Former Russian Prime Minister Viktor Chernomyrdin, a man who held the economic reins through the post-Soviet turmoil of the 1990s, died on Wednesday at the age of 72.

Chernomyrdin’s life was closely linked with oil and gas. He carved out a successful career from a mechanic at a gas refinery in Orenburg to a gas industry minister, a post he took the year Mikhail Gorbachev came to power and held for four years before being appointed to head Gazprom. Under Chernomyrdin, Gazprom became a powerful gas monopoly and the largest gas extractor in the world. From December 1992 through March 1998, he was the Prime Minister of the Russian Federation.

Anatoly Chubais, a deputy prime minster in the late 1990s, has said about Chernomyrdin that this was a man who made history.

He did not just put the entire modern history of Russia through himself but was to a large extent its creator. Not all are seeing things that way and to many it seems strange. But to those who saw the situation from the inside, it was absolutely clear that but for Viktor Stepanovich and his personal efforts, our history might have been different.

Chernomyrdin’s premiership coincided with what was probably the most troublesome period for post-Soviet Russia from an economic and political point of view.

In June 1995, a group of Chechen separatists led by Shamil Basayev raided the southern Russian town of Budyonovsk, taking 1,500 people hostage. The militants were demanding an end to military operations in Chechnya and Chernomyrdin accepted the terms. It was a hard-fought decision but it saved the hostages’ lives. Footage of Chernomyrdin talking with the militants’ commander was telecast throughout the world.

Millions of viewers are watching us. I am officially saying to you now that all military actions and all air bombings in Chechnya are being stopped and negotiations are being organized. Do you hear me?

Analysts are still arguing about whether beginning talks with the militants was the right thing to do, but many agree that in those circumstances there was no better alternative.

Yevgeny Yasin, a former Economy Minister, says that Chernomyrdin was always there when he was most needed.

Viktor Stepanovich was a man who appeared at the right place at the right time. Back then, it was hard to find people capable of taking enormous responsibilities in that difficult situation. The way he did his job certainly does him credit.

In the spring of 1999, the then President Boris Yeltsin appointed Chernomyrdin Russia’s chief negotiator in the Yugoslav conflict. Many foreign politicians welcomed the appointment as he was on good terms both with Belgrade and Western leaders. Chernomyrdin’s diplomacy helped settle the conflict, prompting speculation that he could be nominated for the Nobel Peace Prize.

From May 2001 though June 2009, he was the Russian ambassador to Ukraine. Chernomyrdin’s last post was as presidential economic advisor.