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
Roman Rosen of Portsmouth was a diplomatic triumph, which ended the war on very favorable terms for Russia. Rosen stayed in the United States until autumn 1911, when he was recalled to St. Petersburg to retire from the diplomatic service. He was subsequently appointed by Tsar Nicholas II to the State Council of Imperial Russia. He held this membership in the Russian parliamentary Upper House under the Constitution of 1905 until the overthrow of the monarchy by the February Revolution in 1917. After the Bolshevik takeover in November 1917 October Revolution and the subsequent persecution of the old political and social elites,