Privatization in Russia

Privatization in Russia refers to the transfer of state-owned enterprises and industries from government control to private ownership, mainly during the 1990s after the Soviet Union's collapse. This process aimed to modernize the economy, encourage entrepreneurship, and attract investment. However, it often led to rapid asset privatization, sometimes benefiting a few elites and creating economic disparities. The reforms significantly transformed Russia's economy, shifting from a planned system to a market-oriented one, but also brought challenges like inequality and corruption during the transition period.