 In December, Sovnarkom established a Supreme Council of the National Economy (VSNKh), which had authority over industry, banking, agriculture, and trade.The factory committees were subordinate to the trade unions, which were subordinate to VSNKh; thus, the state's centralised economic plan was prioritised over the workers' local economic interests.In early 1918, Sovnarkom cancelled all foreign debts and refused to pay interest owed on them.