§ Mr. Wellbeloved
asked the Secretary of State for Foreign Affairs what arrangements have been made to pay to the Soviet Government the sum of£500,000 referred to in the Anglo-Soviet Agreement concerning the settlement of mutual financial and property claims arising after 1st January, 1939, reached during Mr. Kosygin's visit to London.
§ Mr. William Rodgers:
The formulation of the agreement signed on 5th January, 1968 provided for the payment to be made on 12th January into a special account to be opened in the name of the State Bank of the Union of Soviet Socialist Republics at the Bank of England for the purchase of British-manufactured consumer goods. An advance has been made for this purpose from the Civil Contingencies Fund and the House will be asked to approve a Supplementary Estimate in due course. It is the intention of Her Majesty's Government that an equivalent sum should accrue to the Exchequer by recovery from assets held in the United Kingdom.