Abstract: The financial structure of the Russian Empire during the Crimean War is examined. The purpose of this article was to study the impact of wartime emergency expenditures on monetary circulation. In this context, special attention is paid to the problems of external and internal fluctuations in the value of the Russian currency and private speculation caused by the war, as well as financial management measures taken to solve existing difficulties. It is concluded that the monetary system, despite serious shocks, withstood the stress of wartime. © Pleiades Publishing, Ltd. 2023. ISSN 1019-3316, Herald of the Russian Academy of Sciences, 2023, Vol. 93, Suppl. 3, pp. S292–S302. Pleiades Publishing, Ltd., 2023.