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
Russian Revolution given to the Soviets. The February Revolution (March 1917) was a revolution focused around Petrograd (now Saint Petersburg), the capital of Russia at that time. In the chaos, members of the Imperial parliament (the Duma) assumed control of the country, forming the Russian Provisional Government which was heavily dominated by the interests of large capitalists and the noble aristocracy. The army leadership felt they did not have the means to suppress the revolution, resulting in Tsar Nicholas's abdication. The Soviets, which were dominated by soldiers and the urban industrial working class, initially permitted the Provisional Government to rule, but insisted