Book Description: Russia - an Incredible Adventure

The years 1997–1998 were a period of massive upheaval and uncertainty in Russia, marking one of the most severe economic and political crises since the fall of the Soviet Union.

By the late 1990s, Russia was struggling to transition from a centrally planned economy to a free-market system. While the early years saw some reforms, they were chaotic and often mismanaged. In 1997–98, several forces collided:

  • Mounting debt: The Russian government had taken on heavy domestic and foreign debt, much of it short-term and high-interest.
  • Falling oil prices: As oil is Russia’s main export, the global drop in oil prices gutted national income.
  • Currency speculation: The ruble was under intense pressure, with investors rapidly losing confidence.
  • Asian financial crisis (1997): This sent shockwaves through emerging markets, including Russia.

By August 1998, the government:

  • Defaulted on its domestic debt.
  • Devalued the ruble by over 70%.
  • Temporarily froze bank accounts, wiping out savings overnight.
  • Triggered skyrocketing inflation and widespread poverty.

For everyday Russians, this was devastating. Wages went unpaid for months. Savings evaporated. Stores were empty, and basic necessities became unaffordable.

The economic chaos was mirrored by political turbulence:

  • President Boris Yeltsin’s approval rating plummeted.
  • He went through five prime ministers in less than two years, trying to stabilize the situation.
  • Corruption was rampant, and power struggles within the Kremlin were public and vicious.
  • The population grew increasingly disillusioned with democracy and market reform, longing for order and stability.
  • Despair and hopelessness spread. Many turned to crime, alcoholism, or black-market trade to survive.
  • Emigration surged—especially among young professionals and Jews who feared rising antisemitism.
  • The Orthodox Church saw a revival, as people sought meaning and stability in their faith.
  • Organized crime flourished, filling the power vacuum left by weak institutions.

During those two years, Floyd and Christine first traveled as undercover missionaries with a language school to four cities, one month at a time:  Nizhny Novgorod, St. Petersburg, Chelyabinsk and Moscow. They returned to St. Petersburg for seven months, until they had to leave due to Floyd's poor health. This book is their incredible story.

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