In the end, literally starved for cash, Russia sold much of its military equipment onto the black market. Some of it wound up in the hands of terrorist organizations from Bosnia to Chechnya and Russia's southern frontiers.

Journalist Anne Williamson (WSJ) testimony to Congress in '99:

The CIA has determined that through Nordex, FPI [the International
Foundation for Privatization and Private Investment] seized the
export earnings from Russia’s natural resource companies — oil, gas,
platinum, gold, diamonds — and from industrial firms exporting
items such as steel and aluminum, and then stashed the hefty profits
in Western bank accounts. And only now, eight years almost to the
day later, do US taxpayers learn that the ‘eager, young reformers’ to
whom their resources were sent for the purpose of building a new
Russia were in league from day one with the exhausted Soviet nomenklatura
in a scheme to loot Russia’s wealth and park it in the West...31
Directors stashed profits abroad, withheld employees’ wages, and
after cash famine set in, used those wages, confiscated profits and state
subsidies to ‘buy’ the workers’ shares from them. The really good stuff
— oil companies, metals plants, telecoms — was distributed to essentially
seven individuals, ‘the oligarchs,’ on insider auctions whose
results were agreed beforehand. Once effective control was established,
directors — uncertain themselves of the durability of their
claim to the newly acquired property — chose to asset strip with
impunity instead of developing their new holdings.

Is all of this starting to sound a bit like Enron? Like WorldCom? Tyco?
Halliburton? Like any of about 20 major US companies I could name? It is perhaps not by coincidence that we see some familiar names cropping up in the orchestration of this campaign to loot Russia that continued across two different presidential administrations. The US secretary of state who began the dialogues on privatization as well as the dismantling of Russia’s nuclear weapons was James A. Baker. The James Baker Institute was the co-sponsor of the CFR report on energy in 2001, and James Baker was, in the words of one oil industry lawyer, “all over” the deals to get the major oil companies into Central Asia. The first official US envoy sent to aid Russia in its transition was our current Deputy Secretary of State, Richard Armitage.