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The Federation Council represents Russia's 89 Federation Subjects. Each Federation Subjecthas two representatives on the Federation Council, one representing its legislative body and the otherrepresenting its executive branch.The Judicial branch is represented by the Constitutional Court, the Supreme Court and theSupreme Arbitration Court as well as lower courts of general jurisdiction and arbitration courts.Political Parties and ElectionsPresidential elections were most recently held on 26 March 2000. The elections were scheduledto take place in the summer of 2000 but the premature resignation of President Yeltsin on 31 December1999 brought these elections forward to March. At the time of Yeltsin's resignation, Vladimir Putin wasthe Prime Minister and, therefore, was elevated to the post of acting President.Putin was successful in the first round of voting for the Presidential elections and secured over52% of the votes cast with a turnout of 68.74% (more than 50% of the votes cast is required in order tobe elected). His nearest challenger was the Communist candidate Gennady Zyuganov, who receivedalmost 30% of votes.The Government was appointed between May and July 2000. It has embarked on a course ofsignificant reforms comparable to those in early 1992 aimed at strengthening the unity of the State andtightening federal control over the Federation Subjects.In May 2000 President Putin reformed the structure of Presidential representatives in the regions.The Federation Subjects were divided into seven "federal areas" and authorised representatives withbroad powers were appointed by the President to each federal area. The rights of the authorisedrepresentatives of the President include the right to participate in all activities of representative bodiesof the Federation Subjects, to control the implementation of Presidential decrees and orders and federaleconomic programmes, and to control the use of federal property and federal funds by the FederationSubjects. The authorised representatives of the President in the Federation Subjects are financed bythe Administration of the President.The Duma elections were held on 19 December 1999 with the following results: — theCommunist party led by Gennady Zyuganov won 24.3% of the votes cast; the Unity party led by SergeiShoigou, the Minister of Emergency Situations 23.2%; the Fatherland All Russia party led by formerprime minister Yevgeny Primakov, Moscow Mayor Yuri Luzhkov and St Petersburg Mayor VladimirYakovlev 13.1%; the Union of Right Forces led by former prime minister Sergei Kiriyenko 8.6%; theYabloko party led by Grigory Yavlinsky 5.9% and the "Zhirinovsky bloc" led by Vladimir Zhirinovsky 6.4%Other parties received the remaining 18.5%As a result of the distribution of seats among political parties and winners in majority voteconstituencies, the communists and their allies lost control over the Duma, which now has a broadlypro-Presidential majority.Economic Conditions and Recent Economic DevelopmentsFollowing the dissolution of the Soviet Union, particularly during 1991 and 1992, Russiaexperienced an economic crisis, evidenced by a decline in industrial production and GDP, significantprice increases, a de-cline in the average standard of living and an increase in foreign debt. In response,the Government instituted a series of measures designed to achieve financial stabilisation and priceliberalisation and to create an impetus for a transition to a market economy. The Government has freedmost wholesale and retail prices, reduced defence allocations, cut state subsidies, introduced asubstantial value added tax, removed most non-tariff restrictions on foreign trade and launched a broadprivatisation effort.Russia's financial stabilisation programme came under severe pressure in the second half of1997 and the first half of 1998, when the repercussions of the Asian currency and financial crises andsharp falls in world prices for oil and other commodities adversely affected the Government's ability tocontinue to finance its budget deficits and to maintain the value of the rouble against the U.S. dollar. On17 August 1998, the Government and the Central Bank announced a three-part programme intended97