Part 1 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
Russia: Repudiation of debt at the heart of the revolutions of 1905 and 1917
by Eric Toussaint
February 23, 1917: Womens protest in Petrograd
In February 1918, the repudiation of the debt by the Soviet government shocked international finance and sparked off unanimous condemnation by the governments of the great powers.
This decision of repudiation was intrinsic to this first big movement for social emancipation which rattled the Russian Empire in 1905. This huge revolutionary uprising was caused by the conjunction of many factors: the Russian debacle in its war with Japan, the wrath of peasants demanding land, the rejection of autocracy, workers’ demands... The movement began with strikes in Moscow in 1905 and soon spread throughout the empire like wildfire, adopting different forms of struggle. Out of the process of self-organization by the masses emerged councils, or soviets in Russian: peasants’ councils, workers’ councils, soldiers’ councils and so on.