diff --git a/core/state/multi_tx_snapshot.go b/core/state/multi_tx_snapshot.go
index a3728b69b9..0900ecc33c 100644
--- a/core/state/multi_tx_snapshot.go
+++ b/core/state/multi_tx_snapshot.go
@@ -28,16 +28,18 @@ type MultiTxSnapshot struct {
 
 	accountNotPending map[common.Address]struct{}
 	accountNotDirty   map[common.Address]struct{}
+
+	previousRefund uint64
 	// TODO: snapdestructs, snapaccount storage
 }
 
 // NewMultiTxSnapshot creates a new MultiTxSnapshot
-func NewMultiTxSnapshot() *MultiTxSnapshot {
-	multiTxSnapshot := newMultiTxSnapshot()
+func NewMultiTxSnapshot(previousRefund uint64) *MultiTxSnapshot {
+	multiTxSnapshot := newMultiTxSnapshot(previousRefund)
 	return &multiTxSnapshot
 }
 
-func newMultiTxSnapshot() MultiTxSnapshot {
+func newMultiTxSnapshot(previousRefund uint64) MultiTxSnapshot {
 	return MultiTxSnapshot{
 		numLogsAdded:      make(map[common.Hash]int),
 		prevObjects:       make(map[common.Address]*stateObject),
@@ -50,6 +52,7 @@ func newMultiTxSnapshot() MultiTxSnapshot {
 		accountDeleted:    make(map[common.Address]bool),
 		accountNotPending: make(map[common.Address]struct{}),
 		accountNotDirty:   make(map[common.Address]struct{}),
+		previousRefund:    previousRefund,
 	}
 }
 
@@ -361,6 +364,11 @@ func (s *MultiTxSnapshot) Merge(other *MultiTxSnapshot) error {
 
 // revertState reverts the state to the snapshot.
 func (s *MultiTxSnapshot) revertState(st *StateDB) {
+	// restore previous refund
+	if st.refund != s.previousRefund {
+		st.refund = s.previousRefund
+	}
+
 	// remove all the logs added
 	for txhash, numLogs := range s.numLogsAdded {
 		lens := len(st.logs[txhash])
@@ -455,7 +463,7 @@ func (stack *MultiTxSnapshotStack) NewSnapshot() (*MultiTxSnapshot, error) {
 		return nil, errors.New("failed to create new multi-transaction snapshot - invalid snapshot found at head")
 	}
 
-	snap := newMultiTxSnapshot()
+	snap := newMultiTxSnapshot(stack.state.refund)
 	stack.snapshots = append(stack.snapshots, snap)
 	return &snap, nil
 }
diff --git a/core/state/multi_tx_snapshot_test.go b/core/state/multi_tx_snapshot_test.go
index 50de20280d..607b458924 100644
--- a/core/state/multi_tx_snapshot_test.go
+++ b/core/state/multi_tx_snapshot_test.go
@@ -258,13 +258,21 @@ func prepareInitialState(s *StateDB) {
 			afterHook(addrs[i], s)
 		}
 	}
+
 	s.Finalise(true)
+
+	// NOTE(wazzymandias):
+	//   We want to test refund is properly reverted for snapshots - state.StateDB clears refund on Finalise
+	//   so refund is set here to emulate state with non-zero value.
+	s.AddRefund(rng.Uint64())
 }
 
 func testMultiTxSnapshot(t *testing.T, actions func(s *StateDB)) {
 	s := newStateTest()
 	prepareInitialState(s.state)
 
+	previousRefund := s.state.GetRefund()
+
 	var obsStates []*observableAccountState
 	for _, account := range addrs {
 		obsStates = append(obsStates, getObservableAccountState(s.state, account, keys))
@@ -300,6 +308,10 @@ func testMultiTxSnapshot(t *testing.T, actions func(s *StateDB)) {
 		}
 	}
 
+	if s.state.GetRefund() != previousRefund {
+		t.Error("refund mismatch", "got", s.state.GetRefund(), "expected", previousRefund)
+	}
+
 	if len(s.state.stateObjectsPending) != len(pendingAddressesBefore) {
 		t.Error("pending state objects count mismatch", "got", len(s.state.stateObjectsPending), "expected", len(pendingAddressesBefore))
 	}
@@ -339,6 +351,18 @@ func TestMultiTxSnapshotAccountChangesSimple(t *testing.T) {
 	})
 }
 
+func TestMultiTxSnapshotRefund(t *testing.T) {
+	testMultiTxSnapshot(t, func(s *StateDB) {
+		for _, addr := range addrs {
+			s.SetNonce(addr, 78)
+			s.SetBalance(addr, big.NewInt(79))
+			s.SetCode(addr, []byte{0x80})
+		}
+		s.Finalise(true)
+		s.AddRefund(1000)
+	})
+}
+
 func TestMultiTxSnapshotAccountChangesMultiTx(t *testing.T) {
 	testMultiTxSnapshot(t, func(s *StateDB) {
 		for _, addr := range addrs {
@@ -419,7 +443,7 @@ func TestMultiTxSnapshotStateChanges(t *testing.T) {
 	})
 }
 
-func testStackBasic(t *testing.T) {
+func TestStackBasic(t *testing.T) {
 	for i := 0; i < 10; i++ {
 		testMultiTxSnapshot(t, func(s *StateDB) {
 			// when test starts, actions are performed after new snapshot is created
@@ -475,7 +499,41 @@ func testStackBasic(t *testing.T) {
 	}
 }
 
-func testStackSelfDestruct(t *testing.T) {
+func TestStackRefund(t *testing.T) {
+	testMultiTxSnapshot(t, func(s *StateDB) {
+		const counter = 10
+
+		s.AddRefund(500)
+		previousRefunds := make([]uint64, 0, counter)
+		previousRefunds = append(previousRefunds, s.GetRefund())
+
+		for i := 0; i < counter; i++ {
+			previousRefunds = append(previousRefunds, s.GetRefund())
+			if err := s.NewMultiTxSnapshot(); err != nil {
+				t.Errorf("NewMultiTxSnapshot failed: %v", err)
+				t.FailNow()
+			}
+			s.Finalise(true)
+			s.AddRefund(1000)
+		}
+
+		for i := 0; i < counter; i++ {
+			if err := s.MultiTxSnapshotRevert(); err != nil {
+				t.Errorf("MultiTxSnapshotRevert failed: %v", err)
+				t.FailNow()
+			}
+			actualRefund := s.GetRefund()
+			expectedRefund := previousRefunds[len(previousRefunds)-1]
+			if actualRefund != expectedRefund {
+				t.Errorf("expected refund to be %d, got %d", expectedRefund, actualRefund)
+				t.FailNow()
+			}
+			previousRefunds = previousRefunds[:len(previousRefunds)-1]
+		}
+	})
+}
+
+func TestStackSelfDestruct(t *testing.T) {
 	testMultiTxSnapshot(t, func(s *StateDB) {
 		if err := s.NewMultiTxSnapshot(); err != nil {
 			t.Errorf("NewMultiTxSnapshot failed: %v", err)
@@ -515,7 +573,7 @@ func testStackSelfDestruct(t *testing.T) {
 	})
 }
 
-func testStackAgainstSingleSnap(t *testing.T) {
+func TestStackAgainstSingleSnap(t *testing.T) {
 	// we generate a random seed ten times to fuzz test multiple stack snapshots against single layer snapshot
 	for i := 0; i < 10; i++ {
 		testMultiTxSnapshot(t, func(s *StateDB) {
@@ -614,17 +672,6 @@ func testStackAgainstSingleSnap(t *testing.T) {
 	}
 }
 
-func TestMultiTxSnapshotStack(t *testing.T) {
-	// test state changes are valid after merging snapshots
-	testStackBasic(t)
-
-	// test self-destruct
-	testStackSelfDestruct(t)
-
-	// test against baseline single snapshot
-	testStackAgainstSingleSnap(t)
-}
-
 func CompareAndPrintSnapshotMismatches(t *testing.T, target, other *MultiTxSnapshot) {
 	var out bytes.Buffer
 	if target.Equal(other) {