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Here is an interesting line I have just found in History of Lithuania, tome IV: 1386-1529 by J. Kiaupienė and R. Petrauskas:

In the international arena, the opponents of the Jagiellons, the Habsburgs, attempted to use King of Poland and Grand Duke of Lithuania's Sigismund I's troubles in fighting against Moscow to their advantage. As early as the time of Casimir IV Jagiellon, the Habsburgs made their first contacts with the strengthening state of Moscow. In 1489, Emperor Friedrich III even offered the crown of King of Russia to Ivan III, which he declined.

Obviously, there are reasons as for why Ivan III would decline such an offer, but let's say he has a change of mind and agrees, leading to the foundation of the Kingdom of Russia.

What happens then?

It's not just a name change, in my opinion:

1. Having the Holy Roman Emperor make an Orthodox ruler into a King is a pretty unprecedented move that may not go down without consequences.
2. Such ties to the Habsburgs and the HRE will definitely have lasting cultural and political impact on Russia - the spread of Western thought and culture, for one, not to mention an official alliance against the Jagiellons between Russia and the Habsburgs.
3. What about the Russian Empire, then? A Russia which received its kingdom title from the HRE may not be as likely to claim to be an empire in its own right.

Any thoughts?
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