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In order to financially assist Communist Parties, anti-imperialism, and pro national liberation movements worldwide, these banks acted as subsidiaries or "daughters" to the "mother" bank or Gosbank, which was the central bank of Russian Soviet Federative Socialist Republic (Russia) from 1921 to 1922 and the Soviet Union from 1923 to 1991.
The State Bank of the USSR (Russian: Государственный банк СССР, romanized: Gosudarstvennyy bank SSSR), from 1921 to 1923 State Bank of the RSFSR and commonly referred to as Gosbank (Russian: Госбанк), was the central bank and main component of the single-tier banking system of the Soviet Union from 1922 to 1991.
A soviet passbook with the words "savings booklet" in the USSR's 15 official languages. The system of State Labor Savings Banks of the USSR (Russian: Государственные трудовые сберегательные кассы СССР, shorthand Gostrudsberkassy) was the main retail bank of the Soviet Union, which in some respects perpetuated the prior operations of savings banks ...
With a new statute that enabled the bank to safeguard the state's currency monopoly, the bank began to play an increasingly prominent role in transactions with foreign partners. In the mid-1960s, the focus was on Western European loans for the development of the automotive industry in the Volga region, in cooperation with Italy's Fiat Group.
The Soviet Union used the bank to manage Spain's gold reserves during the Spanish Civil War. [5] After the fall of the Soviet Union, many persons involved with BCEN-Eurobank became leaders in Russian economy, banking, and finance. [6] The 1993 established Moscow bank "Evrofinance" was a subsidiary of Eurobank. [7]
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In 1925, the Soviet Union occupied the island of Urtatagai, which was considered Afghan territory at the time, due to the island being used as a base to start border raids by the Basmachi movement. In 1926 the Soviet Union withdrew from the island after the Kingdom of Afghanistan agreed to restrain the Basmachi. [37]