On the Sabotage by Foreign Banks of Short-Term Obligations of the State Treasury During the Foreign Intervention in the Russian Far East and Siberia

The revolutionary events of 1917, the Civil War, and the military intervention of the allied powers in the Russian Far East (1918–1922) were marked by frequent regime changes and an acute monetary crisis. Each government tried to solve it by issuing its own currency surrogates. These included 5% short-term liabilities of the State Treasury of the Provisional Siberian Government and short-term liabilities of the State Treasury of the Provisional All-Russian Government. Branches of foreign financial institutions established in the region refused to accept these obligations on a par with the national banknotes, in violation of the previously effective laws. This contributed to the depreciation of the Russian rouble and had a significant negative impact on the monetary situation and the economic situation of the region in what was already a very difficult historical period. The issue, circulation, and withdrawal of various short-term liabilities of the State Treasury have been extensively discussed in the writings of Russian historians. However, an intriguing and historically significant aspect, such as the refusal to accept these obligations on an equal basis with the national banknotes operating in the region by branches of foreign banks, has remained outside the scope of these studies. The author examines previously overlooked aspects of the operations of branches of foreign banks in the Far East of Russia in 1918–1922. In addition, for the first time, archival documents relating to the subject are being brought into scholarly circulation

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