Updated Dec. 31 2023 at 12:00 p.m.
After a referendum held in March 1991, the creation of the post of president of Russia was created. Boris Yeltsin was elected Russia's first president in an election of that kind. On this day in 1999, he resigned and was succeeded by Vladimir Putin.
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Why did Boris Yeltsin resign from office?
Within a few years of his presidency, many of Yeltsin's initial supporters started to criticize his leadership, which had caused a downturn in Russia’s economy, affecting not only the country itself, but the entire world. Tensions with the Russian parliament began in 1993, when Yeltsin ordered the unconstitutional dissolution of the parliament. The parliament then attempted to impeach Yeltsin but was unsuccessful.
Who took over for Boris Yeltsin?
During his second term, the government defaulted on its debt and the ruble collapsed in the 1998 Russian financial crisis. In December 1999, Yelstin announced his resignation and his chosen successor: Vladimir Putin took power.