The Muscovy Company, chartered in 1555, was the first major English joint-stock company with a monopoly on trade between England and Russia until 1698. It originated from the Company of Merchant Adventurers to New Lands (1551), founded by figures like Richard Chancellor and Sir Hugh Willoughby, with an initial objective to discover the Northeast Passage to China.
History
Early Expeditions and Discoveries
First Expedition (1553): Led by Sir Hugh Willoughby, whose ships became trapped in ice, resulting in the death of his crew, likely from carbon monoxide poisoning. Richard Chancellor's vessel, the Edward Bonaventure, successfully reached the White Sea and then Moscow.
Chancellor's Success: Tsar Ivan IV invited Chancellor to Moscow, leading to a trade agreement that opened sea routes for England, bypassing the monopolized Baltic Sea. Chancellor returned to England in 1554 with an invitation for English traders.
Chartering and Diplomatic Role
Rechartering (1555): The company was rechartered as the Muscovy Company by Mary I, becoming a crucial diplomatic link.
Secured Privileges: During a second visit in 1555, Chancellor secured significant privileges, including free passage and immunity. His final voyage in 1556 ended in shipwreck and his death, though the first Russian ambassador, Osip Nepeya, survived.
Trade Expansion and Challenges
Anthony Jenkinson: Succeeded Chancellor and led overland journeys, notably an attempt to reach Cathay and establish trade routes to Persia (1562-1579). The Persian route was abandoned in 1573 but reinstated in 1741.
Imperial Relations: Ivan IV revoked company privileges in 1571 due to English demands but largely restored them in 1572. Tensions continued into the late 16th century.
Expansion: English whaling expanded, with a monopoly granted by Queen Elizabeth I in 1577 and a specific monopoly for Spitsbergen in 1613. Expeditions, including those by Henry Hudson, continued to search for the Northeast Passage.
Decline
Tsar Alexei I's Actions: In 1646, Tsar Alexei I revoked tax exemptions, and in 1648, expelled English merchants from most of Russia, citing their support for Parliamentarians during the English Civil War.
Loss of Monopoly: Despite Charles II's restoration leading to improved Anglo-Russian relations, an embassy failed to restore former benefits. The company lost its trade monopoly in 1698 due to political opposition, with Dutch merchants becoming dominant.
Later Years
Charitable Operations: After operating as a trading entity until the 1917 Russian Revolution, it has since functioned primarily as a charity.
Historical Sites: Its former headquarters, the Old English Yard in Moscow, remains an important historical landmark.
