England, looking for a way out of the crisis, was to return Russia as a buyer in the world market. The Genoese conference provided such an opportunity. British Prime Minister Lloyd George agreed to convene a conference where, along with Bulgaria, Germany, Hungary and Austria, Russian representatives were invited.
However, this decision provoked sharp protests in the reactionary circles of France. The hostile attitude towards the new, Soviet, Russia, and the fear of the restoration of Germany also affected. Briard’s office was forced to fall. Poincre got the post of prime minister. Unable to openly oppose the planned conference (consent was already given), he decided to delay the date, looking for the possibility of a final breakdown of the congress.
A memorandum was sent to London stating that France could participate only if Russia accepted all the conditions of the Cannes resolution and excluded changes to treaties with Germany and the rest of the defeated countries. Russia had to recognize all previous debts, establish benefits for incoming foreigners and allow foreign capitalists to conduct free activities on its territory. Actually, it was a question of introducing a surrender regime in Russia (the "desert created by the Soviets").
The diplomatic maneuver was successful. The reactionary circles of England, who feared independent negotiations between Russia and France, agreed. The decision was influenced by the desire to resolve the situation in the Middle East as soon as possible: the Greeks, supported by England, were clearly defeated.
The conference in Boulogne, held on 02.25.1922, finally determined: the Genoese conference is being postponed. In the meantime, a meeting of experts is convening in London to discuss technical, economic and political issues. This was the beginning of the creation of a united front of England and France against the Soviets.
But French diplomacy did not want to dwell on the concessions to England. Her next goal was to create an anti-Soviet front in the Baltic countries. And on March 17, another agreement is signed between Estonia, Latvia, Poland and Finland. Its essence consisted in obligations not to conclude agreements that could be directed against one of the signatory countries, and in notifying the allies about the conclusion of agreements with other states (up to providing the text of these agreements). Of course, it was again about Russia.
But France was not enough. How could the Genoese conference take place before the Little Entente would join the anti-Soviet bloc?
Another preliminary meeting is scheduled in Belgrade, after which the Minister of Czechoslovakia, Benisch, first visits Paris, and then London, announcing the recognition of Poincre’s proposal, according to which the Genoa conference does not discuss reparation and peace treaties, and also excludes the recognition of the Soviet government. However, Belgrade supports the desire of Lloyd George to restore trade relations with Russia, recommending to refrain from aggressive attacks. As a result of long discussions, agreement was reached.
The Genoese Conference was finally scheduled for April 10 and lasted until May 19 in the presence of representatives of 29 countries: the Union of South Africa, New Zealand, India, Austria, Canada, Estonia, Japan, Switzerland, Sweden, Czechoslovakia, Finland, France, the Kingdom of Slovenes, Croats and Serbs, Romania, Portugal, Poland, the Netherlands, Luxembourg, Norway, Poland, Latvia, Lithuania, Italy, Iceland, Spain, Greece, Germany, Denmark, Hungary, Albania, Bulgaria, the UK, Austria and the RSFSR (led by Lenin with deputy chi Yerin). The USA refused to participate.
But the Genoa conference did not go exactly as expected "on the other side" of the diplomatic front. The Soviet side said that it recognizes economic cooperation, but will not change the principles of communism. Russia took note of and in principle recognized the Cannes Resolution, but wishes to reserve the right to amend in exchange for the provision of the richest concessions to foreign capitalists, while pointing out the impossibility of restoring the economy in the face of the hanging threat of war. An unforeseen disarmament proposal from the Soviet side caused confusion.
Bartu openly disagreed. Other representatives, seemingly endorsing the idea itself, were afraid to speak openly. France was isolated.
Long disputes and a rather precarious situation made the German delegation hesitate. Fearing the possibility of an agreement between Russia and the Entente, Germany decided to sign the Rappals Treaty, which tore the ring of economic blockade around Russia. The Entente reacted with such violent discontent that the German delegation began to beg Russia to return the signed agreement, but, of course, was refused.
Moreover, the Soviets received a statement on the recognition of pre-war debts in exchange for the cancellation of military debts (and interest) and the provision of financial assistance to Russia.
During discussions of Soviet proposals, a behind-the-scenes struggle is unfolding between the warring oil monopolies - the American and the Anglo-Dutch, which results in a memorandum demanding the end of anti-capitalist propaganda by Russia (nothing was said about anti-Soviet propaganda); maintaining neutrality in the Greek-Turkish conflict; recognition of all but military debts; Compensation for damages after confiscation.
Belgium and France considered the terms of the memorandum unacceptably soft and refused to sign.
The Soviet side responded to the memorandum only a few days later, saying that a unilateral rejection of propaganda did not suit her. In addition, Russia recalled its proposal to invite a representative of Turkey to the conference, which could affect the situation in Asia. As for debts and restitution, here the Russian side remained standing on its own. Moreover, a proposal was made to establish a mixed commission to resolve disputed issues.
The Genoese Conference of 1922 was close to collapse due to the intransigence of the Entente. Fearing accusations of disrupting the conference, Lloyd George grabbed hold of the last paragraph of the Soviet memorandum and proposed the appointment of a commission that would consider the differences that had arisen. The approximate time for the collection of two commissions (from the Russian and non-Russian) was set in June 1922. Until that time, it was proposed to refrain from all aggressive attacks and acts. At the adoption of this decision, the Genoese conference ended.