Law Commons^™

Conflict Of Laws-Damages-Obligation Payable In Russian Rubles

Michigan Law Review

In an action in New York to establish a claim against a Russian insurance company on a policy payable in rubles in Russia, the following history of Russian money appeared. Before the revolution, the gold ruble of the Empire had been supplanted by a paper currency of depreciated value. The Soviets, at the beginning of their regime, instituted a paper currency which had also greatly decreased in value. At the time the policy became due, this latter currency was still circulating, and in addition, a gold coinage with notes redeemable in gold had been established. From time to time the …