Yeltsin's so-called "shock therapy" at that time was marked by the free issuance of privatized securities in 1992. The specific method is that every Russian citizen can get a coupon with a face value of 1000 rubles by paying 25 rubles. With the purchase certificate, you can buy shares of state-owned enterprises, or you can transfer or sell them with compensation.
1993 After the White House incident, Yeltsin adopted a new constitution to strengthen the centralization of the president, and the power of the Duma was suppressed. Yeltsin's policy changed from "radical democracy" to "new authoritarianism", from all-round to the west and to nationalism.
At that time, the Russian government believed that in order to resist the infiltration of western capital, maintain the strength of national capital, improve the efficiency of asset use and give full play to the advantages of capital concentration, it should neither be too decentralized, implement "large-scale privatization" nor fully open to western capital.
Therefore, Yeltsin's government can only sell state-owned assets at low prices through "its own people", that is, political allies who support its regime, and realize the "centralized" privatization of state-owned assets.
Compared with the ignorant ordinary people, the managers of state-owned enterprises and government officials at all levels who are well aware of the value of state-owned assets, especially in the energy and chemical industries, support Yeltsin and use their power to buy coupons at low prices, so that coupons are constantly concentrated in the hands of these officials. In the end, most of the privatized state-owned assets fell into the hands of a few people.
As for the privatization of banks, those officials took the original state-owned banks as their own, raised a lot of social funds through savings and speculation in foreign exchange, repurchased state-owned assets, and provided mortgage loans to the government, taking some enterprises that should not have been privatized and were of strategic significance to the country as their own.