"Russia under Yeltsin was at this point experiencing extremes of humiliation and paranoia. It had a wrecked economy and a triumphant western alliance advancing towards its doorstep. Negotiations now began for Estonia, Latvia, Lithuania, Bulgaria and Romania also to join NATO, turning the earlier necklace of former communist states into what looked to Moscow more like a noose. But Yeltsin had other worries. He decided not to move Russia gradually towards capitalism, by ensuring currency control and strict financial policing. Instead he went full speed ahead. He curbed public spending, cut subsidies, freed prices and gave the ownership of factories and utilities to Russian citizens in the form of share vouchers. These grossly undervalued vouchers were swiftly bought up by middlemen and sold on to a network of oligarchs, who became sensationally rich before vanishing abroad. A Siberian oil well was swiftly converted into a Knightsbridge mansion. The value of Russia’s copious natural resources was thus invested in London, Cyprus, the Middle East and other boltholes in what became one of Europe’s most systematic acts of kleptomania. (William the Conqueror’s plunder of England in the eleventh century at least remained largely in situ.) By the end of the nineties, Russia’s national product had halved and the rouble collapsed. Millions lost their savings and, in some parts of the country, there was a cry for a return to communism. This in turn led to attempts to unseat Yeltsin. If Gorbachev had lost control over the demise of communism, Yeltsin lost it over the rise of capitalism."