Father of Russian 'Shock Therapy' Yegor Gaidar Dies at 53

A file picture dated 08 September 2003 shows Yegor Gaidar, then director of the Transition Period Economy Institute and member of the Russian Union of Right Forces party, speaking during the election congress of the party in Moscow. Photo by EPA/BGNES

Former Russian Prime Minister Egor Gaidar who was active in Russian politics in the first years of President Boris Yeltsin has died overnight at the age of 53.

According to his spokesman, Gaidar died of a blood clot while he was working on a book late at night.

Gaidar is known as the father of Russia’s liberal economic reforms towards establishing a market economy through the rather controversial “shock therapy” of abolishing price regulations by the Russian state.

In 1991-1992, Gaidar was Minister of Economy and then Minister of Finance of the Russian Federation. In June-December 1992, he was Prime Minister.

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