Former USSR countries, excluding Baltic countries, continue to fight the political and economic problems. The countries are in process of transition from centralized to market economy which deemed to be highly complex. The aim of my diploma is to evaluate the process of transition of Ukraine and Russia and their current political and economic situation. The key element for successful transition were 90’s when the new state and new legislation were formed. Such transition period was characterized by privatization of state properties. The underdeveloped banking sector is still heavily influenced by government representatives. Business climate and environment that is important for the economy is still struggling with corruption. The countries ...