In the 1990s, Russian oligarchs amassed significant wealth through the privatization of state assets after the collapse of the Soviet Union. This process, often described as "shock therapy," saw valuable state-owned enterprises sold at heavily discounted prices to a select group of individuals, with some deals involving "loans for shares" schemes. These oligarchs, who included figures like Boris Berezovsky and Roman Abramovich, gained control of key industries and resources, creating a new class of wealthy businesspeople in Russia.