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 little evidence supporting that claim. On 7 November 1917, Bolshevik leader Vladimir Lenin led his leftist revolutionaries in a revolt against the ineffective Provisional Government (Russia was still using the Julian calendar at the time, so period references show a 25 October date). The October revolution ended the phase of the revolution instigated in February, replacing Russia's short-lived provisional parliamentary government with government by Soviets, local councils elected by bodies of workers and peasants. Liberal and monarchist forces, loosely organized into the White Army, immediately went to war against the Bolsheviks' Red Army, in a series of battles that would