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Sunday, September 6, 1998 Published at 13:32 GMT 14:32 UK


Chronology of events



Triggered by the devaluation of the rouble in August, economic turmoil and political upheaval have caused chaos in Russia. The world is waiting to see how the country will emerge from the crisis. A guide to the key events in the crisis.

September 14, 1998
Russia's new Prime Minister, Yevgeny Primakov, outlines his vision of a "socially oriented economy."

Primakov promises reforms with 'social conscience'

September 13, 1998
With both presidents mired in political crisis, Boris Yeltsin assures US President Bill Clinton that his new government will continue on the path of economic reforms.

Yeltsin assures Clinton reforms continue

September 10, 1998
In an attempt to end the political stalemate, President Yeltsin names Foreign Minister Yevgeny Primakov to be prime minister.

Yeltsin nominates Primakov

September 7, 1998
For the second time running, Viktor Chernomyrdin is rejected as the new PM in a parliamentary vote.

Duma 'no' to Chernomyrdin

September 6, 1998
European Union rules out offering Russia any moratorium on its foreign debts with EU countries.

EU: No bail out for Russia

September 4, 1998
Yeltsin persuades parliament to delay a second vote on whether to approve Viktor Chernomyrdin as the new PM. Chernomyrdin sets out his plans to avoid economic collapse.

Yeltsin delays vote on PM

September 3, 1998

[ image: Yeltsin refuses to resign as President]
Yeltsin refuses to resign as President
Mr Chernomyrdin asks the Russian people not to withdraw their savings from banks despite the continuing slide of the rouble.

Chernomyrdin appeals for calm at banks

September 1/2, 1998
Mr Chernomyrdin starts to form a new government. President Clinton has two-day summit with Russian leaders - he urges them not to disrupt economic reforms because of the crisis.

Chernomyrdin soldiers on
Clinton urges Russia to back reform

August 30, 1998

[ image: Parliament refuses to back Chernomyrdin]
Parliament refuses to back Chernomyrdin
Leading parties in the Russian Parliament reject a power-sharing deal with Chernomyrdin. But he remains as acting PM until parliament votes again.

Chernomyrdin gets thumbs down

August 28, 1998
Boris Yeltsin appears on Russian television to reassure his people. He says he will never step down as president.

Yeltsin vows to stay in office
The Yeltsin interview in full
Yeltsin's 'propaganda exercise'

August 25/26, 1998
Rouble falls sharply and trade in the currency has to be suspended as it loses some 40% of its value against the German mark.

Can the Russian economy be saved?

August 24, 1998
Boris Yeltsin says new acting PM Chernomyrdin should be considered his successor. Parliament refuses to confirm him immediately.

Key players line up to fill power vacuum
Viktor Chernomyrdin: A second glance?

August 23, 1998
Yeltsin sacks entire Kiriyenko government and recalls Viktor Chernomyrdin, former Prime Minister.

Yeltsin: Keeping the world guessing
Profile: Sergei Kiriyenko

August 21, 1998
Parliament returns for special session and demands President Yeltsin's resignation. World markets fall on fears of instability.

Parliament calls on Yeltsin to resign

August 19, l998
Government delays announcement of debt rescheduling after Western banks object to less favourable treatment than Russian nationals. Mr Yeltsin's economic advisor Alexander Livshits resigns.

Yeltsin sacks advisor

August 17, 1998
Russian central bank widens intervention bands for rouble effectively allowing devaluation. Payment on short-term commercial debt and Russian government domestic debt also suspended. Shares plummet and the rouble falls.

Russian rouble devalued
When no means yes

August 14, l998

[ image: Making ends meet has got harder in Russia]
Making ends meet has got harder in Russia
President Yeltsin says that Russia will not devalue, and refuses to return to Moscow from holiday. IMF flies into Moscow at the weekend.

G7 words calm Russia's markets

August 13, 1998
International speculator George Soros says Russia must devalue immediately to save system from collapse. Central bank says crisis could paralyse banking system.

Russian PM talking tough

July 13, 1998
IMF co-ordinates an additional $22.6bn in loans to Russia from international lenders.

Russia gets IMF aid

June 23, l998
Government presents the lower house of the Duma with emergency anti-crisis plan to raise taxes.

Russia outlines emergency reforms

June 18/19 l998
IMF delays next tranche of its loan to Russia, saying the government is not doing enough to collect taxes. Russian government asks for an additional $10-$15bn from the IMF to stave off financial collapse.

Chubais seeks bail-out for Russia

May 1998
President Yeltsin signs austerity package to cut budget deficit. Coal miners strike over unpaid wages, blocking the Trans-Siberian Railway. Markets fall after law is passed restricting foreign ownership of UES, the biggest electricity company.

IMF hails Russian reform
King Coal set for a fall

March/April l998
President Yeltsin sacks Chernomyrdin government and appoints Sergei Kiriyenko - a banker relatively unknown to the West - as new prime minister. The Duma only approves him one month later after threatened with dissolution.

Yeltsin ultimatum over new prime minister
Kiriyenko - the young reformer

November 1997
Russian market begins falling in response to Asian crisis and Western market sell-off.





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