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Russia: “Debt for Nonproliferation Swap” Introduced in U.S. House Russia would be allowed to swap portions of its foreign debt in exchange for securing nuclear materials (see GSN, Nov. 15, 2001), according to a bill introduced in the U.S. House Monday by Representatives Ellen Tauscher (D-Calif.) and John McHugh (R-N.Y.). “Unsecured nuclear material is a bigger threat to our national security today than it has ever been,” Tauscher said in a news release. “We simply cannot squander this opportunity to secure nuclear material in Russia. Given the dismal Russian financial picture and the ever-changing world we live in, America has a limited time to act.” The Russian Federation Debt Reduction for Nonproliferation Act of 2002 would create “debt for nonproliferation swaps” based on previous measures for environmental protection efforts. Under the swaps, the U.S. Treasury Department would restructure part of Russia’s debt owed to the United States. In return, Russia would continue work on joint programs designed to secure nuclear materials, dismantle facilities and provide work for Russian nuclear scientists (see GSN, March 7). More than $18 billion of Russia’s foreign debt is due in 2003, according to a Tauscher press release. Russia owes the United States almost $4 billion, two-thirds of which comes from the Soviet era. Russia also owes several European nations, such as Germany and Italy, more than $67 billion. Italy is also examining debt for nonproliferation swaps. Senate Foreign Relations Committee Chairman Joseph Biden (D-Del.) said he is pleased that a debt for nonproliferation bill has been introduced in the House. Biden was one of the authors of a similar bill that passed the Senate in November. “Last year, former Senator Howard Baker told our committee that the world should spend $30 billion over the next eight to 10 years to fully safeguard Russia’s nuclear weapons materials and expertise,” Biden said. “Debt reduction could be a major means of raising the needed funds, especially from our allies who hold the bulk of Russia’s Soviet-era debt” (Representative Ellen Tauscher release, March 4).
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