From September 1936 to February 1939, the Soviet Union supplied vast quantities of potentially war winning material to the Republican government in Spain. Generally, the aircraft supplied were on a par with those supplied to the Nationalist forces. The majority of the armoured fighting vehicles supplied were T-26 tanks, which were far superior to the PZIs supplied to the Nationalists by Germany.

Tanks, aircraft, guns and ammunition are not cheap however, and the Soviet aide was not a goodwill gesture from Stalin. In October 1936, the bulk of the Spanish gold reserves were transported to the Soviet Union. The deposit was about 500 tons. By 1939, the aide supplied to the Republicans had accounted for all of the Spanish gold, and final shipments to Spain were supplied on credit.

Based on the figure of 500 tons of gold, I have estimated the cost of Soviet aide, at September 2001 prices*. to be £354,150,742.

As an additional point of interest, it has been estimated that the Soviets overcharged the Republicans for materials supplied between October 1936 and August 1938 by a staggering 30% (Arms for Spain, Gerald Howson).

A 30% overcharge against the total reserve of 500 tons, at September 2001 prices, amounts to £81,727,094-worth of Spanish gold.

The "Gold to Moscow" provided the Soviets with a cheap source of gold indeed.

(* London Bullion Market, morning price 26/9/2001: £197.628/Troy oz.)