He was formerly the head of the Russian Federal Financial Markets Service and chairman of the Moscow Exchange.
In 2002, he was appointed First Deputy Chairman of the Central Bank of Russia responsible for monetary policy.
He was regarded as a reformer and has implemented several changes to Federal laws to facilitate public offerings in the Russian market.
On May 10, 2007, Vyugin left his position in the Federal Financial Markets Service, succeeded by Vladimir Milovidov.
In 2007, Oleg Vyugin headed the Board of Directors of the non-state private bank MDM-Bank, which he left in 2016 after change of controlling shareholder.