After the fall of the Soviet Union in 1991, many hoped that post-Soviet Russia would transform into a democratic and capitalist system. That didn't happen. With no economic regulations in place, the transition to capitalism invited rampant corruption. A small elite, known as oligarchs, gained control of state industries and made a fortune. They operated as a criminal organization. Boris Yeltsin, the Russian President in the 1990s, was unable to put regulations in place and establish democratic procedures. It was in this unregulated arena that Bill Browder operated his hedge fund. In these early years, he was able to use the international media to call out corruption in an effort to protect his investors.

In 2000, Vladimir Putin assumed the Presidency. He systematically eliminated all sources of opposition to him. He weakened the Duma, or Russian Legislature, destroyed the independence of the judiciary, took control of the media, and substantially weakened the powers of regional and local governments. Putin, a former KGB, or secret police officer, deeply regretted the fall of the Soviet Union and set out to restore it. He cut a deal with Russian oligarchs promising that he'd allow them their wealth if they gave him political support.