They Thought Putin Was Their Puppet — Then He Took Russia From Them
On 31 December 1999, Boris Yeltsin appeared before Russia looking tired, unsteady and ready to leave.
He announced his resignation and transferred presidential power, including authority over one of the world’s largest nuclear arsenals, to a former intelligence officer who had been almost unknown to ordinary Russians only months earlier.
Vladimir Putin did not seize the Kremlin from the men who controlled Russia. T
hey escorted him inside. The billionaires, political fixers and presidential relatives surrounding Yeltsin believed they had found a disciplined, dependent and manageable successor who would protect their fortunes, preserve their access and prevent the next government from prosecuting them.
They had made one of the greatest political miscalculations of the modern era.
Putin protected Yeltsin, but he did not remain subordinate to the system that had installed him.
He captured national television, subordinated regional governors, filled the state with trusted security veterans, destroyed Russia’s most politically independent billionaire and established a new bargain under which immense wealth remained possible only through obedience to the Kremlin.
The oligarchs thought they had chosen a servant. They had selected the man who would take possession of the machinery they built.