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
History of Soviet Russia and the Soviet Union (1917–27) leader of the USSR. During World War I, Tsarist Russia experienced famine and economic collapse. The demoralized Russian Army suffered severe military setbacks, and many captured soldiers deserted the front lines. Dissatisfaction with the monarchy and its policy of continuing the war grew among the Russian people. Tsar Nicholas II abdicated the throne following the February Revolution of 1917 (March 1917 N.S. See: Soviet calendar.), causing widespread rioting in Petrograd and other major Russian cities. The Russian Provisional Government was installed immediately following the fall of the Tsar by the Provisional Committee of the State Duma in early March 1917