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 Empire the First World War on the side of France, the United Kingdom, and Serbia, against the German, Austrian, and Ottoman empires. The Russian Empire functioned as an absolute monarchy until the Revolution of 1905 and then became a "de jure" constitutional monarchy. The empire collapsed during the February Revolution of 1917, largely as a result of massive failures in its participation in the First World War. Though the Empire was only officially proclaimed by Tsar Peter I, following the Treaty of Nystad (1721), some historians would argue that it was truly born either when Ivan III of Russia conquered Veliky