The Society for Co-operation in Russian and Soviet Studies (SCRSS) is a founder member of the Soviet Memorial Trust Fund, established in May 1997. The Fund's object was to erect a memorial in the United Kingdom to commemorate the sacrifice of 27 million lives by the citizens and armed forces of the former Soviet Union in the joint struggle with Britain, the United States and France to defeat fascism during World War II. It also aimed for a continuing educational programme for young people in the United Kingdom to show the effects of war.

The Fund was supported by the Russian Embassy and all the other Embassies of the Commonwealth of Independent States. The broad-based Fund set about raising funds of an equal amount in both Britain and Russia.

The memorial was unveiled on 9 May 1999 by the British Secretary of State for Defence, the Rt Hon George Robertson, MP, and HE the Russian Ambassador, Yuri Fokine, in the presence of HRH the Duke of Kent. This was a major inter-governmental event in which veterans and other organisations from Britain and the former Soviet Union participated.

The memorial was designed by Russian sculptor Sergei Shcherbakov. The granite memorial tablet was made by British stonemason Gary Breeze. The memorial is located in Geraldine Mary Harmsworth Park, adjacent to the Imperial War Museum in Southwark, London.

The Soviet Memorial Trust Fund's registered address is 320 Brixton Road, London SW9 6AB. The Fund continues to raise funds for regular ceremonies at the memorial linked to educational events at the Imperial War Museum.