25 Roubles Grozny - Volga-Kama Commercial Bank

The Volga-Kama Commercial Bank was one of Russia's major joint-stock banks before the Revolution — headquartered in Petrograd, with branches across the empire. By 1918, the branch network had effectively fragmented, with individual offices issuing their own emergency scrip as the Bolshevik nationalization of banking dissolved any central authority. The Grozny branch's decision to print locally reflected the near-total breakdown of cash supply in the North Caucasus during that period, not any independent monetary ambition.

Grozny at this moment was caught between competing White, Bolshevik, and Terek Cossack forces. Notes like this rarely survived long in circulation before being repudiated by whichever authority next controlled the city.