It did. What came later, in the years after Yeltsin, is completely different than the communist regime of the USSR.
> much tougher set of adversaries.
It may seem so because of the media, but Russia is much weaker than the USSR is and has almost none of the global influence that the latter had.
China is now by far the more powerful adversary to the US, which went unnoticed for years because US foreign policy was so fixated on Russia, Iraq and Afghanistan. Idiots.
It didn't fail. It just regrouped and waited for western hegemony to grow weaker and indecisive.
I'd say we're back to where we started with a much tougher set of adversaries.