West European banks are lending the Soviet Union hundreds of millions of dollars to buy U.S. wheat, corn and soybeans with American government guarantees, bankers say.
Hugo Steersma, general manager in New York of Rabobank Nederland of Utrecht, a Dutch bank, said he understood that American banks had made bids that were not accepted.U.S. officials declined to say what banks are taking part, but Steersma said his bank was one of them, lending $100 million in the current fiscal year.
Roger Runningen, an Agriculture Department spokesman, said Friday that $600 million in guarantees for this year had been almost completely allocated among the three products. An additional $500 million worth of guarantees is to become available Oct. 1 and $400 million on Feb. 1, 1992.
The Agriculture Department said Soviet and American officials were discussing possible changes in the dates.
An American analyst, John Ha-seltine, said the absence of American lenders was due at least in part to mistrust of the situation in the Soviet Union. The 15 republics and the central government in Moscow are still disputing how to share financial responsibilities. He suggested that American lenders are also especially cautious these days because of the uncertain state of the U.S. banking system.