[5] Shortly after his defeat, Volsky was named as the head of the scientific and industrial union that was a pro-Gorbachev body consisting of the state enterprises directors.

[5] In July 1991, Volsky and other prominent politicians such as Alexander Yakovlev, Eduard Shevardnadze, Gavriil Popov and Anatoly Sobchak issued a declaration in order to create a movement for democratic reforms.

[1] After the communist regime collapsed, Volsky founded the Russian Union of Industrialists and Entrepreneurs (RSPP), the business lobby, in 1991 and headed it until 2005.

[15][21] The bloc was made up by the People's Party of Free Russia led by Alexander Rutskoy, the Socialist Party of the Working People, the Union for Revival of Russia, the Social Democratic Centre headed by Oleg Rumyantsev, and the RSPP and Democratic Reform Movement, both led by Volsky.

[23] In June 1995, Volsky was appointed by Prime Minister Viktor Chernomyrdin as deputy head of the peace mission for the conflict in the Chechen Republic.

[25][26] Volsky met the Chechen President Dzhokhar Dudayev at his mountain hide-out near Grozny in July 1995.

[4][29] After civil memorial and church service with the attendance of state and political figures of Russia, businessmen, ambassadors, his body was buried at Moscow's Novodevichy Cemetery on 12 September 2006.

[4][30] Robin White's 2002 fiction, The Ice Curtain, includes Volsky's hypothetical activities in regard to a diamond cartel in Russia.