Russia and Belarus SDR Exchange Prohibition Act of 2022
Bill: S.4079 | Sponsor: Sen. Scott, Rick (R-FL)
Policy area: International Affairs

Summary:
Russia and Belarus SDR Exchange Prohibition Act of 2022
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by 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 the IMF to oppose any allocation of SDRs to Russia or Belarus.
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased aggression directed at undermining Ukraine's sovereignty and territorial integrity, or (3) the date on which the President reports to Congress that termination of the provisions is in the national interest of the United States.

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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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 and held by the Russian Federation 
or Belarus.
    (b) Advocacy.--The Secretary of the Treasury shall--
            (1) vigorously advocate that the government of each member 
        country of the International Monetary Fund, to the extent that 
        the member country issues a freely usable currency, prohibit 
        transactions involving the exchange of Special Drawing Rights 
        held by the Russian Federation or Belarus; and
            (2) direct the United States Executive Director of the 
        International Monetary Fund to use the voice and vote of the 
        United States to oppose any allocation of Special Drawing 
        Rights to the Russian Federation or Belarus.
    (c) Waiver.--The President may waive the application of this 
section if the President--
            (1) determines that a waiver is in the national interest of 
        the United States; and
            (2) submits to Congress a notice of and justification for 
        such waiver.
    (d) Termination.--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;
            (2) the date that is 30 days after the date that the 
        President reports to Congress that the Governments of the 
        Russian Federation and Belarus have ceased aggression 
        undermining the sovereignty and territorial integrity of 
        Ukraine; or
            (3) the date on which the President determines and reports 
        to Congress that termination is in the national interest of the 
        United States.
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