In Moscow's grand, gilded Kremlin banquet hall, Boris Yeltsin was personally hosting a reception for an investment delegation from the USA. This visit, orchestrated by the Kremlin, aimed to attract foreign investments to support the next phase of Yeltsin's economic reform plans.
Following the collapse of the Soviet Union, Russia's economy had endured five consecutive years of catastrophic decline. This year, however, signs of stabilization had finally emerged. While Russia's GDP for 1996 was still projected to show a slight dip, the economic freefall of previous years had seemingly come to an end.
This was considered a promising development.
The grueling presidential election campaign over the past year had made Yeltsin acutely aware of the harsh political climate he and his family faced. Whether by choice or necessity, he was determined to accomplish as much as possible during his second term to minimize the chances of future retaliation against his family.
Reviving the Russian economy was undoubtedly the most urgent task.
"Yes, Boris, I'm very optimistic about Russia's economic trajectory. As for the challenges of the past few years—unfortunate, no doubt, but entirely out of your hands. It was simply the inevitable pain of systemic reform. Now that the bottom has been reached, Russia's economy is bound to rise," said George Soros, who had personally traveled to Russia, engaging in an animated discussion with Yeltsin in the banquet hall.
Yeltsin, holding a glass of whiskey despite his doctor's repeated warnings, took a sip. His face was flushed but showed no sign of inebriation. "I'm delighted to hear that from you, George. However, you know that what Russia needs most now is financial assistance. We're planning to issue a $10 billion sovereign bond on the international market. Would Quantum Fund be interested?"
Without hesitation, George Soros nodded. "I've already heard about it, Boris. This will be Russia's first sovereign bond issuance since the Soviet era, a crucial step toward a market economy. I've reviewed the terms, and Russia has shown great sincerity in its interest rates and repayment structure. I can commit right now—Quantum Fund will purchase $1 billion of the bond issuance."
In the years following the Soviet collapse, hundreds of billions of dollars in foreign capital had flowed into Russia, including loans and aid from the World Bank and Western nations, as well as direct investments from overseas enterprises. However, this marked the first time Russia was issuing sovereign bonds on the international market.
This symbolized a deeper opening of the Russian economy—indeed, a moment of historical significance.
The $10 billion bond was far from sufficient to meet the Russian government's urgent financial needs, serving more as a test of the waters.
As the primary financial backer behind Russian oligarch Vladimir Potanin, and genuinely optimistic about Russia's economic prospects in the coming years, Soros decisively committed. Following his successful plays against the British pound and the Mexican peso, Quantum Fund had rapidly expanded. It was no longer merely a hedge fund but had evolved into a comprehensive investment entity.
After discussing the bond purchase details, Soros suddenly asked, "Boris, I heard Simon might be visiting as well. But he doesn't seem to be here?"
Yeltsin's expression flickered briefly before relaxing into a casual shrug. "Perhaps Simon prefers spending time with young ladies rather than old men like us."
"Oh, what a shame."
"Well, George, enjoy yourself tonight. I'll go mingle with the other guests."
"Likewise, Boris, feel free."
As Yeltsin walked away, Soros fell into a brief reverie.
Given his network of information, Soros knew Simon Westeros was currently in Ukraine.
There, a contingent of private military contractors from the Westeros family was stationed. Soros wasn't surprised by Simon's investment in private security. If he were in Simon's position, with a fortune exceeding $1 trillion, he would also establish a private military force to ensure his safety. Such unimaginable wealth required extraordinary precautions.
What puzzled Soros, however, was Simon's apparent lack of interest in Russia.
Earlier, Soros had discussed a privatization project involving Russia Telecom Investment Corporation with Mikhail Fridman, the Westeros representative in Russia. This project, with a scale of $20 billion, required multiple participants, as Quantum Fund alone couldn't handle it. Fridman, whose Alfa Group owned VimpelCom—a leading telecommunications company in Eastern Europe—was an ideal partner.
Unexpectedly, Fridman declined without even considering the proposal.
The refusal clearly stemmed from Simon Westeros's directive.
Moreover, while the US delegation included representatives from Cersei Capital, the firm had only sent a vice president from Apollo Management. This was a stark contrast to Soros's personal presence. The underwhelming representation from Cersei Capital was another indication of Simon's lukewarm stance.
As someone with unshakable willpower, Soros rarely doubted himself. Yet, when faced with a young man who had accomplished the impossible time and again, Soros found it difficult to remain entirely confident.
Reflecting on their recent meeting, Soros recalled their diverging views on Russia. Simon believed Russia would eventually re-emerge as a strategic rival to the USA. Soros, on the other hand, was convinced that economic infiltration could bring the nation under control.
Had he misjudged this time?
These thoughts occupied Soros's mind as he observed Yeltsin, who had moved to a corner of the banquet hall, giving instructions to a Kremlin staffer. The staffer, a middle-aged man with thinning hair, seemed serious and efficient. As their conversation concluded, the man noticed Soros's gaze and politely nodded before leaving the hall.
Unaware of this exchange, Yeltsin watched his deputy stride away on a task. The president suddenly entertained the thought of adjusting the man's position after his second-term inauguration on August 3rd.
Yesterday's invitation to Simon Westeros had been an attempt to test the waters.
Even so, Yeltsin wasn't entirely certain what he expected from Simon. Would Simon's presence make a difference? What would they even discuss if they met?
Yeltsin was acutely aware of his own deeply ingrained suspicion and inability to place complete trust in anyone.
Ultimately, the stakes were too high.
While he coveted power, Yeltsin feared being branded a "traitor" in the future.
Yeltsin often reassured himself that his actions, no matter how controversial, were for the good of Russia.
Meanwhile, in Ukraine's Rivne Oblast, Simon spent the evening dining with Viktor Pinchuk, son-in-law and confidant of Ukrainian President Leonid Kuchma. The meeting was purely social, strengthening their alliance.
The evening ended amicably, and Simon returned to his thermal springs estate. There, a serene yet vibrant atmosphere awaited, and the evening unfolded in an entirely different direction.
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