . Although the coup was ultimately averted, this situation contributed to rising instability in the Soviet Union. As the USSR was on the verge of collapse by October 1991, Yeltsin announced that Russia would proceed with radical reforms, including shock therapy policies to introduce capitalism . This caused
14094-406: The Soviet system, introduced the policies of glasnost (openness) and perestroika (restructuring) in an attempt to end the period of economic stagnation and to democratise the government . This, however, led to the rise of strong nationalist and separatist movements across the country. Prior to 1991, the Soviet economy was the world's second-largest, but during its final years, it went into
14268-595: The Treasury began in the turmoil of the American Revolution , when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain . The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit , promising redemption in coin on faith in
14442-592: The USSR's permanent membership and veto in the UN Security Council (see Russia and the United Nations ). Prior to the dissolution of the USSR, Yeltsin had been elected President of the RSFSR in June 1991 in the first direct presidential election in Russian history . This ensured that he would be the political leader of the Russian successor state following dissolution. This situation resulted in political turmoil as
14616-594: The Ukrainian leader, Bohdan Khmelnytsky , offered to place Ukraine under the protection of the Russian tsar, Alexis ; whose acceptance of this offer led to another Russo-Polish War . Ultimately, Ukraine was split along the Dnieper , leaving the eastern part, ( Left-bank Ukraine and Kiev ) under Russian rule. In the east, the rapid Russian exploration and colonisation of vast Siberia continued, hunting for valuable furs and ivory. Russian explorers pushed eastward primarily along
14790-801: The Volga-Dnieper region of southern Russia and Ukraine as the urheimat of the Proto-Indo-Europeans . Early Indo-European migrations from the Pontic–Caspian steppe of Ukraine and Russia spread Yamnaya ancestry and Indo-European languages across large parts of Eurasia. Nomadic pastoralism developed in the Pontic–Caspian steppe beginning in the Chalcolithic . Remnants of these steppe civilizations were discovered in places such as Ipatovo , Sintashta , Arkaim , and Pazyryk , which bear
14964-566: The West. With the move to a post-Communist system, the Russian university system collapsed. Rampant credential inflation in the Russian university system made it difficult for employers to determine who was really skilled and the problems of the higher education system more generally made it difficult to remedy other issues of human capital that came from the transition to a market-oriented system, such as upskilling and re-skilling. For example, former state enterprise managers were highly skilled at coping with
15138-484: The Yeltsin government did not repay the loans by September 1996, the lender acquired title to the stock and could then resell it or take an equity position in the enterprise. The first auctions were held in the fall of 1995. The auctions themselves were usually held in such a way so to limit the number of banks bidding for shares and thus to keep the auction prices extremely low. By summer 1996, major packages of shares in some of Russia's largest firms had been transferred to
15312-645: The aegis of the Treasury Department to other departments as a consequence of the September 11 attacks . Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002 . The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives , were transferred to
15486-441: The benefit of the commercial banks themselves. As neither the loans nor the leased enterprises were returned in time, this effectively became a form of selling, or privatizing, state assets at very low prices. The privatization facilitated the transfer of significant wealth to a relatively small group of business oligarchs and New Russians , particularly natural gas and oil executives. The former Soviet Union had to deal with
15660-476: The campaign it had been thought that Yeltsin, who was in uncertain health (after recuperating from a series of heart attacks) and whose behavior was sometimes erratic, had little chance for reelection. 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
15834-576: The capital Moscow. In 1612, the Poles were forced to retreat by the Russian volunteer corps, led by merchant Kuzma Minin and prince Dmitry Pozharsky . The Romanov dynasty acceded to the throne in 1613 by the decision of the Zemsky Sobor, and the country started its gradual recovery from the crisis. Russia continued its territorial growth through the 17th century, which was the age of the Cossacks . In 1654,
16008-482: The collapse of the Eastern bloc, while Russia itself and countries to Russia's east experienced greater difficulties and found themselves on worse footing immediately after dissolution. A major reason that Russia's transition has been so wrenching is that it is remaking both its Soviet-era political and economic institutions at once. In addition to institutional reforms designed to create a new political-economic system, Russia
16182-554: The colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts , and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and clerks ,
16356-400: The conditions of a market economy . After the initial turmoil and euphoria of early marketizations, Russia's economy sank into deep depression by the mid-1990s due to botched reform efforts and low commodity prices globally but not before George H. W. Bush helped Yeltsin with "an unparalleled opportunity to change the nuclear posture of both the United States and the Soviet Union" and to end
16530-530: The control of the Golden Horde and consolidated the whole of northern Rus' under Moscow's dominion, and was the first Russian ruler to take the title "Grand Duke of all Rus'". After the fall of Constantinople in 1453, Moscow claimed succession to the legacy of the Eastern Roman Empire . Ivan III married Sophia Palaiologina , the niece of the last Byzantine emperor Constantine XI , and made
16704-882: The country was more often referred to by its inhabitants as Rus ' , the Russian land ( Russkaia zemlia ), or the Muscovite state ( Moskovskoe gosudarstvo ), among other variations. In 1721, Peter the Great changed the name of the state from Tsardom of Russia ( Russian : Русское царство , romanized : Russkoye tsarstvo ) or Tsardom of Muscovy ( Russian : Московское царство , romanized : Moskovskoye tsarstvo ) to Russian Empire ( Rossiiskaia imperiia ). There are several words in Russian which translate to "Russians" in English. The noun and adjective русский , russkiy refers to ethnic Russians . The adjective российский , rossiiskiy denotes Russian citizens regardless of ethnicity. The same applies to
16878-467: The country's $ 75 million debt in order to revitalize the public credit : "[T]he debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties . His sound financial policies also inspired investment in
17052-461: The country. The programs of liberalization and stabilization were designed by Yeltsin's deputy prime minister Yegor Gaidar , a liberal economist inclined toward radical reform, and widely known as an advocate of " shock therapy ". Shock therapy was originally used in Bolivia by notable economist Jeffery Sachs to combat inflation in the 1980s. Having achieved some major successes in Bolivia, shock therapy
17226-446: The crucial Battle of Molodi . The death of Ivan's sons marked the end of the ancient Rurik dynasty in 1598, and in combination with the disastrous famine of 1601–1603 , led to a civil war, the rule of pretenders, and foreign intervention during the Time of Troubles in the early 17th century. The Polish–Lithuanian Commonwealth , taking advantage, occupied parts of Russia, extending into
17400-552: The demands on them under the Soviet system of planned production targets, but discouraged the risk-and-reward centered behavior of market capitalism. These managers were responsible for a broad array of social welfare functions for their employees, their families, and the population of the towns and regions where they were located. Profitability and efficiency , however, were generally not the most prominent priorities for Soviet enterprise managers. Thus, almost no Soviet employees or managers had firsthand experience with decision-making in
17574-559: The earliest known traces of horses in warfare . The genetic makeup of speakers of the Uralic language family in northern Europe was shaped by migration from Siberia that began at least 3,500 years ago. In the 3rd to 4th centuries CE, the Gothic kingdom of Oium existed in southern Russia, which was later overrun by Huns . Between the 3rd and 6th centuries CE, the Bosporan Kingdom , which
17748-507: The early 1990s a chance to convert it into shares of privatized enterprises. The Yeltsin government hoped to use privatization to spread ownership of shares in former state enterprises as widely as possible to create political support for his government and his reforms. The government used a system of free vouchers as a way to give mass privatization a jump-start. But it also allowed people to purchase shares of stock in privatized enterprises with cash . Even though initially each citizen received
17922-500: The economy in which the government seeks to control inflation. Under the stabilization program, the government let most prices float, raised interest rates to record highs, raised heavy new taxes, sharply cut back on government subsidies to industry and construction, and made massive cuts in state welfare spending. These policies caused widespread hardship as many state enterprises found themselves without orders or financing. A deep credit crunch shut down many industries and brought about
18096-464: The economy, protection from competition with foreign industries, and welfare entitlement programs. During the Yeltsin years in the 1990s, these anti-reformist groups were well organized, voicing their opposition to reform through strong trade unions, associations of directors of state-owned firms, and political parties in the popularly elected parliament whose primary constituencies were among those vulnerable to reform. A constant theme of Russian history in
18270-403: The elderly and others on fixed incomes would suffer a severe drop in living standards, and people would see a lifetime of savings wiped out. With inflation at double-digit rates per month as a result of printing, macroeconomic stabilization was enacted to curb this trend. Stabilization, also called structural adjustment, is a harsh austerity regime (tight monetary policy and fiscal policy ) for
18444-470: The emerging cash-based, highly opaque markets provided a breeding ground for a large number of racket gangs. By the mid-1990s, the best-connected former nomenklatura leaders accumulated considerable financial resources, while on the other hand, the most successful entrepreneurs became acquainted with government officials and public politicians. The privatization of state enterprises was a unique opportunity because it gave many of those who had gained wealth in
18618-499: The employers. If all these categories of jobless, semi-employed and unpaid workers were taken into account, the 18% Russian unemployment figure cited in June 1995 by labour market expert Tatyana Maleva of the Institute of Economic Analysis seemed real. With unemployment benefits sufficient only to buy a small loaf of bread each day, trying to survive without some other income was not an option for those who lost jobs. They were toiling during
18792-489: The equivalent of $ 25 per month) in the late Soviet era, by mid-1993 between 39% and 49% of the population was living in poverty. Per capita incomes fell by another 15% by 1998, according to government figures. Public health indicators show a dramatic corresponding decline. Although all post-Soviet countries experience an immediate decline in birth-rates due to economic turmoil this may have been particularly acute in Russia. In 1999, total population fell by about three-quarters of
18966-453: The fall of Tsarism , and the Russian Civil War . Following the economic collapse of the early 1990s, Russia suffered from a sharp increase in the rates of poverty and economic inequality . Estimates by the World Bank based on both macroeconomic data and surveys of household incomes and expenditures indicate that whereas 1.5% of the population was living in poverty (defined as income below
19140-432: The favor. In the spring of 1996, with Yeltsin's popularity at a low ebb, Chubais and Yeltsin recruited a team of six leading Russian financiers and media barons (all oligarchs) who bankrolled the Yeltsin campaign with $ 3 million and guaranteed coverage on television and in leading newspapers directly serving the president's campaign strategy. The media painted a picture of a fateful choice for Russia, between Yeltsin and
19314-424: The federal government had obtained ownership positions in several companies and had also retained full control over the transport of oil to lucrative world markets. In 1995, facing severe fiscal deficit and in desperate need of funds for the 1996 presidential elections , the government of Boris Yeltsin adopted a " loans-for-share " scheme proposed by banker Vladimir Potanin and endorsed by Anatoly Chubais , then
19488-568: The finances of the confederation of former colonies until September 1789. The First United States Congress convened in New York City on March 4, 1789, marking the beginning of government under the U.S. Constitution . On September 2, 1789, Congress created a permanent institution for the management of government finances: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be
19662-519: The first Black woman to be employed by the Treasury Department and by the Federal government of the United States when Senator Henry Wilson , James G. Blaine and others advocated for her hiring as a janitor under Secretary of the Treasury Francis Spinner . She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $ 200,000 when she came across
19836-474: The first Europeans to reach and colonise Alaska . In 1803–1806, the first Russian circumnavigation was made. In 1820, a Russian expedition discovered the continent of Antarctica . During the Napoleonic Wars , Russia joined alliances with various European powers, and fought against France. The French invasion of Russia at the height of Napoleon's power in 1812 reached Moscow, but eventually failed as
20010-549: The first Russian feudal representative body (the Zemsky Sobor ), revamped the military, curbed the influence of the clergy, and reorganised local government. During his long reign, Ivan nearly doubled the already large Russian territory by annexing the three Tatar khanates: Kazan and Astrakhan along the Volga , and the Khanate of Sibir in southwestern Siberia. Ultimately, by the end of
20184-571: The first half of the 19th century, Russia also conquered the Caucasus . Catherine's successor, her son Paul , was unstable and focused predominantly on domestic issues . Following his short reign, Catherine's strategy was continued with Alexander I's (1801–1825) wresting of Finland from the weakened Sweden in 1809, and of Bessarabia from the Ottomans in 1812. In North America, the Russians became
20358-413: The formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department. The Treasury Department has authorized a budget for Fiscal Year 2024 of $ 16.5 billion. The budget authorization is broken down as follows: In the latest Center for Effective Government analysis of the fifteen federal agencies that receive
20532-620: The government's expectations, insiders managed to acquire control over most of the assets, which remained largely dependent on government support for years to come. From 1992 to 1994, ownership of 15,000 firms was transferred from state control via the voucher program. Privatization of the oil sector was regulated by presidential decree No.1403 approved on 17 November 1992. Vertically integrated companies were created by joining some oil-producing enterprises and refineries into open-stock companies. Starting in 1994 many former state oil companies were privatized. This privatization had been partial because
20706-485: The government, which led to the rise of Russian oligarchs . Many of the newly rich moved billions in cash and assets outside of the country in an enormous capital flight . The depression of the economy led to the collapse of social services—the birth rate plummeted while the death rate skyrocketed, and millions plunged into poverty; while extreme corruption, as well as criminal gangs and organised crime rose significantly. In late 1993, tensions between Yeltsin and
20880-416: The last days of the Soviet years to appropriate Russia's vast resources during the rampant privatizations of the Yeltsin years, the oligarchs emerged as the most hated men in the nation. The Western world generally advocated a quick dismantling of the Soviet planned economy to make way for free-market reforms but later expressed disappointment over the newfound power and corruption of the oligarchs. Early in
21054-525: The latter deliberately starved to death or otherwise killed 3.3 million Soviet POWs , and a vast number of civilians, as the " Hunger Plan " sought to fulfil Generalplan Ost . Although the Wehrmacht had considerable early success, their attack was halted in the Battle of Moscow . Subsequently, the Germans were dealt major defeats first at the Battle of Stalingrad in the winter of 1942–1943, and then in
21228-399: The level of poverty continue to trend upwards. Structural reform and a severe devaluation of the ruble lowered the standard of living for most segments of the Russian population. As a result, there was powerful political opposition to reform. Democratization opened the political channels for venting these frustrations, which translated into votes for anti-reform candidates, especially those of
21402-402: The like, the reformers intended to create an incentive structure in the economy where efficiency and risk would be rewarded and waste and carelessness were punished. Removing the causes of chronic inflation , the reform architects argued, was a precondition for all other reforms: Hyperinflation would wreck both democracy and economic progress, they argued; they also argued that only by stabilizing
21576-451: The managers. Support from the oligarchs was also crucial to Yeltsin's reelection campaign. The "loans for shares" giveaway took place in the run-up to the 1996 presidential election—at a point when it had appeared that Zyuganov might defeat Yeltsin. Yeltsin and his entourage gave the oligarchs an opportunity to scoop up some of Russia's most desirable assets in return for their help in his reelection effort. The oligarchs, in turn, reciprocated
21750-616: The meantime, both the Bolsheviks and White movement carried out campaigns of deportations and executions against each other, known respectively as the Red Terror and White Terror . By the end of the violent civil war, Russia's economy and infrastructure were heavily damaged, and as many as 10 million perished during the war, mostly civilians. Millions became White émigrés , and the Russian famine of 1921–1922 claimed up to five million victims. On 30 December 1922, Lenin and his aides formed
21924-446: The mild recovery in recent years largely due to high oil prices. The growing revenue, however, has not been evenly distributed. Social inequality has risen sharply since the 1990s with the Gini coefficient , for example, reaching 42% by the end of 2010. Russia's income disparities are now nearly as large as Brazil (which has long been a world leader in the area) while regional disparities in
22098-596: The more recently coined noun россиянин , rossiianyn , "Russian" in the sense of citizen of the Russian state. According to the Primary Chronicle , the word Rus' is derived from the Rus' people , who were a Swedish tribe, and where the three original members of the Rurikid dynasty came from. The Finnish word for Swedes, ruotsi , has the same origin. Later archeological studies mostly confirmed this theory. The first human settlement on Russia dates back to
22272-516: The most comprehensive components of economic reform by decree, thereby circumventing the Supreme Soviet of Russia and Congress of People's Deputies of Russia , which had been elected in March 1990 , before the dissolution of the USSR. While this spared Yeltsin from the prospects of bargaining and wrangling with Soviet deputies, it also eliminated any meaningful discussion of the right course of action for
22446-541: The most part, the Russian armed forces were in near complete disarray by 1992, one year after dissolution. This degraded military effectiveness would become all too clear during the 1994 Chechen War , and in the interim posed significant practical challenges for global security and arms control. Under Russian leadership, the Lisbon Protocol ensured that former Soviet republics would disarm themselves of nuclear weapons. This affected Kazakhstan in particular, as it hosted
22620-727: The most prominent of the financial barons Boris Berezovsky , who controlled major stakes in several banks and companies, exerted an extensive influence over state television programming for a while. Berezovsky and other ultra-wealthy, well-connected tycoons who controlled these great empires of finance, industry, energy, telecommunications, and media became known as the " Russian oligarchs ". Along with Berezovsky, Mikhail Khodorkovsky , Roman Abramovich , Vladimir Potanin , Vladimir Bogdanov , Rem Viakhirev , Vagit Alekperov , Viktor Chernomyrdin , Viktor Vekselberg , and Mikhail Fridman emerged as Russia's most powerful and prominent oligarchs. A tiny clique who used their connections built up during
22794-418: The nation's finances. Morris, a wealthy colonial merchant , was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller , a treasurer , a register , and auditors , who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee
22968-495: The near bankruptcy of much of Russian industry. The process of liberalization would create winners and losers, depending on how particular industries, classes, age groups, ethnic groups, regions, and other sectors of Russian society were positioned. Some would benefit by the opening of competition; others would suffer. Among the winners were the new class of entrepreneurs and black marketeers that had emerged under Mikhail Gorbachev 's perestroika . But liberalizing prices meant that
23142-577: The north-east. Led by Prince Alexander Nevsky , Novgorodians repelled the invading Swedes in the Battle of the Neva in 1240, as well as the Germanic crusaders in the Battle on the Ice in 1242. Kievan Rus' finally fell to the Mongol invasion of 1237–1240, which resulted in the sacking of Kiev and other cities, as well as the death of a major part of the population. The invaders, later known as Tatars , formed
23316-601: The obstinate resistance in combination with the bitterly cold Russian winter led to a disastrous defeat of invaders, in which the pan-European Grande Armée faced utter destruction. Led by Mikhail Kutuzov and Michael Andreas Barclay de Tolly , the Imperial Russian Army ousted Napoleon and drove throughout Europe in the War of the Sixth Coalition , ultimately entering Paris. Alexander I controlled Russia's delegation at
23490-643: The official line. The continued internal struggle in the Bolshevik party culminated in the Great Purge . Under Stalin's leadership, the government launched a command economy , industrialisation of the largely rural country , and collectivisation of its agriculture . During this period of rapid economic and social change, millions of people were sent to penal labour camps , including many political convicts for their suspected or real opposition to Stalin's rule; and millions were deported and exiled to remote areas of
23664-416: The only Soviet republic to not have its own branch of the Communist Party . The RSFSR was the largest of the fifteen republics that made up the USSR, accounting for over 60% of its GDP and over 50% of its population. Russians also dominated the Soviet military and the Communist Party. As such, the Russian Federation was widely accepted as the USSR's successor state in diplomatic affairs and it assumed
23838-481: The organized crime for protection (" krysha "). Businessmen said that they needed the "krysha" because the laws and the court system were not functioning properly in Russia. The only way for them to enforce a contract was to turn to a criminal "krysha". They also used it to intimidate competitors, collect debts or take over new markets. It was also increasingly common for businesses to turn to the "red krysha" — corrupt police who ran protection rackets . Within this system,
24012-420: The parliament on 21 September, in contravention of the existing constitution, and ordered new elections and a referendum on a new constitution. The parliament then declared Yeltsin deposed and appointed Aleksandr Rutskoy acting president on 22 September. Tensions built quickly, and matters came to a head after street riots on 2 – 3 October. On 4 October, Yeltsin ordered Special Forces and elite army units to storm
24186-407: The press ; the country also has high levels of perceived corruption . As of 2024, Russia has a high-income economy which ranks eleventh in the world by nominal GDP and fourth at purchasing power parity , relying on its vast mineral and energy resources ; the world's second-largest for oil production and natural gas production . Russia is home to 32 UNESCO World Heritage Sites . According to
24360-413: The program was essential to maintaining economic and social stability in the country. The managers represented one of the most powerful collective interests in the country; it was the enterprise managers who could ensure that labor did not erupt in a massive wave of strikes. The government, therefore, did not strenuously resist the tendency for voucher privatization to turn into "insider privatization," as it
24534-475: The reformers decided to rely mostly on the mechanism of free voucher privatization , which was earlier implemented in Czechoslovakia . The Russian government believed that the open sale of state-owned assets, as opposed to the voucher program, would have likely resulted in the further concentration of ownership among the Russian mafia and the nomenklatura , which they sought to avoid. Nevertheless, contrary to
24708-478: The remodeled Russian parliament had greatly circumscribed powers. ( For details on the constitution passed in 1993 see Constitution and government structure of Russia . ) In 1994, Yeltsin dispatched 40,000 troops to the southern region of Chechnya to prevent its secession from Russia. Living 1,000 miles (1,600 km) south of Moscow, the predominantly Muslim Chechens for centuries had gloried in defying Russia. Dzhokhar Dudayev , Chechnya's nationalist president,
24882-635: The revolutionary cause. On June 22, 1775, only a few days after the Battle of Bunker Hill , the Continental Congress issued $ 2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas . Congress stipulated that each of
25056-524: The rivalry between the two major European empires came to be known as the Great Game . The late 19th century saw the rise of various socialist movements in Russia. Alexander II was assassinated in 1881 by revolutionary terrorists. The reign of his son Alexander III (1881–1894) was less liberal but more peaceful. Under last Russian emperor, Nicholas II (1894–1917), the Revolution of 1905
25230-523: The rouble. High budget deficits coupled with increasing capital flight and inability to pay back debts, caused the 1998 Russian financial crisis , which resulted in a further GDP decline. United States Department of the Treasury The Department of the Treasury ( USDT ) is the national treasury and finance department of the federal government of the United States , where it serves as an executive department . The department oversees
25404-402: The scheme, which quickly became known in the West as "loans for shares," the Yeltsin regime auctioned off substantial packages of stock shares in some of its most desirable enterprises, such as energy , telecommunications , and metallurgical firms, as collateral for bank loans. In exchange for the loans, the state handed over assets worth many times as much. Under the terms of the deals, if
25578-845: The seat of the Metropolitan of the Russian Orthodox Church moved to Moscow in 1325, its influence increased. Moscow's last rival, the Novgorod Republic , prospered as the chief fur trade centre and the easternmost port of the Hanseatic League . Led by Prince Dmitry Donskoy of Moscow, the united army of Russian principalities inflicted a milestone defeat on the Mongol-Tatars in the Battle of Kulikovo in 1380. Moscow gradually absorbed its parent duchy and surrounding principalities, including formerly strong rivals such as Tver and Novgorod . Ivan III ("the Great") threw off
25752-400: The sheer vastness and geographical diversity of the Russian landmass, was the sizable number of "mono-industrial" regional economies (regions dominated by a single industrial employer) that Russia inherited from the Soviet Union. The concentration of production in a relatively small number of big state enterprises meant that many local governments were entirely dependent on the economic health of
25926-422: The state budget could the government proceed to dismantle the Soviet planned economy and create a new capitalist Russia. Nonetheless, radical reform continued to face some critical political barriers. The Central Bank was still subordinate to the conservative Supreme Soviet who continued to support socialist policies in opposition to Yeltsin and the presidency. During the height of hyperinflation in 1992–1993,
26100-575: The state of the Golden Horde , which ruled over Russia for the next two centuries. Only the Novgorod Republic escaped foreign occupation after it agreed to pay tribute to the Mongols. Galicia-Volhynia would later be absorbed by Lithuania and Poland , while the Novgorod Republic continued to prosper in the north. In the northeast, the Byzantine-Slavic traditions of Kievan Rus' were adapted to form
26274-573: The streets, workers of Moskvich , the auto plant in Moscow, were paid in spare parts, those of the Ivanovo textile plants were paid in bedsheets, and those of the Gus-Khrustalny porcelain factory were paid in crystal and ceramic vases. By way of a domestic comparison, the post-Soviet economic decline was about half as severe as the economic catastrophe borne out of the immediate consequence of World War I ,
26448-523: The time Chechen separatists declared independence in the early 1990s, an intermittent guerrilla war was fought between the rebel groups and Russian forces. Terrorist attacks against civilians were carried out by Chechen separatists, claiming the lives of thousands of Russian civilians. After the dissolution of the Soviet Union, Russia assumed responsibility for settling the latter's external debts. In 1992, most consumer price controls were eliminated, causing extreme inflation and significantly devaluing
26622-451: The time, the military-industrial complex employed at least one of every five adults in the Soviet Union. In some regions of Russia, at least half of the workforce was employed in defense plants (the comparable U.S. figures were roughly one-sixteenth of gross national product and about one of every sixteen in the workforce). These over-reliance on the military sector made Russian industry and human capital relatively noncompetitive upon entry into
26796-477: The transitional period in post-Soviet Russian politics came to an end. A new constitution was approved by referendum in December 1993. Russia was given a strongly presidential system. Radical privatization went ahead. Although the old parliamentary leaders were released without trial on 26 February 1994, they would not play an open role in politics thereafter. Though its clashes with the executive would eventually resume,
26970-498: The warmer months to grow food in family vegetable plots, selling newspapers or lottery tickets on the streets, busking, begging, turning to prostitution. Often they sank into the criminal underworld. In 1997, at least 98,400 companies were defaulting on payments to employees. It was estimated that one out of four Russian workers, or close on 20 million people, were not paid for months. Some were paid "in kind": for example, women workers were paid in brassieres and shoes that they resold in
27144-504: Was Ruthenia . In Russian, the current name of the country, Россия ( Rossiya ), comes from the Byzantine Greek name for Rus', Ρωσία ( Rosía ). A new form of the name Rus ' , Росия ( Rosiya ), was borrowed from the Greek term and first attested in 1387. The name Rossiia appeared in Russian sources in the late 15th century, but until the end of the 17th century
27318-449: Was elected President of the Russian SFSR. In August 1991, a coup d'état attempt by members of Gorbachev's government, directed against Gorbachev and aimed at preserving the Soviet Union, instead led to the end of the Communist Party of the Soviet Union. On 25 December 1991, following the dissolution of the Soviet Union , along with contemporary Russia, fourteen other post-Soviet states emerged. The economic and political collapse of
27492-613: Was a Hellenistic polity that succeeded the Greek colonies, was also overwhelmed by nomadic invasions led by warlike tribes such as the Huns and Eurasian Avars . The Khazars , who were of Turkic origin , ruled the steppes between the Caucasus in the south, to the east past the Volga river basin, and west as far as Kyiv on the Dnieper river until the 10th century. After them came the Pechenegs who created
27666-402: Was a major presence in Washington's administration . The department is customarily referred to as "Treasury", solely, without any preceding article – a transitional remnant from British to American English . Hamilton's portrait appears on the obverse of the ten-dollar bill , while the Treasury Building in Washington, D.C. is depicted on the reverse . The history of the Department of
27840-415: Was also charged with remaking itself into a new national state following the disintegration of the Soviet Union. The first major problem facing Russia was the legacy of the Soviet Union's enormous commitment to the Cold War . In the late 1980s, the Soviet Union devoted a quarter of its gross economic output to the defense sector (at the time most Western analysts believed that this figure was 15 percent). At
28014-437: Was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology . The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for
28188-440: Was dissolved by the All-Russian Central Executive Committee . An alternative socialist establishment co-existed, the Petrograd Soviet , wielding power through the democratically elected councils of workers and peasants, called soviets . The rule of the new authorities only aggravated the crisis in the country instead of resolving it, and eventually, the October Revolution , led by Bolshevik leader Vladimir Lenin , overthrew
28362-425: Was driven to take his republic out of the Russian Federation, declaring independence in 1991. Gripped by the chaos of the Soviet Union's ongoing dissolution, Chechnya initially operated as a de facto independent nation-though this status was never recognized by Russia. In 1994, the Russian Armed Forces invaded and quickly became submerged in a military quagmire. In January 1995, the Russian army and air force commenced
28536-448: Was established by an Act of Congress in 1789 to manage government revenue . The first secretary of the treasury was Alexander Hamilton , who was sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris , Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years
28710-456: Was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas
28884-401: Was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $ 241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency . Protests against the worthless money swept the colonies, giving rise to the expression " not worth
29058-472: Was forced to manage the huge state enterprise sector inherited from the Soviet economy . Privatization was carried out by the State Committee for State Property Management of the Russian Federation under Anatoly Chubais with the primary goal being to transform the formerly state-owned enterprises into profit-seeking businesses, which would not be dependent on government subsidies for their survival. To distribute property quickly and to win over popular support,
29232-448: Was found at Kostyonki–Borshchyovo , and at Sungir , dating back to 34,600 years ago—both in western Russia . Humans reached Arctic Russia at least 40,000 years ago, in Mamontovaya Kurya . Ancient North Eurasian populations from Siberia genetically similar to Mal'ta–Buret' culture and Afontova Gora were an important genetic contributor to Ancient Native Americans and Eastern Hunter-Gatherers . The Kurgan hypothesis places
29406-458: Was half Neanderthal and half Denisovan, and lived some 90,000 years ago, was also found within the latter cave. Russia was home to some of the last surviving Neanderthals, from about 45,000 years ago, found in Mezmaiskaya cave . The first trace of an early modern human in Russia dates back to 45,000 years, in Western Siberia . The discovery of high concentration cultural remains of anatomically modern humans , from at least 40,000 years ago,
29580-412: Was populated by Finno-Ugrian peoples. From the 7th century onwards, the incoming East Slavs slowly assimilated the native Finno-Ugrians. The establishment of the first East Slavic states in the 9th century coincided with the arrival of Varangians , the Vikings who ventured along the waterways extending from the eastern Baltic to the Black and Caspian Seas. According to the Primary Chronicle ,
29754-411: Was termed, in which senior enterprise officials acquired the largest proportion of shares in privatized firms. Thus, Chubais allowed well-connected employees to acquire majority stakes in the enterprises. This proved to be the most widely used form of privatization in Russia. Three-quarters of privatized enterprises opted for this method, most often using vouchers. Real control thus wound up in the hands of
29928-401: Was the foundation of the United Nations Security Council . During the war, Soviet civilian and military death were about 26–27 million , accounting for about half of all World War II casualties . The Soviet economy and infrastructure suffered massive devastation, which caused the Soviet famine of 1946–1947 . However, at the expense of a large sacrifice, the Soviet Union emerged as
30102-456: Was then imported to the Polish context following the dissolution of the Soviet Union, and Russia shortly after. The partial results of liberalization (lifting price controls) included worsening already apparent hyperinflation , initially due to monetary overhang and exacerbated after the central bank , an organ under parliament, which was skeptical of Yeltsin's reforms, was short of revenue and printed money to finance its debt. This resulted in
30276-569: Was triggered by the humiliating failure of the Russo-Japanese War . The uprising was put down, but the government was forced to concede major reforms ( Russian Constitution of 1906 ), including granting freedoms of speech and assembly , the legalisation of political parties, and the creation of an elected legislative body, the State Duma . In 1914, Russia entered World War I in response to Austria-Hungary 's declaration of war on Russia's ally Serbia , and fought across multiple fronts while isolated from its Triple Entente allies. In 1916,
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