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Description area

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This 1906 long‐term (50 years) sovereign debt was created by the Tsar without the consent of the Duma, and was launched in the face of protests, and so carried a higher risk of repudiation than other Russian bonds, and therefore a higher rate of interest. In the event, the Soviet Central Executive Committee adopted a decree on 21 Jan. 1918, cancelling the coupons and dividends payments of all bonds issued before 25 October 1917.

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