"Although he was one of Yeltsin's supporters in the years after the October 1993 coup attempt, Vinogradov was not uncritical. In February 1995 he accused the government of following too rigid an economic policy, and said that the conflict in Chechnya was damaging the economy.
He called on the state to liberate central bank foreign reserves, warning against a reliance on foreign loans which, he said, rarely had much impact on domestic economic projects. In 1996, when he was at the height of his power and influence, he was ranked 12th in the list of the top 20 richest Russians.
Everything changed with the Russian financial crisis of 1998 when the rouble fell and Russia defaulted on its debt. As the largest private bank, with 11 per cent of its assets consisting of treasury bills frozen by the government, Inkombank was hit hard. Unlike Sberbank, its state counterpart, there was little loyalty to Inkombank among those in the state system, and little need was felt to make any move to support it. There was a run on the bank as its private clients tried to withdraw their funds. Vinogradov resigned, the Russian Central Bank revoked Inkombank's licence and it went into liquidation.
Vinogradov never recovered. A long decline in his physical health, wealth and state of mind began, and he was forced to move into a modest flat with his wife, Liudmila, and their three children. Ironically, he could not now afford to send his son to the Moscow School of Economics, of which, at the peak of his success, he had been a main sponsor."