On July 31, 1991, the START I treaty cutting back nuclear warheads was
In December 1991, the Soviet Union collapsed
However, the reforms, known as "shock therapy", produced a major economic crisis in Russia, resulting in skyrocketing poverty,
The aggressive privatization/free market reforms implemented by Russian President Boris Yeltsin during the 1990s
signed by Gorbachev and U.S. president George H.W. Bush.
and the Commonwealth of Independent States was formed.
and the rise of corrupt "oligarchs" who amassed power and tremendous wealth after acquiring control of the former Soviet state industries.
were strongly encouraged and supported by the U.S. administrations of George H. W. Bush and Bill Clinton, and by American economists and corporations.