Title: Russia and Belarus SDR Exchange Prohibition Act of 2022
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, 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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6899 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6899

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2022

   Mr. Hill introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
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 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 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) 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) 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.
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