§ 55. Mr. Odeyasked 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. GaitskellThe 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.