Negrín signed 19 consecutive sell orders between February 19, 1937 and April 28, 1938, directed to the successive People's Commissioner of Finance: G.F. Grinko (until May 1937), V. Tchoula (until September 1937) and A. Zverev (until the end of the war). In them, the value of an ounce of gold troy was converted into pounds sterling, U.S dollars or French francs according to the exchange rate at the
London Stock Exchange. According to Martín Aceña, 415 tonnes of crude gold (374 tonnes of fine gold) were sold in 1937, then between January and April 1938 another 58 (52) were sold, and out of the remaining gold, 35 (31) tonnes were separated from the original deposit to constitute a second deposit that guaranteed a credit of 70 million U.S. dollars. Thus, by August 1938 a remaining 2 tonnes were still available. The Republic obtained from the selling of the gold a total of 469.8 million U.S. dollars, 131.6 of which remained within the USSR to pay for various purchases and expenses. The Soviets kept 2.1% of the funds in the form of commissions and brokerage, and kept an additional 1.2% in the form of transport, deposit, melting, and refining expenses: in total, slightly less than 3.3%, approximately 14.5 million U.S. dollars. The remaining 72%, 338.5 million U.S. dollars' worth, was transferred to the
Banque Commerciale pour L'Europe du Nord, or
Eurobank, in Paris, the Soviet financial organization in France, property of the
Gosbank, the national bank of the Soviet Union.
[81][82] From Paris, agents of the Treasury and diplomatic representatives paid for the purchase of matériel acquired in
Brussels,
Prague,
Warsaw, New York and Mexico, among others.
With the Spanish gold deposited in Moscow, the Soviets immediately demanded from the Republican government payment for the first deliveries of war supplies, which had apparently arrived as a gift to combat international
fascism.
[83] Stashevski demanded from Negrín US$51 million in accumulated debt and expenses for the transport of the gold from Cartagena to Moscow. On the Nationalist side, German and Italian aids also had to be compensated; however, the Germans and Italians allowed Franco to satisfy his debt once the war came to an end. Authors such as Francisco Olaya Morales,
[84] and Ángel Viñas
[85] criticized the actions and behaviour of the Soviets.
Historians that have had access to the "Negrín dossier" believe that the Soviets did not abuse their position nor did they defraud the Spanish in their financial transactions. Nevertheless, in the words of
María Ángeles Pons: "nothing did the Republicans obtain for free from their Russian friends", as all types of expenses and services had been charged to the Government of the Republic.
[86] However, authors such as
Gerald Howson believe in the existence of a Soviet fraud in the management of the deposit in Moscow, claiming that Stalin intentionally inflated the price of the matériel sold to the Republic by manipulating the exchange of Russian rubles to U.S. dollars and of U.S. dollars to Spanish pesetas, raising the international exchange rates up to 30% and 40%.
[87]