Iceland in the Cold War a summit in Reykjavík in 1986 between United States President Ronald Reagan and Soviet Premier Mikhail Gorbachev, during which they took significant steps toward nuclear disarmament. Only a few years later, in 1991, when Jón Baldvin Hannibalsson was foreign minister, Iceland would become the first country to recognize the independence of Estonia, Latvia, and Lithuania as they broke away from the Soviet Union. The US base served as a hub for transports and communications to Europe, a key chain in the GIUK gap, a monitor of Soviet submarine activity, a linchpin in the early warning system for incoming Soviet attacks,
Foreign policy of the George H. W. Bush administration propose both the World Bank and IMF partner with the Soviet Union to grant the USSR a special association which would grant it access to "considerable financial and economic expertise of those institutions." Another summit was held in July 1991, where the Strategic Arms Reduction Treaty (START I) was signed by Bush and Gorbachev in Moscow. The treaty took nine years in the making and was the first major arms agreement since the signing of the Intermediate Ranged Nuclear Forces Treaty by Reagan and Gorbachev in 1987. The contentions in START would reduce the strategic nuclear weapons of the United