Volkhov (river) in the context of "Veps language"

The Rus', also known as Russes, were a people in early medieval Eastern Europe. The scholarly consensus holds that they were originally Norsemen, mainly originating from present-day Sweden, who settled and ruled along the river-routes between the Baltic and the Black Seas from around the 8th to 11th centuries AD.

The two original centres of the Rus' were Ladoga (Aldeigja), founded in the mid-8th century, and Rurikovo Gorodische (Holmr), founded in the mid-9th century. The two settlements were situated at opposite ends of the Volkhov River, between Lake Ilmen and Lake Ladoga, and the Norsemen likely called this territory Gardar. From there, the name of the Rus' was transferred to the Middle Dnieper, and the Rus' then moved eastward to where the Finnic tribes lived and southward to where the Slavs lived.

The city of Novgorod was a major trade hub from the beginning of its history as part of Kievan Rus' through the years of the Novgorod Republic in the 12th–15th centuries. Novgorod benefitted from its location at the crossroads of several major trading routes, including the route from Scandinavia to the Byzantine Empire and the Volga route connecting Rus' to the Middle East. Novgorod had trade contact with inhabitants of the Baltic seaboard and was described as a "trade city" by Scandinavian merchants. Trade was eventually dominated by German cities united in the Hanseatic League, which had its easternmost office in Novgorod. Despite the thriving trade, Novgorod had numerous conflicts with the League. Moreover, its powerful commercial position also made it a prized target for Rus' princes of various competing branches, who sought to control Novgorod by attempted conquest, hindering its economy, or manipulating its politics.

The main exports of Novgorod were furs, honey, wax, leather and fish, while silver, cloth, wine, salt and herring were imported. Trade involved Novgorodians of different social status, including professional merchants, landowners, peasants and moneylenders. The center of trade in Novgorod was the Torg (Russian: торг, now archaic term for “marketplace”), located across the Volkhov from the Kremlin. The city's population grew from c. 10,000–15,000 in the early 11th century to c. 25,000 by the early 13th; a large city by that time's standards.