Repudiation of debt at the Russian Revolution II, the last Emperor of Russia, was forced to sign his abdication and the end of the Russian Imperial Government and of the Romanov dynasty. The new government decided to continue the war, which meant more military spending. To increase budget revenues, a state monopoly was introduced on the sales of sugar, tea, matches, tobacco, and other consumer products. Still, the printing press remained the main source of revenues. This was a period of hyperinflation. The Provisional government was overthrown on October 24, 1917, and the Soviet government was created. The amounts of payments in default were enormous. Russian debt
1905 Russian Revolution failed to do so. While the Tsar managed to keep his rule, the events foreshadowed those of the Russian revolution twelve years later - after the Russian defeat in World War I - which would result in his overthrow and the creation of the Soviet Union by the Bolsheviks. The 1905 revolution is said by some historians to have set the stage for the 1917 Russian Revolutions, and allowed for Bolshevism to emerge as a distinct political movement in Russia, although still being a minority. Lenin, as head of the USSR later on, called it "The Great Dress rehearsal" without