Darkest pages of Russia’s economy are recalled in tonight’s Historama.

Russia wakes up to face its Black Tuesday

On this day in 1994, the ruble plummeted against the dollar.

The day went down in history as Black Tuesday.

The official explanation was a lack of coordination, bad timing, incompetent decisions and untimely actions by the federal government.

This did not make things easier for the general public that lost its money.

USSR puts an end to newborn small business

Today in 1931, small business was abolished in the USSR.

All small stores were nationalized; peasants’ property was confiscated and the owners themselves were sent to Siberia.

Free citizens were stripped of their rights to vote and many were sent to stand trial in court.

However, an official ban could not wipe out small business entirely. Illegal trade thrived and created a new, shadow economy.

­Princess Dashkova heads newly-established Russian Academy

­On this day in 1787 the Russian Academy was established by Princess Ekaterina Dashkova, was one of the most educated figures of her era.

Dashkova became the first woman in the world to serve as president of the Science Academy.

Dashkova was dedicated to popularizing the Russian language around the world, and indeed made great contributions to its development.

Read more on this day in Russian history