The song was first performed by students at Kiev University in 1916. However, after the Russian Revolution and the rise of the Soviet Union, the song lost its popularity. The Ukrainian National Chorus brought the song to America in 1919 where it experienced a revival.
Peter Wilhousky rearranged the carol with new lyrics for American orchestras. The melody reminded him of handbells and therefore he renamed it the Carol of the Bells. It was first aired by NBC, performed by their radio network orchestra during the Great Depression.
The Robert Shaw Chorale recorded the Carol of the Bells in 1946 https://www.youtube.com/watch?v=EEkIBp6QijQ. Wynton Marsalis played it on his album Crescent City Christmas Card in 1990, with the role of the bells carried by the brass section. Marillion released an extended version for charity in 2013.