5. 1904-1905 Russo-Japanese War

The February 1904 through September 1905 Russo-Japanese War placed significant financial strain on both countries. Russia financed its war debt with a five year $150 million 1904 bond. These bonds were redeemed on May 14, 1909, paid with the greater part of the proceeds from Russia's January 22, 1909, 4 1/2% bond.

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