The privatization process has started in 1992, under the tenure of President Yeltsin. In the beginning of 2005, more than 80% of the companies were wholly or partly privately owned. As a result of this process, a Russian equities market was born.

The more interesting shares from the largest Russian companies (Surgutneftegaz, Norilsk Nickel, Lukoil) have been sold to large investors, both Russian and foreign.