In 1998, following some 10 years of structural reforms that began during the late Soviet era under the Perestroika processes and continued after the collapse of the USSR, Russia has recorded its first year of economic growth. Then, with virtually no advanced warning, by the of August 1998, Russia found itself in a financial pariah state position, having defaulted on foreign-held sovereign debt, devalued its currency, imposed strict capital controls and bankrupted a large number of domestic firms. Long-evolving sovereign crisis, having morphed into a fast-moving currency and banking crisis, has left deep scars on socio-economic environment. [...]