Using panel data from the Russian Longitudinal Monitoring Survey (RLMS), we investigate the possible links between the Russian mortality crisis of the 1990s and social transition that followed the collapse of the Soviet Union. The results of the analysis demonstrate that Russians’ life chances and their psychological resources and well-being were deteriorated during the transition in the 1990s. The deterioration of life chances and psychological resources and well-being, in conjunction with the high-risk lifestyle of many Russians, increased their risks of dying both directly and indirectly, through a negative impact on their health.