Russia was formed in 1991 after the breakup of the Union of Soviet Socialist Republics (USSR). During the early 20th century, USSR had a centrally planned economy. Under the Presidency of Gorbachev in 1990-1991, the Soviet government introduced reforms to privatize the manufacturing and foreign trade sectors. Following the reforms, the government lost control over the economic conditions of the country. The retail prices increased and the real GDP reduced. After breaking away from USSR, Russia started transferring into a market oriented economy. Russia had a large wealth of natural resources, especially oil and natural gas. Its economy mainly depended on its exports of oil
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