+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (24 month OA embargo)

To Nicholas II's deposits held with the English banks

Vol. 26, Iss. 10, OCTOBER 2020

Received: 27 August 2020

Received in revised form: 10 September 2020

Accepted: 24 September 2020

Available online: 29 October 2020


JEL Classification: B17, D14, E51, E52, F34

Pages: 2215–2229


Fetisov V.D. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation


Subject. The article focuses on unknown aspects of foreign financial and credit operations of the Russian Empire.
Objectives. The article attempts to unfold the mechanism and role of foreign loans taken by the imperial family from perspectives of modern Russia. What distinguished the economic policy of Nicholas II? Why did relatives, clergy, noblemen and military elite of Russia turn their backs to the Emperor? I try to bridge the gap between the traditional perception and real situation with respect to loans of the last Emperor of Russia.
Methods. I relied upon proceedings of the Russian and foreign scholars, archives, memoirs of contemporaries and those who were close to the Romanovs. What makes the study complicated is the secrecy of materials and information on the imperial family’s financial position. The article involves the analytical, systems, historical and statistical methods of research.
Results. I set forth my own concept of key deposits made by Nicholas II with the English banks, reveals reasons and mechanisms for placing them, and describe the consequences and the significance for Russia in the current circumstances of the globalized economy. I also suggest how modern credit relations should be transformed.
Conclusions and Relevance. The article provides my conclusions about causes of the ineffective financial and credit policy of the Romanovs, its negative effect on Russia's socio-economic development. As a conclusion, I suggest considering the financial and credit policy of the Russian tzars and Nicholas II from contemporary perspectives. The article justifies the hypothesis that the Turkish contribution as a result of the 1878–1879 Russo-Turkish War became the basis for making secret deposits of the Russian emperors with the English banks. I also make some guess about their use.

Keywords: Russia, Nicholas II, Alexander II, foreign deposits


  1. Khrustalev V.M. Romanovy. Poslednie dni velikoi dinastii [The Romanovs. The last days of the great dynasty]. Moscow, AST Publ., 2013, 861 p.
  2. Arin O.A. Pravda i vymysly o tsarskoi Rossii: Konets XIX – nachalo XX veka [Truth and fiction about Tsarist Russia: Late 19th – early 20th cc.]. Moscow, URSS Publ., 2009, 194 p.
  3. Zhuk Yu.A. Voprositel'nye znaki v Tsarskom dele [Questions left in the Imperial Case]. St. Petersburg, BKhV-Peterburg Publ., 2013, 638 p.
  4. Sirotkin V.G. Zarubezhnye klondaiki Rossii [Foreign treasures of Russia]. Moscow, Eksmo Publ., 2003, 543 p.
  5. Starikov N.V. Kto “zakazal” Rossiyu: glavnaya taina XX veka: razgadka “russkoi” revolyutsii [Who ordered to kill Russia? The main mystery of the twentieth century]. Moscow, Yauza, Eksmo Publ., 2009, 412 p.
  6. Zimin I.V. Tsarskie den'gi. Dokhody i raskhody Doma Romanovykh [The imperial money. Income and expenditures of the Romanovs]. Moscow, Tsentrpoligraf Publ., 2013, 688 p.
  7. Kasvinov M.K. Dvadtsat' tri stupeni vniz [Twenty-three steps down]. Moscow, Mysl' Publ., 1989, 459 p.
  8. Clarke W. Hidden Treasures of the Romanovs. Saving the Royal Jewels. NMSE – Publishing Ltd, 2009, 192 p.
  9. Massie R. Nikolai i Aleksandra [Nichlas and Alexandra: The Classic Account of the Fall of the Romanov Dynasty]. Moscow, Zakharov Publ., 2003, 636 p.
  10. Krivenko B.S. V Ministerstve dvora. Vospominaniya [In the ministry of the imperial court. Memoirs]. St. Petersburg, Nestor-istoriya Publ., 2006, 319 p.
  11. Kokovtsov V.N. Iz moego proshlogo. Vospominaniya (ministra finansov Rossii). 1903–1919. Kniga 2 [Recollecting the past. Memoirs (of the Russian minister of finance). 1903–1919. Book 2]. Moscow, Nauka Publ., 1992, 456 p.
  12. Vospominaniya Velikogo knyazya Aleksandra Mikhailovicha Romanova [Memoirs of Grand Duke Alexander Mikhailovich Romanov]. St. Petersburg, Piter Publ., 2015, 320 p.
  13. Fetisova T.V. Finansy fizicheskikh lits. Kontseptual'nye osnovy: monografiya [Personal finance. The conceptual principles: a monograph]. Moscow, YUNITI-DANA Publ., 2012, 231 p.
  14. Pogrebinskii A.P. Ocherki istorii finansov dorevolyutsionnoi Rossii (XIX-XX vv.) [Essays on the history of finance in Russia before the revolution(the 19–20 cc.)]. Moscow, Gosfinizdat Publ., 1954, 268 p.
  15. Witte S.Yu. Vospominaniya v 3-kh t, vol. 2 [Memories. Three volumes. Volume Two. 1849–1911]. Moscow, Sotsekgiz Publ., 1960, 640 p.
  16. Polovtsov A.A. Dnevnik gosudarstvennogo sekretarya v 2 t. T. 1 [Diary of the State Secretary. Two volumes. Vol. 1]. Moscow, Moskovskaya tipografiya Publ., 2005, 603 p.
  17. Sergeev A.A. Perepiska Nikolaya i Aleksandry, 1914–1917 [Correspondence between Nicholas and Alexandra, 1914–1917]. Moscow, Zakharov Publ., 2013, 919 p.
  18. Gurko V.I. Tsar' i tsaritsa [The Tzar and Tzarina]. Moscow, Veche Publ., 2008, 342 p.

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 26, Iss. 10
October 2020