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Chronology of Russian Crises

August 30, 1998

A chronology of Russian financial and political events from the past eight days:

Sunday, Aug. 23 _ President Boris Yeltsin fires Prime Minister Sergei Kiriyenko and reinstates Viktor Chernomyrdin as acting prime minister.

Monday, Aug. 24 _ Yeltsin says he brought Chernomyrdin back because he needs a ``heavyweight″ to tackle the burgeoning economic crisis. Reformer Boris Nemtsov quits as first deputy prime minister. Value of the ruble falls to 7.14 (14 cents) to the dollar from 6.29 (16 cents) a week earlier.

Tuesday, Aug. 25 _ Ruble falls 9.2 percent to close at 7.86 (12.7 cents), biggest one-day plunge in nearly four years. Currency trading suspended twice when banks overwhelmed by demand for dollars.

Wednesday, Aug. 26 _ Central bank cancels already-agreed dollar sales for first time. Government fails to make payments on longer-term debt previously unaffected by the crisis. Ruble falls 5 percent to 8.26 (12.1 cents) to dollar.

Thursday, Aug. 27 _ Opposition demands that Yeltsin resign, drafts power-sharing agreement and package of Soviet-style economic measures to reverse reforms.

Friday, Aug. 28 _ Yeltsin goes on national television to declare he won’t resign. Currency trades suspended for third straight day; stocks rise slightly in light trading.

Saturday, Aug. 29 _ Chernomyrdin begins negotiating power-sharing agreement with parliament, declares Russia will not return to a Soviet-style economy. Ruble’s street value at about 10 (10 cents) to the dollar.

Sunday, Aug. 30 _ The interim government and parliamentary leaders agree to an 18-month truce that would leave Yeltsin in control and give the administration time to try to end the crisis.

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