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Seven Volos: Russia Repeats the Mistakes of the First World War
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Petrograd was critically in need of foreign loans to purchase weapons, machine tools and maintain the ruble exchange rate. The main financial donors were to be allies in the Entente — Great Britain and France. However, the British and French refused to give loans under the “honest word”. They needed real security. In 1914—1916, Russia was forced to physically export much of its gold reserve to Great Britain (via Arkhangelsk by ships) as collater…
·Kyiv, Ukraine
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