Loans for shares scheme

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This article is part of a series about Boris Yeltsin
Early life 1989 United States visit Presidency Yeltsinism CPSU membership 26th 27th Politburo 26th 27th Central Committee 28th Congress Elections 1991 campaign 1996 campaign (Vote or lose) Loans for shares Semibankirschina Soskovets campaign strategy Xerox affair First term 1st inauguration Gaidar Cabinet August Coup 1st Chernomyrdin Cabinet Constitutional conference 1993 crisis 1st Chechen War International trips ("Circling over Shannon" diplomatic incident) Second term 2nd inauguration Ruble crisis 2nd Chechen War Resignation International trips Post-Presidency Presidential Center Presidential Library Illness Death and state funeral Media gallery
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Beginning in 1995, Boris Yeltsin's government began privatizing state-owned shares in companies through a loans for shares scheme.^[1] The scheme helped with "fundraising" for Yeltsin's 1996 reelection campaign and restructuring freshly-sold companies at the same time (in order to outweigh communist sympathizers as one source speculated).

Russian bankers constituted the majority of those who have provided the funds^{[clarification needed]} (see Letter of thirteen [ru]). The rest included such entities as Stolichny bank (Russian: Столичный банк) and World Bank (who made a loan for a small percentage of the Sibneft oil company) and even some targeted investments from USAID in assistance to Chubais.^{[2][note 1]}

The scheme was primarily overseen by Anatoly Chubais who was linked to USAID program managed by head of the Harvard Institute for International Development (H.I.I.D). at the time.^[3][2]

The scheme implementation ultimately resulted in the emergence of an influential class of enterprise owners, known as Russian oligarchs.

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