On May 5, 1921, the Reparations Commission established the London Payments Code and a final reparation sum of 132 billion gold marks to be demanded by all the Central Powers. It was the public assessment of what the Central Powers could pay together, and it was also a compromise between belgian, British and French demands and assessments. In addition, the Commission acknowledged that the Central Powers could not pay little and that the burden would fall on Germany. As a result, the sum was divided into different categories, of which Germany had to pay only 50 billion gold marks (US$12.5 billion); This was the Commission`s true assessment of what Germany could pay and allowed the Allied Powers to save the public`s face by presenting a higher number. In addition, payments between 1919 and 1921 were taken into account, which reduced the sum to 41 billion gold marks.   I leave Paris after eight fateful months with contradictory emotions. Looking back at the conference, there is much to approve and yet much to regret. It`s easy to say what should have been done, but harder to have found a way to do it. I would like to confess to those who say that the Treaty is bad and should never have been concluded and that it will put Europe in infinite difficulties in its implementation. But I would also say in response that empires cannot be broken and that new states can be elevated to their ruins without disruption. Creating new frontiers means creating new problems.
One follows the other. Lord Robert Cecil said many in the Foreign Office were disappointed with the treaty.  The treaty received broad public support. Bernadotte Schmitt wrote that „the average Englishman. thought that Germany had only got what it deserved“ as a result of the treaty.  However, public opinion changed as German complaints increased.  After the Central Powers launched Operation Faustschlag on the Eastern Front, the new Soviet government of Russia signed the Treaty of Brest-Litovsk with Germany on March 3, 1918.  This treaty ended the war between Russia and the Central Powers, annexing 1,300,000 square miles (3,400,000 km2) of territory and 62 million people.  This loss corresponded to one third of the Russian population, a quarter of its territory, about a third of the country`s arable land, three quarters of its coal and iron, a third of its factories (a total of 54% of the country`s industrial capacity) and a quarter of its railways.   On April 29, the German delegation, led by Foreign Minister Ulrich Graf von Brockdorff-Rantzau, arrived in Versailles.