The Union of Councils for Soviet Jews announced last week that it supports a Congressional letter urging the Reagan Administration to seek an international conference to restrict loans to the Soviet Union not linked to human rights or trade concessions. The “untied” loans exceeded $4 billion last year.
Rep. Jack Kemp (R. NY) has written to President Reagan urging him to raise the issue of untied loans at the Venice Economic Summit.
“These untied cash loans free up scarce Soviet resources or make available funds that can be directly diverted to finance aggression abroad and oppression and the military buildup at home,” the letter reads. The letter asks Reagan to seek an agreement to hold a ministerial level conference that would seek the voluntary adoption of more disciplined lending policies by Western banks to the Soviet Union and its allies.
The letter was signed by Sens. Dennis De-Concini ( D.Az.), Gordon Humphrey ( R. NH), Howard Metzenbaum ( D. Ohio), Phil Gramm (R. Tx.), Malcolm Wallop (R. Wyo.), Robert Kasten (R.Wis.) and William Armstrong (R. Colo) and six Representatives.
“I am very concerned that these loans could just be the tip of the iceberg,” said Kemp in a press release. “There is every indication that the Soviet Union is preparing to enter the Eurobond market, which is also an untied loan market, thereby tapping American pension funds, insurance companies, and other corporations.”
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