To remove certain restrictions on United States assistance to and trade with the former Union of Soviet Socialist Republics.

Amends the Foreign Assistance Act of 1961 and the Export-Import Bank Act of 1945 to: (1) remove Estonia, Latvia, Lithuania, and the Union of Soviet Socialist Republics (U.S.S.R.) from the list of Communist countries to which foreign assistance is prohibited; and (2) declare that specified former republics of the U.S.S.R. shall not be considered Communist countries subject to such prohibition unless the President determines otherwise.

Amends the Export-Import Bank Act of 1945 to repeal: (1) the congressional review requirement for any proposed loan or financial guarantee of $25,000,000 or more for fossil fuel exploration in the U.S.S.R; and (2) the $300,000,000 limitation on loans or financial guarantees for exports to the U.S.S.R.

Amends the Trade Act of 1974 to: (1) repeal the limitation on U.S. Government credits for exports to the U.S.S.R.; (2) remove the U.S.S.R. from the list of countries ineligible for designation as a beneficiary developing country (BDC); and (3) authorize the President to designate as a BDC any one of specified former republics of the U.S.S.R. determined not to be a Communist country.

Amends the Bretton Woods Agreement Act, with respect to active U.S. opposition to use of International Monetary Fund credit by any Communist country, to declare that certain former republics of the U.S.S.R. shall not be considered Communist dictatorships unless the President determines otherwise.