In a major climbdown following pressure from members of his own administration, President Yelt sin's ditching of Mr Viktor Chernomyrdin and his nomination, instead, of the Foreign Minister, Mr Yevgeny Primakov, has brought about the beginning of the end of Russia's politico-economic crisis.
A tough foreign minister in his dealings with the US and NATO, Mr Primakov has described Ireland as his favourite western European country and on a visit early this year he let his hair down with Dublin's Russian community in Johnny Fox's pub in the capital's southern suburbs.
His nomination yesterday was backed by all Russian political parties, with the exception of the right-wing "Liberal-Democratic" party of Mr Vladimir Zhirinovsky. His ratification by the Duma today is therefore certain.
Spokesmen for governments in the US, Germany and France as well as for the EU welcomed his selection for the post. The Japanese Prime Minister, Mr Keizo Obuchi, described it as "favourable".
Perhaps the most significant statement of support, in a Russian context, came from the democratic party, Yabloko, led by Mr Grigory Yavlinsky.
A liberal market economist, he has been consistent in his opposition not only to Mr Yeltsin but to the nominations of Mr Chernomyrdin, and, before him, Mr Sergei Kiriyenko, for the prime ministership.
But following Mr Primakov's nomination yesterday, a Yabloko deputy, Mr Vladimir Averchev, said that his party would now move to a pro-government stance and leave the opposition benches.
The communist party under Mr Gennady Zyuganov also supports Mr Primakov and this has left the extreme right-wing leader, Mr Vladimir Zhirinovsky, as the effective leader of the opposition.
Mr Zhirinovsky condemned the nomination as the ultimate sign of degradation in the Yeltsin administration and described Mr Primakov as "pro-American".
US commentators, however, have in the past been antipathetic in their comments on Mr Primakov, mainly due to his firm stance against NATO expansion. But yesterday the White House said it expected a good working relationship with the new Russian prime minister.
The rouble firmed up in Moscow after the announcement of the nomination and by late afternoon in unofficial street trading - a more reliable barometer than the fixed central bank rate - was running at 10 to the US dollar, compared to 22 three days ago.
The choice of Mr Primakov had earlier been advocated by the liberal economist Mr Grigory Yavlinsky, in a speech in the Duma and there is speculation in Moscow that Mr Yavlinsky may become the economic driving force within Mr Primakov's new cabinet.
Reports from Bonn stated that in a telephone call to the German Foreign Minister, Mr Klaus Kinkel, Mr Primakov had said he would commit his new government to Russia's continuation with market economics and an unchanged foreign policy.
The Communist Party under Mr Gennady Zyuganov has also pledged support to any government formed by Mr Primakov and it is likely that a small number of communists will be given ministerial posts, including Mr Yuri Maslyukov, who was a minister in the last government under Mr Sergei Kiriyenko.
Mr Chernomyrdin, in a bitter statement after he was thrown aside by Mr Yeltsin, spoke of a "creeping coup d'etat" on the part of the communists and of his willingness to become prime minister for the love of Russia having been brushed aside.
