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Europeans first sighted the Alaskan coast line in 1732; sighting was made by the Russian Ivan Fedorov near Cape Prince of Wales, but did not land. The first landfall took place in southern Alaska in 1741 during the Russian exploration conducted by Vitus Bering and Aleksei Chirikov. The first Russian colony in Alaska was founded in 1784 by Grigory Shelikhov. The Russian-American Company was formed in 1799 with the influence of Nikolay Rezanov for the purpose of hunting sea otters for their fur. The peak population of the Russian colonies was about 40,000, although most of these were Aleuts. The Russians also expanded and explored into modern day British Colombia, forming trading outposts and hunting settlements.
In modern Russia and its predecessor, the Soviet Union, there has been speculation in the mass media that Alaska was not sold, but merely leased to the U.S. for 99 or 150 years and has to be returned to Russia. However, the treaty itself is quite clear that it was a complete cession. The speculation may be explained in part by the notion that after the 1917 revolution in Russia all secret tsarist international agreements were officially denounced and declared void by the new government.