From the early 19th Century right up to the First World War, the Tsarist Russian government relied heavily on foreign investment principally from Europe and America to fund their industrialisation. In 1913, for example, foreign investors held 49.7% of Russian government debt and owned nearly 100% of all petroleum fields, 90% of mines, 50% of chemicals and 40% of metallurgical industries. This amounted to the largest foreign in the world at the time. France was the major lender to Russia and French investors financed the creation of iron and steel industries and mining operations. In 1914, 80% of the Russian government debt was held in France and 14% in Great Britain… Devastated by losses during the First World War, Bolshevik revolutionaries overthrew the government on October 24, 1917. A year later, the Soviet government repudiated all bonds issued by the Tsarist regime and declared that all debts contracted by the Russian Empire were cancelled.^[1] 

Finding their bonds now worthless, some people used them as wall paper, others just burnt them or threw them away. Virtually everyone had given up seeing their money again. With the collapse of the Soviet Union, however, Mikail Gobachov came to power and promised to honour any bonds that could be found. Newspaper adverts appeared. People were asked to search their lofts and deposit boxes. Those who had kept faith in the Soviet bonds were finally rewarded.

Romans 9-11 is a little like that. Paul is answering an important question. What about God’s promises to the Jews? Has God gone back on His word? Were they just paper promises? “No,” says Paul, “At the right time God will pay out on his covenant promises made to Abraham, Isaac, Jacob, Joseph and David.” As we read these chapters, we discover God has not forgotten them.

As we observed last week, John Stott, helpfully summarises the message of Romans 9-11 in this way:

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