Milestone Moment: Vladimir Putin Rises to Power as Boris Yeltsin Resigns on New Year’s Eve 1999
On December 31, 1999—exactly 26 years ago today—Russian President Boris Yeltsin stunned the world with a surprise New Year’s Eve resignation, elevating Prime Minister Vladimir Putin to acting president. This pivotal event marked the beginning of Putin’s enduring dominance in Russian politics, reshaping global affairs for decades.
Yeltsin, facing health issues and political turmoil after nearly a decade in power, announced his departure in a televised address, apologizing for unfulfilled dreams and handing the reins to the relatively unknown former KGB officer. Putin, appointed prime minister just months earlier, quickly consolidated power, winning the presidential election in March 2000. His tough stance on the Second Chechen War boosted his popularity, setting the stage for centralized authority, economic reforms, and assertive foreign policy.
The handover occurred amid Russia’s post-Soviet chaos, with Putin promising stability. Today, 26 years later, his leadership continues to influence international relations, from energy politics to conflicts in Ukraine.
Other Notable Events on December 31 Throughout History
- 1999: The United States officially transferred control of the Panama Canal to Panama, ending nearly a century of American oversight.
- 1991: The Soviet Union formally dissolved, with all official institutions ceasing operations.
- 1907: The first New Year’s Eve ball drop took place in Times Square, New York City, kicking off a global tradition of celebrations.
- 1879: Thomas Edison publicly demonstrated his incandescent light bulb in Menlo Park, New Jersey, illuminating the path to modern electricity.
- 1775: American forces under Benedict Arnold and Richard Montgomery failed to capture Quebec during a snowy assault in the Revolutionary War.
December 31 has long been a day of transitions and farewells, often coinciding with New Year’s Eve reflections worldwide. As we close 2025, Putin’s rise remains one of the most consequential shifts of the modern era.
By Mark Smith
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