The Soviet Red Banner being lowered from the Kremlin and replaced with the Russian tricolor on 25 December 1991, moments after Mikhail Gorbachev announced his resignation, recognizing the Belovezh Accords
Date
16 November 1988 – 26 December 1991(1988-11-16–1991-12-26) (3 years, 1 month, and 10 days)
Dissolution of the Soviet Union into fifteen independent states
Establishment of the Commonwealth of Independent States between eleven independent states
Several separatist movements in the former autonomies prove successful, most either fail to combat the militaries of their respective republics or agree to rejoin them peacefully
Numerous military conflicts and ethnic clashes unfold during and after the dissolution, provoking humanitarian crises and leaving many internally displaced
Republics declare multi-party presidential or semi-presidential systems
Republics move to adopt capitalist market economy
Ruble zone active in most of the new states in 1992–94 with national currencies adopted later
Unified Soviet Armed Forces divided circa 1992–1993
Black Sea Fleet partitioned and negotiation for relocation between Russia and Ukraine in 1997 until 2017; terminated in 2014
Issues with value loss of savings of former Soviet citizens
Issues with social and medical support for veterans of the Soviet–Afghan War
Relocation of the Soviet Armed Forces from East Germany and the rest of Central Europe
End of the Cold War
End of CPSU rule
Decline of communist movements around the world
The United States becomes the world's sole superpower