In a dramatic televised address, Boris Yeltsin announced his resignation as the first President of Russia. Dated to mark the end of the millennium, Yeltsin's departure was unexpected for many, despite ongoing speculation about his health and political future. Yeltsin stated that he was stepping down to give a new generation a chance to govern, expressing hope for a prosperous future for Russia. Strikingly, he chose to pass on the presidency to Vladimir Putin, his Prime Minister, who had been relatively unknown to the public until then. The moment was a significant political transition that occurred against a backdrop of turmoil in Russia, highlighted by economic struggles, political conflicts, and social unrest that followed the dissolution of the Soviet Union in 1991.

Putin, receiving the presidential powers at a pivotal moment, was quickly installed as acting president, leading to his election victory in March of the following year. This transition was framed by Yeltsin's desire for stability, and Putin’s background in the security services gave him an image of strength at a time when the country was perceived to be weak and fragmented. Yeltsin’s resigning speech was marked by nostalgia and a bit of regret but also optimism regarding Russia’s future under his successor.

The transition set off a series of events that would reshape the political landscape of Russia, including the strengthening of the executive branch. Yeltsin’s presidency had been characterized by significant reforms, but also by challenges such as the Chechen War and rampant corruption, issues that Putin would inherit and handle in his own controversial manner. As the nation moved into a new century, the political environment shifted significantly, with Putin’s consolidation of power laying the groundwork for his long-lasting rule.