Russia
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Russia’s war economy
18 August 2023 - by Michael Roberts
The currency has been steadily losing value since the beginning of the year and has now slid past RUB100/$. That’s down 26%. The main cause of this decline is the fall in oil export revenues and the rising cost of military spending to prosecute (...) -
Real Peace in Ukraine Means Ending Russian Invasion and US-EU Neocolonial Debt
1 July 2023 - by Blanca Missé
CADTM is very happy to republish the article Real Peace in Ukraine Means Ending Russian Invasion and US-EU Neocolonial Debt, organised by Haymarket Books, Yuliya Yurchenko, author of Ukraine and the Empire of Capital (2018), explained the (...) -
Macron and Putin fight the same battle… against environmentalists!
27 June 2023 - by Yorgos Mitralias
The coincidence is terribly eloquent: On the same day, Wednesday June 21, 2023, almost at the same time, Macron and Putin declared war on all those who take the protection of nature, humanity and our planet seriously! Macron and his government (...) -
Russia-Ukraine: one year of war – the economics
26 February 2023 - by Michael Roberts
It’s just a year since the Russian invasion of Ukraine. I am not going to discuss the politics of this war in this post. There are plenty of sources for debate on this. Instead, I want to look at the economic consequences of the war for both (...) -
Russia under Putin
17 August 2022 - by Michael Roberts
[In my last post->https://thenextrecession.wordpress.com/2022/08/13/ukraine-the-invasion-of-capital, I described how Western capital is planning to take over and control Ukraine’s resources and exploit its labour force to the maximum in order to (...) -
The G7 prepares a divide-and-conquer trap, as BRICS countries spall, fall and try to reconstitute
24 June 2022 - by Patrick Bond
On Friday June 24, a hasty one-day virtual summit of the Brazil-Russia-India-China-South Africa will occur, hosted by Xi Jinping. The date is important because on Monday June 26, two of the three intrinsically pro-Western leaders from the bloc – (...) -
The challenges of the odious debt doctrine in Ukraine
3 April 2022 - by Mats Lucia Bayer
While the Russian invasion of Ukraine continues, the latter contains to languish in a deep debt trap. This has serious consequences for the Ukrainian working people, attacked continuously - socially, politically and economically. We reproduce (...) -
Ukraine-Russia: like an earthquake
21 March 2022 - by Michael Roberts
“The war in Ukraine is like a powerful earthquake that will have ripple effects throughout the global economy, especially in poor countries”. That’s how IMF chief Kristalina Georgieva described the impact of the war on the world economy. Nobody (...) -
Russia: Origin and consequences of the debt repudiation of February 10, 1918
8 February 2022 - by Eric Toussaint
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 (...) -
International appeal for the immediate release of all political prisoners in Russia
17 February 2021 - by CADTM, Eric Toussaint, Collective, Tariq Ali, Dianne Feeley , Miguel Urbán Crespo, Gilbert Achcar, Fatima Zahra El Beghiti, Myriam Bregman, Noam Chomsky, Fernanda Melchionna, Suzi Weissman
This urgent appeal was written in collaboration with activists and intellectuals living in Russia. At the end of January 2021, a wave of mass protests swept through all of Russia’s major cities. The occasion for these protests was the arrest of (...) -
With its controversial pension reforms, Russia is looking after its rich
17 December 2018 - by Karine Clément
Prime Minister Dmitry Medvedev announced a drastic reform of Russia’s pension system this June, just as the World Cup began: the retirement age would be increased from 55 to 63 for women and from 60 to 65 for men. Although President Vladimir (...) -
Imperialism and Dependency: Similarities and Differences with the Marini era
8 May 2018 - by Claudio Katz, Richard Fidler
The main theorist of dependency anticipated trends of neoliberal globalization. He analyzed productive globalization, the centrality of exploitation and the relative weight of surplus value transfers. But the employment crisis exceeds what was (...) -
10 February 1918 – 10 February 2018
Russian debt repudiation, 100 years on
12 February 2018 - by Eric Toussaint, Nathan Legrand
On 10 February 2018, we celebrate the centenary of the repudiation of illegitimate debts by the soviets on 10 February 1918. 2017 marked the centenary of the Russian revolution, the first revolution in history to overthrow capitalism with an (...) -
Part 12: Centenary of the Russian Revolution and the Repudiation of Debt
Reasserting debt repudiation ends with success
20 September 2017 - by Eric Toussaint
Before the Genoa conference, Soviet Russia had managed to sign bilateral treaties with Poland, the Baltic Republics, Turkey and Persia. More importantly, it had managed to sign a trade agreement with the UK. Signed in 1921, this agreement had (...) -
Part 11: Series: Centenary of the Russian Revolution and the Repudiation of Debt
Debt— Lloyd George blames the Soviets
11 September 2017 - by Eric Toussaint
In the final plenary conference, Lloyd George, the British Prime Minister, made a revealing reply: "There is a real sympathy for Russia’s condition. If Russia is to get help, Russia must not outrage the sentiments — if they like, let them call (...) -
Series: Centenary of the Russian Revolution and the Repudiation of Debt
Genoa (1922): proposals and, counter-proposals on the Tsarist debt
4 September 2017 - by Eric Toussaint
On 20 April 1922, Chicherin announced the Soviet response to the Western powers’ proposals of 15 April. It indicated that: “The Russian delegation are still of the opinion that the present economic condition of Russia and the circumstances which (...) -
Part 9 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
The Soviet counter-attack: the Treaty of Rapallo, 1922
28 August 2017 - by Eric Toussaint
The London report presented in the previous chapter was such a deliberate provocation on the part of Western powers that the Soviet delegation immediately got in touch with the German delegation, which Paris and London had somehow prevented from (...) -
Part 8 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
In 1922 creditor powers again attempt to subjugate the Soviets
22 August 2017 - by Eric Toussaint
Western governments presented a full list of demands aimed at solving in their favour the litigation over debt repudiation and expropriations decreed by the Soviet government. Those demands were presented in Genoa on 15 April 1922, five days (...) -
Part 7 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
Diplomatic manoeuvers around Russian debt repudiation
14 August 2017 - by Eric Toussaint
For five weeks in April and May 1922, a summit conference was held. Britain’s prime minister, Lloyd George, played a central role in it, as did Louis Barthou, the minister of the French president Raymond Poincaré. The main aim of the meeting was (...) -
Part 6 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
Russian bonds never die
9 August 2017 - by Eric Toussaint
Even though Russian bonds were repudiated by the Soviet government in February 1918, they were still traded right up until the 1990s. French government policy and that of other governments was directly related to this life after death. How (...) -
Part 5 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
The French press in the pay of the Tsar
4 August 2017 - by Eric Toussaint, Nathan Legrand
With the overthrow of Tsarism in February 1917 and the seizing of power by the Bolsheviks and their Socialist Revolutionary allies in October, numerous previously confidential documents were made public (see further on). This allowed Boris (...) -
Part 4 of the series: Centenary of the Russian Revolution and the Repudiation of Debt
The Russian Revolution, Peoples’ Right to Self-determination, and Debt Repudiation
25 July 2017 - by Eric Toussaint
The Versailles Treaty was eventually signed on 28 June 1919 without Soviet Russia being involved. Even so, this treaty cancelled the Treaty of Brest-Litovsk. Under Article 116 of the Versailles Treaty, Russia could claim compensation from (...) -
Part 3 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
The Russian Revolution, Debt Repudiation, War and Peace
12 July 2017 - by Eric Toussaint
In early January 1918, the Soviet government suspended payment on foreign debt, and in early February 1918 it decreed that all Tsarist debts were repudiated as were those contracted to continue the war by the provisional government between (...) -
Part 2 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
From Tsarist Russia to the 1917 revolution and the repudiation of debt
7 July 2017 - by Eric Toussaint
The Napoleonic wars ended with Russia emerging as a great European power and participating in the Holy Alliance of three European monarchies, founded on September 26, 1815 in Paris, at the behest of Tsar Alexander I. The Alliance had won over (...) -
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
5 July 2017 - by Eric Toussaint
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 (...)
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