Features

30 December 1922: the Soviet Union is born

On this day in 1922, delegates from Russia, Ukraine, Belarus and the Transcaucus agreed to the formation of the Soviet Union.

14-12-24-USSR-634

The overthrow of the Russian Empire in 1917 brought with it years of chaos. Independent nation states sprung up along the fringes of the old empire, while the newly created socialist republics of Belarus, Ukraine and the Transcaucus clung on to their ties with Moscow.

No sooner had the Tsar been deposed than a bloody civil war broke out. Foreign armies camped on Russian soil, and to add to the country's misery, the fledgling government in Moscow was at war with Poland from 1919.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

War communism' an unpopular economic policy designed to keep the army and factory workers fed was enacted. This required farmers to surrender any crop surpluses to the state. But with peace came the New Economic Policy', and a limited return to capitalism.

A period of relative prosperity and stability followed. The "commissar for nationality affairs", one Joseph Stalin, turned his thoughts to unifying the republics.

Advertisement
Advertisement - Article continues below

In late 1922, Stalin convened a joint session of the Congress ofthe Soviets in Moscow. Representatives from Ukraine, Belarus and the Transcaucus agreed to harmonise the judiciary, state funding and most importantly, establish a common Soviet citizenship.

By the end of December, the Treaty on the Creation of the USSR and the Declaration of the Creation of the USSR had been approved by the delegates of all four republics. The Soviet Union was born.

Provision was made for other republics to join later, which they did, and the treaty remained in force right up until the break-up of the Soviet Union in 1991.

Advertisement

Recommended

Visit/519858/how-long-can-the-good-times-roll
Economy

How long can the good times roll?

Despite all the doom and gloom that has dominated our headlines for most of 2019, Britain and most of the rest of the developing world is currently en…
19 Dec 2019
Visit/520598/money-minute-thursday-16-january-a-batch-of-company-results
Economy

Money Minute Thursday 16 January: a batch of company results

Today's Money Minute looks ahead to results from a host of UK companies, plus the latest unemployment figures from the US.
15 Jan 2020
Visit/520584/weak-inflation-data-may-gives-the-bank-of-england-an-excuse-to-cut-rates
Economy

Weak inflation data may gives the Bank of England an excuse to cut rates

UK inflation is edging lower, and is now well below the Bank of England’s 2% target rate. That could mean even lower interest rates. Here's why. 
15 Jan 2020
Visit/520553/money-minute-wednesday-15-january
Economy

Money Minute Wednesday 15 January: UK inflation and house prices

In today’s Money Minute, we look ahead to the latest UK inflation and house price figures, plus we have Germany’s GDP data for 2019.
15 Jan 2020

Most Popular

Visit/520525/currency-corner-how-high-can-the-pound-go-against-the-euro-in-2020
Currencies

Currency Corner: how high can the pound go against the euro in 2020?

In the month in which we should finally leave the European Union, Dominic Frisby takes a look at the pound vs the euro and asks just how high sterling…
13 Jan 2020
Visit/520575/20-predictions-for-the-2020s
Investments

Where will markets be in 2030? Here are 20 forecasts for the 2020s

A lot has changed in the last ten years – stockmarkets soared, technology transformed our lives and politics has changed beyond measure. Here, Dominic…
14 Jan 2020
Visit/520338/how-much-the-state-pension-will-rise-by-this-year
Personal finance

How much the state pension will rise by this year

While Boris Johnson promised to hold a full budget within 100 days of his election victory, many of the details of next year’s state pension increases…
10 Jan 2020
Visit/520553/money-minute-wednesday-15-january
Economy

Money Minute Wednesday 15 January: UK inflation and house prices

In today’s Money Minute, we look ahead to the latest UK inflation and house price figures, plus we have Germany’s GDP data for 2019.
15 Jan 2020