HC Deb 05 December 1950 vol 482 c36W
55. Mr. Odey

asked the Chancellor of the Exchequer what is the amount of debt owing to us from the Union of Soviet Socialist Republics which was outstanding after the First World War; what interest this debt carries; and what steps have been taken to secure repayment.

Mr. Gaitskell

The amount owing by Russia in respect of advances made during the 1914–18 war was £568 million on 31st March, 1920. The Treasury Bills held against this debt carried interest at 5 per cent. Debts were owing to His Majesty's Government on other accounts at the end of that war of about £120 million. The Soviet Union Government denies responsibility for these pre-revolution debts. The question was raised with them on several occasions in the inter-war period, the last occasion being in 1934, but no settlement has ever been reached.