Multiple surrender morale malus

[Chernobyl]

Does the morale penalty from a country surrendering stack with another surrender? I.e. if I conquer two enemy nations in one turn instead of staggering the surrenders into two turns, is that "wasting" any damage to enemy morale?

[Bavre]

It's fully cumulative with itself, I asked the devs about it in the first Montenegro Gambit thread of the WW1 forum. The effect will be higher but shorter if you do 2 in 1 turn, however.

[Chernobyl]

Thank you