Why Russian Empire’s banking system was always doomed to failure?

Interesting piece on history of banking in a region which I know least about.

The first money lender in Russia was the Orthodox Church. It was followed by the state, which set up banks. However, the banks also existed to credit the state itself. The Russian Empire’s banking system was doomed to failure. Here is why it collapsed.
Most empires barring may be British got banking wrong and working only for themselves and the elites..

 

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