[4][5][6] After Bolshevik supporters organized by Leonid Krasin obtained BCEN-Eurobank in Paris as the first overseas Soviet bank,[7] he, as head of the Centrosoyuz mission, which was formed on 24 February 1920 and was an attempt by the Bolshevik's Council of People's Commissars to break through the trade and political blockade of Bolshevist Russia by Western countries, travelled to London, met with British authorities beginning on 31 May 1920, and established a "Soviet House" or "Russia House" at 49 Moorgate in London,[8] which was known as the All-Russian Cooperative Limited Liability Company "ARCOS" (Russian: ООО Всероссийское Кооперативное Общество, «АРКОС») and supported Bolshevik control of the Moscow Narodny Bank (London), which had formed in October 1919, through Centrosoyuz, as the next Soviet bank located overseas.

Original shareholding structure: Moscow Narodny Bank, Centrosoyuz, Central Association of Flax Growers, Selskosoyuz and Zakupsbyt.

The primary goal of the bank was financing of international trade of the Russian cooperative organizations with Britain and other countries.

The Soviets also owned a bank in Paris, called the Banque Commercial pour l'Europe du Nord.

Initially dubbed "Eurobank dollars" after the bank's telex address, they eventually became known as eurodollars.

[14] He stated that the Central Bank of England was very strong and prevented MNB from obtaining loans from Moscow to supporting local companies associated with the local Communist Party or KGB, however, MNB and, to a lesser extent, the Paris-based Eurobank secured access to international and European markets to support various Socialist banks and the MNB conducted export and import settlements of the Soviet Union with Europe and loans to many small companies.

[14] He also said that both Gosbank and the department of planning and financial bodies of the Central Committee of the CPSU supervised MNB.

[14] He said that MNB owned residences for its employees at Highgate West Hill, not far from the Soviet trade mission at 32-33, Highgate West Hill, London N6 6NL, UK, which Leonid Krasin obtained after ending the trade embargo against Bolshevik Russia on 16 January 1920, and the grave of Karl Marx.

Another factor was the re-organization in 1961 of the Foreign Trade Bank of the USSR — the second largest shareholder in MNB after Gosbank.

[17][18] In September 1964, The Guardian named Andrey Dubonosov one of the most popular men in the City of London.

[19] In 1965, the bank declared the possibility of exchanging transferable rubles for gold and freely convertible currencies.

The borrowings enabled it to support existing operations and provide the Foreign Trade Bank of the USSR with new loans as required.

The anti-Soviet campaign that unfolded in the USA, Britain and other Western countries, combined with difficulties experienced by some socialist countries in keeping up their external payments, led to a situation whereby many Western banks refused to enter into credit, deposit and in some cases even foreign exchange arrangements with Soviet banks, including Moscow Narodny.

No new medium-term loans were granted, either, with activities limited to short-term trade finance operations.

In August 1986, after the redemption of imperial bonds issued before 1917, MNB played a key role in provision of an opportunity for the Soviet Union to get direct international loans again.