SOVIET GOLD TRANSSHIPMENT TO FINLAND AND DENMARK (K 1943)

Created: 2/4/1955

OCR scan of the original document, errors are possible

SOVIET GOLD SflTJMEatS TOD DQJUARK

ob?

jia HISTORIC'! tT."EVV PROGRAM

RELEASE AS

ms^m. use only

SOVIET COLD SaUMSHTS TO FTHLAKD AND DSfclARX

A. Finland

The Bovcmat of gold between the USSR end Finland during the pest two

yeore consisted of ono ehlpacnt valued otillion, Tho delivery

represented pertlal payment for Finland'* export surplus with the OSSR

, o* provided for la the trede agxeennat. It Is poaalhle that

million in eold will be shipped to Finland5esult of tvo

1/

loono tpronted by tho USSR.

One source has reported tbe rartbodS of trensferring theillion in gold (epprcoclnatoly five tons) ee follows!

The eold was received at the Finnloh-Sovlet borderlso Ion

of eight persons froa the Bank of Flnlaa

. the delivery of the gold hod Initially cotdifficulties. The shanties official who was authorisedit over to the Finns arrived at Velnlkklla, rail entrytlie Finnish-Soviet border, ln sdvonce of tba Finnishwhen ho was unable toreturned to the

Soviet side end never shoved up again. The Finnish Kiss ion bod to upendaiting until deli very arrnngenents were settled by official telephone calls froa Helsinki to Moscow. Delivery of tbe

-rOR OFFICIAL too.

-fOR OCTAL USE

took place at ValntVHIn oa Judo 8. Members of the Finnish Mlealon reported that tbo gold arrived at the borderpeclol rallvoy car ccarteiaina; office quarters aad fitted vlth tiere of sbelveo for tbe storage of the gold bare. These were carefully pocked, five boraackage. Oaoe tbe clearance bod been received, the delivery proceeded smoothly, and the gold vac loaded within an houralf into two lift vane end transported by truck to Helsinki. *

In odd!tIon to tbe trade settlement, tbs trade agreement'- providedoviet loaninim payable in gold, UB dollare or other agreed upon currenclee. Int the signing of the protocol for tbe caning year, on agreement wee reached providingecond loonillion also payable in gold, US dollars or other currencies. Tbe loans say be drown upon within tbeears wltb repayment overear* in the camein which they were received plus Interest atercent. Bo far us ia known, this ls the first mold oa* convertible currency loan granted by the USSRon-Bloc country.

A member of the Pix-alsb delegation, cccca-ntlng privately on tbe first loan, pointed out that Finland was under no obligation to draw on the Soriet credit except in go for as It aright wish to do so for tbe purpose of strengthening its exchange reserves.nU, whenupplementary

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budget bill, tbe Diet determined that one-half of the loan should be held by the Bonk of Finland to oupport foreign currency reeervee end tbe other half for "productive uurposeo." Funds froa tha loon cannot be allocated for

gpvernoantcl projects but have to go to private firms and etate-owned cocponiee.

It le understood that efforts vill be made to have the Diet pexnlt use ofloon without the "productive $urposealoan

night be distributed among the nortgage bonis, the1 ajjfcJcal Finance Corporation end certain apverncvnzt egaacloo.

it

Soviet bar gold ln any appreciable exeuntc was received by Denmark3k. umored ehipoent0 tons, in late was later deniedoniah Foreign Ministry official. One shipment of gold for

shipped In July. In August of the same year tha official reported the Donasurther shipment of gold, valued athousand, far technical pur<pceee# The request was refused by the Go vie to, however, on tho grounds that cccxoarclal relations between the two countries had been Interrupted by tbe failure torade agreement for the yearft./ There haa been no 1nfl1nnt,1nn since that time of further requests or ehlpBonts of Soviet gold.

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Tbe Danish Government in recent years hoa consistently sought fpM from the Soviets in sottleoent of Its trade oredlt but thus far has achieved no ouecess. Under tbe terras of the trade agrecoaate that existed prior toettleaent in gold, US dollars or other agreed upon currency vas to take place if tbe awing credit vas exceeded orebit existed at tbo expiry of the asraanont. ^

Trade protocols signed in tbe postwar years have notsold in any form In tbe cccraodlty lists of goods to be exchanged. The proposed agreement forowever, included gold end silver valuedillion Thus, .if an accord ls reached on future trade, Soviet gold mayported by Denmark for technical purposes.

Original document.

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