The Problem of the Varna–Ruse Railway Sale (1878–1888): Economic, Political, and Diplomatic Dimensions

Bulgarian Historical Review, 54 (2026), No. 1, pp. 42-68
DOI: https://doi.org/10.71069/BHR1.26.MCG02

Mustafa Can Güripek

Dr. Res. Assoc. Mustafa Can Güripek - İstanbul University, Faculty of Economics, Economic History Departent, İstanbul, Türkiye; ORCID ID: 0000-0003-2231-7810, E-mail: m.guripek@istanbul.edu.tr

Abstract: This article examines the Varna–Ruse Railway in the period following Bulgarian autonomy, situating it within the broader financial and diplomatic transformations of the late nineteenth century. Under the Treaty of Berlin (1878), the rights held by the Ottoman Empire over the line were transferred to Bulgaria, together with the debts connected to its construction and operation. This transfer created a prolonged dispute between the Ottoman Empire, Bulgaria, and the Ruscuk and Varna Railway Company, which became one of the most visible symbols of the complex financial legacy of Ottoman rule in the Balkans. The company, facing financial losses and declining share values, sought to secure the backing of the British Foreign Office to strengthen its claims. With this support, it exerted continuous pressure on both Bulgaria and the Ottoman Empire: on Bulgaria to fulfill its obligations arising after autonomy, and on the Ottoman Empire to settle debts from the pre- autonomy period. Both states, however, attempted to postpone or avoid a decisive settlement, turning the matter into a long-running diplomatic and financial crisis. The article focuses on these crises, analyzing how the unresolved debts of the Varna–Ruse Railway not only strained relations between the parties but also revealed the intersection of finance, diplomacy, and state-building in the Balkans. It also briefly discusses whether the disputes surrounding the railway influenced the conditions of Bulgaria’s first foreign loan in the 1880s. The study is based on Ottoman and British archival documents.

Keywords: Varna–Ruse Railway, England, The Ruscuk and Varna Railway Company, Ottoman Empire, Treaty of Berlin.

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