Gold of Polubotok

Lore & Background

The legend states that in 1723, Hetman Pavlo Polubotok, suspecting his imminent arrest by Tsar Peter I, secretly deposited 200,000 gold rubles in the Bank of England at 7.5% annual interest. Variations mention one million gold rubles, a 2.5% rate, or the Bank of the British East India Company. Polubotok allegedly bequeathed eighty percent to a future independent Ukraine and the rest to his successors.

The story became widely known in 1907 when published by professor Alexander Rubets. In 1908, a group claiming to be Polubotok's descendants formed a commission that unsuccessfully visited London. The Russian Ministry of Foreign Affairs investigated but found no evidence. Historian Dmytro Yavornytsky considered it a hoax.

In 1922, a man claiming descent approached a Soviet embassy in Vienna; Ukrainian consul Yuri Kotsiubynsky inquired with a Bank of England representative, but the matter ended with the establishment of the Soviet Union. The KGB investigated in the 1960s, alleging Britain funded anti-Soviet activities. During the Soviet collapse, poet Volodymyr Tsybulko claimed the gold would yield 38 kg per Ukrainian citizen. A Ukrainian parliamentary committee visited London but found nothing. Tsybulko later admitted the story was propaganda.

Reader's Guide

The Gold of Polubotok legend has persisted for centuries despite a complete lack of evidence. It first gained wide attention in 1907 and has periodically resurfaced during moments of Ukrainian national aspiration, such as the collapse of the Soviet Union. The story's variations—different amounts, banks, and interest rates—highlight its folkloric nature. Official investigations by the Russian Empire, Soviet authorities, and independent Ukraine all failed to find any supporting documentation. The legend's endurance reflects its symbolic value as a narrative of a debt owed to Ukraine, used for propaganda and national morale. It has inspired cultural works, including a 1993 comedy film, and continues to appear in media, even as an April Fools' joke in 2016. The story remains a notable example of a historical myth that shapes national identity despite being unsubstantiated.

Did You Know?

• The story first became widely known in 1907 when published in the Russian journal New Time by professor Alexander Rubets.
• In 1990, poet Volodymyr Tsybulko claimed the compounded gold would amount to 38 kilograms for each citizen of independent Ukraine.
• The KGB investigated the legend in the 1960s, alleging Britain used the gold to fund anti-Soviet activities among Ukrainian Americans.
• A 1993 comedy film about the gold, 'Forward, for the Hetman's treasures!', was produced by Dovzhenko Film Studios.