Repudiation of debt at the Russian Revolution

Common card · No. 493072

In February 1918, shortly after the Bolsheviks seized power in the Russian Revolution, their Council of People's Commissars repudiated the sovereign debt and other financial obligations of Russia. This position shocked international finance and triggered unanimous condemnation by the governments of the great powers. The British, and especially the French, had lost millions of pounds of foreign investment in Russia. Revolutionary Russia completely fell out of the world economy as a result of this development and sealed itself up in isolation, which would not be disturbed until large-scale hostilities broke out with other states during World War II.

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