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Facebook posts – Putin did not nationalize Russian central bank, and Rothchilds never controlled Russia

Facebook posts – Putin did not nationalize Russian central bank, and Rothchilds never controlled Russia

Russia’s ongoing attack on Ukraine has given new life to a false claim first shared on social media in 2018.

The Facebook post from March 14, 2018, shows a portrait of Russian President Vladimir Putin seated in a chair, along with a caption that reads, “Just in case you’re wondering why they hate him.” Text in the image credits Putin with a few things, including that he “ended the Rothschild’s control over Russia by nationalizing the Russian centralized bank.”

The post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.)

Contrary to the claim, Putin was not responsible for the nationalization of the Russian centralized bank, which took place in 1917, according to the Bank of Russia.

And evidence does not support the claim that the Rothschild family or its companies ever had control over Russia. The family’s banking business has had an office in Russia since the 1990s — though it recently suspended operations — but it has no oversight over the country’s currency or monetary policies, which are controlled by the Bank of Russia.

The Rothschild family has long been the target of conspiracy theories, and their wealth is believed to have inspired the anti-Semitic trope that Jewish people “control” the world’s money.

The entity now known as the Bank of Russia was founded in 1860, and in 1917, “after a decree was adopted … about the nationalization of banks, a state monopoly on banking was announced,” according to the bank’s website. The bank is the sole issuer of currency in Russia and sets the country’s monetary policies.

Beginning in the 1800s, the Rothschild family operated banks in five European cities. But the family no longer has the same kind of global power it did in the 18th and 19th centuries, PolitiFact reported in 2019.

“With no monolithic house, the Rothschild name has connections to a number of independent business ventures (that) have investments in mining, energy, farming, real estate and winemaking,” according to PolitiFact.

One of the banks that retains the family name — previously known as Rothschild Group but now called Rothschild & Co. — had been operating in Russia since 1994, according to a 2016 Reuters article. But the company has now suspended its activities in the country, Bloomberg reported in March.

Our ruling

A Facebook post says Putin “ended the Rothschild’s control over Russia by nationalizing the Russian centralized bank.”

Putin did not nationalize the Russian centralized bank; that occurred in 1917.

Evidence does not support the claim that the Rothschild family had control over Russia. The family’s banking business has had an office in Russia since the 1990s — though it recently suspended operations — but it has no oversight over the country’s currency or monetary policies, which are controlled by the Bank of Russia.

We rate this claim False. 

Source: Culled From PolitiFact.

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