Ministry of Finance Rejects Claims on Imperial Russian Debts

Deputy Finance Minister Vladimir Kolychev stated that Russia has no obligations to repay 1916 tsarist bonds amounting to $225.8 billion.

Jan 26, 2026

The bonds in question were issued in 1916 by the Russian Empire, with current claims reaching $225.8 billion.
Source:
Sergei Mikhaylichenko / Fontanka.ru

On January 21, in the corridors of the State Duma, Deputy Head of the Russian Ministry of Finance Vladimir Kolychev reported that the Russian Federation does not recognize debts on 1916 bonds issued by the Russian Empire. The information is reported by TASS.

«Even the Soviet Union did not believe it necessary to pay, and the Russian Federation even more so,» the news agency quoted Kolychev.

Commenting on the lawsuit by investment fund Noble Capital in a U.S. federal court, the deputy minister clarified that in all international proceedings, Russia«s interests are represented by the General Prosecutor»s Office. Kolychev admitted that he is not familiar with all the details of the case but confirmed: Russia will participate in the judicial proceedings if they begin.

Earlier last week, the Noble Capital RSD fund filed a lawsuit demanding that the Russian Federation pay $225.8 billion for securities issued in 1916.

Neither the Soviet Union nor modern Russia has ever assumed responsibility for these historical debts under current international law.