Even after conceding the Great Reforms, Russia’s rulers continued to feel increasing fiscal limits to their international aspirations. The Crimean War had clobbered state finances, but the revenge victory in the Russo-Ottoman War (1877–78) cost Russia still more treasure. Between 1858 and 1880, Russia’s budget deficit soared from 1.7 to 4.6 billion rubles, which required huge foreign borrowing—from Russia’s geopolitical rivals, the European great powers.
