Russia and Belarus SDR Exchange Prohibition Act of 2022
Bill: H.R.6899 | Sponsor: Rep. Hill, J. French (R-AR)
Policy area: International Affairs

Summary:
Russia and Belarus SDR Exchange Prohibition Act of 2022
This act prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations.
The act's provisions shall be in effect until the earlier of (1) five years after this act's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States.

[117th Congress Public Law 185]
[From the U.S. Government Publishing Office]



[[Page 136 STAT. 2197]]

Public Law 117-185
117th Congress

                                 An Act


 
To prohibit the Secretary of the Treasury from engaging in transactions 
     involving the exchange of Special Drawing Rights issued by the 
 International Monetary Fund that are held by the Russian Federation or 
             Belarus. <<NOTE: Oct. 4, 2022 -  [H.R. 6899]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Russia and 
Belarus SDR Exchange Prohibition Act of 2022. 22 USC 8902 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Russia and Belarus SDR Exchange 
Prohibition Act of 2022''.
SEC. 2. SPECIAL DRAWING RIGHTS EXCHANGE PROHIBITION.

    (a) In General.--The Secretary of the Treasury may not engage in any 
transaction involving the exchange of Special Drawing Rights issued by 
the International Monetary Fund that are held by the Russian Federation 
or Belarus.
    (b) Advocacy.--The Secretary of the Treasury shall--
            (1) vigorously advocate that the governments of the member 
        countries of the International Monetary Fund, to the extent that 
        the member countries issue freely usable currencies, prohibit 
        transactions involving the exchange of Special Drawing Rights 
        held by the Russian Federation or Belarus and
            (2) direct the United States Executive Director at each 
        international financial institution (as defined in section 
        1701(c)(2) of the International Financial Institutions Act) to 
        use the voice and vote of the United States to oppose the 
        provision of financial assistance to the Russian Federation and 
        Belarus, except to address basic human needs of the civilian 
        population.

    (c) Termination.--The preceding provisions of this section shall 
have no force or effect on the earlier of--
            (1) the date that is 5 years after the date of the enactment 
        of this Act; or
            (2) <<NOTE: President. Reports.>>  30 days after the date 
        that the President reports to the Congress that the governments 
        of the Russian Federation and Belarus have ceased destabilizing 
        activities with respect to the sovereignty and territorial 
        integrity of Ukraine.

    (d) <<NOTE: President. Reports.>>  Waiver.--The President may waive 
the application of this section if the President reports to the Congress 
that the waiver

[[Page 136 STAT. 2198]]

is in the national interest of the United States and includes an 
explanation of the reasons therefor.

    Approved October 4, 2022.

LEGISLATIVE HISTORY--H.R. 6899:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 117-316 (Comm. on Financial Services).
CONGRESSIONAL RECORD, Vol. 168 (2022):
            May 10, 11, considered and passed House.
            Sept. 21, considered and passed Senate.

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