The issue of whatever happened to the immense fortune of Tsar Nicholas II is explored by William Clarke in his book, The Lost Fortune of the Tsars. Clarke’s general explanation is that after Nicholas abdicated in 1917, much of the “tsarist monies” became state property. 
But what if, despite what has been told, Tsar Nicholas II did not abdicate? The history books tell us that Tsar Nicholas II abdicated on March 15, 1917 (the Ides of March). In Russia, the revolution newspapers had reported the abdication. Yet in Tobolsk, while the Russian royal family was imprisoned at the Governor’s Mansion, Tsar Nicholas II told his daughter Olga, along with Evgeni Kobylinski, commander of the guard, Vasili Pankratov, a former political prisoner and convert to Socialism, and a Dr. Friderenski that he had never abdicated. (Background: Tsar: “I Never Abdicated”, Ersjdamoo’s Blog, October 22, 2014.)
If the Tsar did not abdicate, then much of author William Clarke’s argument is undermined. If the Tsar did not abdicate, then the tsarist monies did not revert back to the Russian government.
Clarke meticulously examines tsarist deposits in banks in Germany, England, and the United States. But slipping past Clarke’s radar is the possibility that Tsar Nicholas II might have entrusted the Vatican with valuable property.
In 2012, a purported autobiography by Grand Duchess Olga Nikolaevna of Russia was posthumously published, in Spain, under the title Estoy Viva (I Am Alive). Marie Stravlo, author of the Introduction and Epilogue to Estoy Viva, claims in one of her footnotes scattered throughout the book that Tsar Nicholas II had deposited funds with the Vatican in 1906, after rumblings of revolution had begun to increase in Russia. 
Grand Duchess Olga Nikolaevna, after she had apparently emerged from the seeming disappearance of the Russian imperial family at Ekaterinburg in July 1918, was concealed under the name Marga Boodts. In her purported autobiography, Grand Duchess Olga reveals how, in Ekaterinburg, the Tsar had given to her a document which she sewed inside some linen and hid in her shoe. In a footnote, Marie Stravlo explains the document was the torn half of a “spiritual testimony” written by Nicholas, part of necessary proof to be shown to the Vatican (which had the other half of the torn document) in exchange for millions of dollars worth of jewels and other valuables. The existence of this treasure, claims Stravlo, is one of the reasons the Vatican hoped to prevent publication of the purported Olga Nikolaevna autobiography. 
In her Epilogue to Estoy Viva, Marie Stravlo offers further details which hint at the Vatican knowing quite a lot about what really happened to the disappeared Russian imperial family. For example, Pope Benedict XV (reigned 1914 – 1922) is said to have played a crucial role in the rescue of some or all of the Romanovs. Also knowledgeable about the Marga Boodts affair and alleged Romanov wealth held in trust by the Vatican were persons such as Pope Pius XII, Cardinal Giovanni Battista Montini (later Pope Paul VI), Monsignor Giovanni Batista Roncalli (nephew of Pope John XXIII), and Mother Pascalina Lehnert, who served as Pope Pius XII’s housekeeper and secretary from his period as Apostolic Nuncio to Bavaria in 1917 until his death as pope in 1958. 
In 1934, according to Stravlo, Marga Boodts/Olga Nikolaevna was granted a private audience with Pope Pius XI (reigned 1922 – 1939). Pius XI acknowledged his awareness of who Marga really was and of the valuables on deposit. Pius XI asked Marga/Olga if she would like to take possession of the valuables. She told the Pope, “No, not at this time.” 
In 1942, after the death of Kaiser Wilhelm II in 1941, his lawyer sent gold and jewels to Marga/Olga from Holland via one of the Vatican’s diplomatic couriers. Involved in this benevolence from the Kaiser, who had secretly supported Marga’s claim, was a Monsignor Filippo Giobbe, according to Stravlo. This last gift from the Kaiser was safely received by Marga/Olga. 
In 1952, Marga/Olga again contacted the Vatican. Now she wanted to claim the valuables deposited by the Tsar. (Michal Goleniewski, who claimed to be the surviving Tsarevich Alexei, son of Nicholas, said that his father had died in 1952.) Marga/Olga met twice with Pope Pius XII: October 1953, and November 17, 1953. The alleged Grand Duchess Olga showed her secret identity documents, including the half-sheet of the Tsar’s “spiritual testimony”. Marga/Olga also spoke three secret words which helped identify her. 
In the time of the Ekaterinburg imprisonment, there were a few men in Europe and America, as well as in India and Tibet, who were slowly converging in the direction of the victims with a phrase upon their lips that none but royalty and themselves were privileged to use. It was that ancient secret code transmitted by tradition to the followers of a sturdy Tyrian king. It was made use of by Lycurgus, as well as by Solomon and Justinian; and it was again employed by the partisans of Louis XVIII to save the House of Bourbon. It is that mystic code which binds royalty together and is given only to those whom royalty may trust. That ancient code meant freedom to the Romanovs if it reached the prisoners in time. 
Marga/Olga spoke the three secret words to Pope Pius XII. Pius XII assured her that as soon as possible all would be in order and she would receive the inheritance. Mother Pascalini Lehnert later testified to the authenticity of these papal audiences. According to Mother Lehnert, Pius XII had met in 1953 with not only Olga Nikolaevna, but with her sister, Marie Nikolaevna as well! “Were those two really the daughters of Tsar Nicholas II?” Mother Lehnert asked the Pope. “Yes,” Pius XII replied, “but it has to remain secret.” 
Pius XII, between 1953 and his death in 1958, apparently stalled giving back the Tsar’s valuables to Marga/Olga. This seems to have been due to a disagreement with the Vatican’s Secretary of State. Pius XII, however, according to Stravlo, did set up a special fund from which Marga/Olga received sums of money. 
According to Stravlo, the Grand Duke of Oldenburg, a relative of Olga Nikolaevna, in 1962 wrote to Cardinal Giovanni Battista Montini, soon to become Pope Paul VI, protesting the manner in which Marga/Olga’s inheritance had been delayed and urging a hastening of the process so that she could at last receive the valuables. It was then, according to Stravlo, that the Vatican suddenly claimed it could find no record of any deposit. 
——- Sources ——-
 The Lost Fortune of the Tsars, by William Clarke. New York: St. Martin’s Griffin, 1994.
 Estoy Viva, by Olga Nicolaievna. Madrid: Ediciones Martínez Roca, 2012. Translation by Ersjdamoo.
 Rescuing the Czar, by James P. Smythe. San Francisco: Privately published, 1920