However, following the introduction of the New Economic Policy, Narkomfin was made responsible for Gosbank,[1] the State Bank of the RSFSR and then the Soviet Union.

On 26 November 1921, Lenin issued a note calling for the appointment of Grigory Sokolnikov, who took control of the organisation in 1922, although his formal position was not ratified until December 1922.

After the failed August Coup of 1991, Boris Yeltsin and the RSFSR Ministry of Finance claimed authority over the Ministry of Finance of the USSR, the Gosbank, and Vnesheconombank.

These Soviet institutions could not carry out any orders without the consent of the RSFSR Ministry of Finance.

[3] The Ministry of Finance of the USSR continued functioning until the Ministry of Finance of the RSFSR issued a decree completing its takeover of the Soviet financial system.