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Because of a third consecutive dismal harvest, the Soviets had to import 46 million tons of grain last year, or nearly 20% of their consumption, at a cost of $7 billion or more. At the same time, the sinking market price of oil, the chief Soviet export, cut earnings from energy sales. Result: a hard-currency deficit with the West of $4 billion. To help close that gap, the Soviets sold some 250 tons of gold in 1981 to raise about $3 billion...

Author: /time Magazine | Title: The Soviets: Sinking Deeper into a Quagmire | 11/22/1982 | See Source »

...Soviets and their satellites have sunk deeper into the quagmire, they have become tempting targets for commercial and financial sanctions, even though such measures have been ineffective in the past. After the Soviet invasion of Afghanistan in late 1979, President Carter declared a partial embargo on grain exports and shipments of many types of technology to Moscow. Sixteen months later, Reagan lifted the grain embargo, saying that it was hurting American farmers more than the Soviet Union. In response to last December's martial-law crackdown in Poland, Reagan strengthened the ban against technology exports to the Soviets...

Author: /time Magazine | Title: The Soviets: Sinking Deeper into a Quagmire | 11/22/1982 | See Source »

...nations are committed to supplying financing and materials for the Soviet gas pipeline and have refused to retreat from this position. Why, ask the Europeans, should they forgo the profits from the $10 billion deal and deny themselves much needed Soviet gas when the U.S. refuses to revive a grain embargo that would hurt American farmers? Over the past five months, the U.S. has banned the sale of American energy technology to European companies that are supplying equipment for the pipeline. But that policy has caused an uproar in Europe, and the U.S. lifted those sanctions on Saturday...

Author: /time Magazine | Title: The Soviets: Sinking Deeper into a Quagmire | 11/22/1982 | See Source »

Most economists doubt the West can agree on sanctions that would truly hurt the Soviets. Says Richard Kaufman, a Soviet expert with the Congressional Joint Economic Committee: "The U.S. cannot build an economic wall around the Soviet Union." Moscow evaded the U.S. grain embargo by boosting imports from Argentina, Australia and Canada...

Author: /time Magazine | Title: The Soviets: Sinking Deeper into a Quagmire | 11/22/1982 | See Source »

...trade is an instrument for gaining leverage over Soviet behavior, the U.S. has yet to figure out how to use it. One school says: Trade with the Soviets a lot-get them to drink our soda pop, wear our blue jeans, buy our ball bearings and computers and grain-and they'll become more like us and depend more on us. That view is held by some diehard advocates of détente and prominent American businessmen, such as Armand Hammer of Occidental Petroleum and Donald Kendall of Pepsico. The other school says: Don't trade with them...

Author: /time Magazine | Title: The Soviets: Trying to Influence Moscow | 11/22/1982 | See Source »

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