Article 1 
1. The Community shall grant to the USSR and its constituent Republics a medium-term loan of not more than ECU 1 250 million in principal, in three successive instalments and for a maximum duration of three years, in order to enable agricultural and food products and medical supplies originating in the Community, Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia to be imported. 2. The overall proportion of the loan used to finance imports originating in Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia shall be 50 %, subject to the export capacities of these countries. Article 2 For the purposes of Article 1, the Commission is hereby empowered to borrow, on behalf of the European Economic Community, the necessary resources that will be placed at the disposal of the USSR and its constituent Republics in the form of a loan. Article 3 The loan referred to in Article 2 shall be managed by the Commission. Article 4 1. The Community is hereby empowered to finalize, in concert with the authorities of the USSR and its constituent Republics and in consultation with the committee referred to in Article 6 and, for financial issues, with the Monetary Committee, the economic and financial conditions to be attached to the loan, the rules governing the provision of funds and the necessary guarantees to ensure loan repayment. 2. The economic conditions shall in particular relate to the pursuit of a process of economic reforms in the agri-foodstuffs industry and markets in the USSR and its constituent Republics and especially to aspects linked to product distribution. 3. Imports of products financed by the loan shall be effected at world market prices. Free competition shall be guaranteed for the purchase and supply of products, which shall meet internationally recognized standards of quality. 4. The other detailed rules relating to the purchase, receipt, transport and distribution of products from the Community, the importation of which is financed by the loan, shall be adopted in accordance with the procedure set out in Article 6 (2) on the basis of the results of the contacts between the Commission and the authorities of the USSR and its constituent Republics. 5. The Commission shall keep the committee referred to in Article 6 regularly informed of the flow of imports into the USSR and its constituent Republics from Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia. 6. In administering the loan, the Commission shall ensure balanced distribution between the Republics in accordance with their actual needs. The Commission shall also avoid disrupting traditional trading links between the Republics. 7. The Commission will monitor the correct consignment of supplies at final beneficiary level, regardless of the origin of the products. Article 5 The Commission shall, in liaison with the committee referred to in Article 6 and with the Monetary Committee, verify at regular intervals that the loan conditions referred to in Article 4 are being fulfilled. Article 6 1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 2 
For the purposes of Article 1, the Commission is hereby empowered to borrow, on behalf of the European Economic Community, the necessary resources that will be placed at the disposal of the USSR and its constituent Republics in the form of a loan. Article 3 The loan referred to in Article 2 shall be managed by the Commission. Article 4 1. The Community is hereby empowered to finalize, in concert with the authorities of the USSR and its constituent Republics and in consultation with the committee referred to in Article 6 and, for financial issues, with the Monetary Committee, the economic and financial conditions to be attached to the loan, the rules governing the provision of funds and the necessary guarantees to ensure loan repayment. 2. The economic conditions shall in particular relate to the pursuit of a process of economic reforms in the agri-foodstuffs industry and markets in the USSR and its constituent Republics and especially to aspects linked to product distribution. 3. Imports of products financed by the loan shall be effected at world market prices. Free competition shall be guaranteed for the purchase and supply of products, which shall meet internationally recognized standards of quality. 4. The other detailed rules relating to the purchase, receipt, transport and distribution of products from the Community, the importation of which is financed by the loan, shall be adopted in accordance with the procedure set out in Article 6 (2) on the basis of the results of the contacts between the Commission and the authorities of the USSR and its constituent Republics. 5. The Commission shall keep the committee referred to in Article 6 regularly informed of the flow of imports into the USSR and its constituent Republics from Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia. 6. In administering the loan, the Commission shall ensure balanced distribution between the Republics in accordance with their actual needs. The Commission shall also avoid disrupting traditional trading links between the Republics. 7. The Commission will monitor the correct consignment of supplies at final beneficiary level, regardless of the origin of the products. Article 5 The Commission shall, in liaison with the committee referred to in Article 6 and with the Monetary Committee, verify at regular intervals that the loan conditions referred to in Article 4 are being fulfilled. Article 6 1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 3 
The loan referred to in Article 2 shall be managed by the Commission. Article 4 1. The Community is hereby empowered to finalize, in concert with the authorities of the USSR and its constituent Republics and in consultation with the committee referred to in Article 6 and, for financial issues, with the Monetary Committee, the economic and financial conditions to be attached to the loan, the rules governing the provision of funds and the necessary guarantees to ensure loan repayment. 2. The economic conditions shall in particular relate to the pursuit of a process of economic reforms in the agri-foodstuffs industry and markets in the USSR and its constituent Republics and especially to aspects linked to product distribution. 3. Imports of products financed by the loan shall be effected at world market prices. Free competition shall be guaranteed for the purchase and supply of products, which shall meet internationally recognized standards of quality. 4. The other detailed rules relating to the purchase, receipt, transport and distribution of products from the Community, the importation of which is financed by the loan, shall be adopted in accordance with the procedure set out in Article 6 (2) on the basis of the results of the contacts between the Commission and the authorities of the USSR and its constituent Republics. 5. The Commission shall keep the committee referred to in Article 6 regularly informed of the flow of imports into the USSR and its constituent Republics from Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia. 6. In administering the loan, the Commission shall ensure balanced distribution between the Republics in accordance with their actual needs. The Commission shall also avoid disrupting traditional trading links between the Republics. 7. The Commission will monitor the correct consignment of supplies at final beneficiary level, regardless of the origin of the products. Article 5 The Commission shall, in liaison with the committee referred to in Article 6 and with the Monetary Committee, verify at regular intervals that the loan conditions referred to in Article 4 are being fulfilled. Article 6 1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 4 
1. The Community is hereby empowered to finalize, in concert with the authorities of the USSR and its constituent Republics and in consultation with the committee referred to in Article 6 and, for financial issues, with the Monetary Committee, the economic and financial conditions to be attached to the loan, the rules governing the provision of funds and the necessary guarantees to ensure loan repayment. 2. The economic conditions shall in particular relate to the pursuit of a process of economic reforms in the agri-foodstuffs industry and markets in the USSR and its constituent Republics and especially to aspects linked to product distribution. 3. Imports of products financed by the loan shall be effected at world market prices. Free competition shall be guaranteed for the purchase and supply of products, which shall meet internationally recognized standards of quality. 4. The other detailed rules relating to the purchase, receipt, transport and distribution of products from the Community, the importation of which is financed by the loan, shall be adopted in accordance with the procedure set out in Article 6 (2) on the basis of the results of the contacts between the Commission and the authorities of the USSR and its constituent Republics. 5. The Commission shall keep the committee referred to in Article 6 regularly informed of the flow of imports into the USSR and its constituent Republics from Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Lithuania, Latvia, Estonia and Yugoslavia. 6. In administering the loan, the Commission shall ensure balanced distribution between the Republics in accordance with their actual needs. The Commission shall also avoid disrupting traditional trading links between the Republics. 7. The Commission will monitor the correct consignment of supplies at final beneficiary level, regardless of the origin of the products. Article 5 The Commission shall, in liaison with the committee referred to in Article 6 and with the Monetary Committee, verify at regular intervals that the loan conditions referred to in Article 4 are being fulfilled. Article 6 1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 5 
The Commission shall, in liaison with the committee referred to in Article 6 and with the Monetary Committee, verify at regular intervals that the loan conditions referred to in Article 4 are being fulfilled. Article 6 1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 6 
1. The Commission shall be assisted in matters falling within Articles 3 and 4 by a committee made up of representatives of the Member States and chaired by the representative of the Commission. 2. The representative of the Commission shall submit to the committee a draft of the measures to be taken. The committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the committee, they shall be communicated by the Commission to the Council forthwith. In that event: - the Commission shall defer application of the measures which it has decided for a period of two months from the date of communication, - the Council, acting by a qualified majority, may take a different decision within the time limit referred to in the first indent. Article 7 The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 7 
The loan shall be made available to the USSR and its constituent Republics in three successive instalments, in accordance with Article 1 and subject to Article 5. The initial instalment shall be released as soon as the borrowing operations have been concluded. The USSR and its constituent Republics shall be responsible for repayment of the principal and interest on the basis of the procedures laid down in Article 4 (1). Article 8 1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 8 
1. The borrowing and lending operations referred to in Articles 1 and 2 shall be carried out using the same value date and shall not involve the Community in the transformation of maturities, in any exchange or interest-rate risk or in any other commercial risk. 2. The Commission shall take the necessary steps, if the USSR and its constituent Republics so wish, to ensure that an early repayment clause is included in the loan conditions and can be exercised. 3. All related costs incurred by the Community in concluding and carrying out the operations provided for in this Decision shall be borne by the USSR and its constituent Republics. 4. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraph 2. Article 9 At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.
Article 9 
At least once a year, the Commission shall address a report to the European Parliament and to the Council, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 16 December 1991. For the Council The President W. KOK (1) OJ No C 326, 16. 12. 1991.