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On December 25, 1991, Mikhail Gorbachov resigned as President of the Soviet Union. The red flag was lowered at the Kremlin, and the next day, the Soviet Union ceased to exist. The BBC reported:
Mikhail Gorbachev, leader of the Soviet Union for almost seven years and executive president for nearly two, has stepped down from office. He announced his resignation in a 10 minute speech, broadcast live on television, as the Soviet Union passed into history.
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