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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Russian Fissile Materials
Disposition Loan Guarantee Act of 2001''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) The proliferation of nuclear weapons represents a risk
to the national security of the United States.
(2) Countries seeking new nuclear weapons capabilities
require both technical expertise and nuclear weapons materials.
(3) The nuclear weapons complex of the former Soviet Union
contains large amounts of such technical expertise and
materials and could present risks for nuclear proliferation.
(4) Several current programs address the potential for loss
of such technical expertise and materials.
(5) Progress on the Highly Enriched Uranium Agreement and
on the Plutonium Disposition Agreement will enhance United
States security against nuclear proliferation, but United
States security would be further enhanced were additional
progress achieved in securing and disposing of the nuclear
weapons materials of the former Soviet Union.
(6) In addition to the programs referred to in paragraphs
(4) and (5), a program providing for the placement of nuclear
weapons materials of the Russian Federation under permanent
safeguards in exchange for the guarantee of loans for
nonproliferation programs and activities of the Russian
Federation could enhance the economy of the Russian Federation
and achieve the interest of nations worldwide in providing for
the security of nuclear weapons materials that are not
currently under international safeguards.

SEC. 3. LOAN GUARANTEES.

(a) Authority To Guarantee Loan.--Subject to the provisions of this
section, the Secretary of Energy may, with the approval of the
President, guarantee loans made to the Government of the Russian
Federation for purposes described in subsection (c)(1).
(b) Limitations on Guarantees.--(1) The aggregate amount of loan
principal covered by guarantees under this section at any one time may
not exceed $1,000,000,000.
(2) The guarantee of a loan under this section applies to principal
and to interest specified in the loan, except that the guarantee on
interest shall not apply to amounts allocable to interest at a rate in
excess of 3 percent per year.
(c) Loans Eligible for Guarantee.--(1) A loan eligible for
guarantee under this section is any loan made by a private lender to
the Government of the Russian Federation the proceeds of which are to
be utilized by the Government of the Russian Federation for one or more
of the following purposes:
(A) Retirement of the sovereign debt of the Russian
Federation.
(B) Support of nuclear nonproliferation programs and
activities of the Government of the Russian Federation.
(C) Development of the energy infrastructure of the Russian
Federation, including peaceful uses of nuclear energy in a
manner that complies with the Nuclear Nonproliferation Treaty.
(2) A loan is not eligible for guarantee under this section if the
proceeds of the loan are to be used for any purpose or activity under
the Plutonium Disposition Agreement, including to cover the costs of
the manufacture and use of mixed oxide (MOX) fuel in Russia under the
Plutonium Disposition Agreement.
(d) Loan Terms.--A loan guaranteed under this section shall have
the following terms:
(1) The loan principal shall be in increments of
$20,000,000.
(2) The term of the loan with respect to any principal
increment of the loan shall be not less than 15 years.
(3) Payments of principal and interest on the loan shall be
based on an amortization schedule providing that--
(A) interest on a principal increment of the loan
will commence on the date of the disbursement of the
principal increment of the loan;
(B) no payment of principal or interest on a
principal increment of the loan will be required for at
least 5 years after the date of the disbursement of the
principal increment of the loan;
(C) once payments of principal and interest
commence pursuant to subparagraph (B), such payments
will be made on a semi-annual basis; and
(D) all interest and principal on each principal
increment of the loan will be due and payable not later
than the completion of the term of the loan with
respect to such principal increment of the loan.
(4) The proceeds of the loan shall be disbursed to the
Russian Federation or a department or ministry of the Russian
Federation.
(5) The lender may, upon default of the Government of the
Russian Federation on the loan, exercise the option described
in subsection (e)(3).
(e) Loan Security.--(1) As security for a loan guaranteed under
this section, the Government of the Russian Federation shall, for each
loan principal increment of $20,000,000, place 1.00 metric tons of
weapons-usable plutonium and 1.00 metric tons of weapons-usable highly
enriched uranium under International Atomic Energy Agency (IAEA)
safeguards at a facility in Russia that is mutually acceptable to
Russia and the IAEA. The placement of materials under such safeguards
as security for a principal increment of a loan shall be completed
before the disbursement of the principal increment of the loan.
(2) As security for a loan guaranteed under this section, the
Government of the Russian Federation shall certify to the Secretary
that any materials placed under International Atomic Energy Agency
safeguards pursuant to paragraph (1) shall remain under such safeguards
indefinitely, including after the loan is paid off by the Government of
the Russian Federation.
(3)(A) In the event of a default on a loan guaranteed under this
section by the Government of the Russian Federation, the lender may,
with the approval of the Secretary, provide for the disposition or
utilization of materials placed under safeguards pursuant to paragraph
(1) as security for the loan to repay all or part of the loan.
(B) The disposition or utilization of materials under this
paragraph shall be in accordance with applicable International Atomic
Energy Agency safeguards regarding such materials, and such materials
may not, during the course of such disposition or utilization, be
removed from such safeguards.
(4) Materials placed under International Atomic Energy Agency
safeguards pursuant to paragraph (1) shall not be treated as part of
the 34.00 metric tons of weapons-grade plutonium to be used by the
Government of the Russian Federation largely as mixed oxide (MOX) fuel
under the Plutonium Disposition Agreement.
(f) Treatment of Guarantees Under Plutonium Disposition
Agreement.--The guarantee of any loan under this section shall not be
treated as a contribution to the Government of the Russian Federation
under the Plutonium Disposition Agreement.
(g) Prohibition on Collection of Fees.--The Secretary may not
impose or collect any fee in connection with the guarantee of a loan
under this section.

SEC. 4. SUPPORT OF INTERNATIONAL ATOMIC ENERGY AGENCY MATERIALS
SAFEGUARDS.

Of the amounts authorized to be appropriated or otherwise made
available to the Secretary of Energy each fiscal year for Materials
Protection Control and Accounting, not more than $15,000,000 shall be
available to the Secretary for purposes of covering the expenses of the
International Atomic Energy Agency (IAEA) in implementing and
maintaining safeguards under section 3(e) on materials providing
security for loans guaranteed under section 3.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

(a) Cost of Loan Guarantees.--For the cost of the loans guaranteed
under this Act as defined in section 502 of the Congressional Budget
Act of 1974 (2 U.S.C. 661(a)), there is authorized to be appropriated
for fiscal years 2002 through 2005, such amounts as may be necessary.
(b) Cost of Administration.--There is hereby authorized to be
appropriated to the Secretary of Energy for fiscal year 2002,
$10,000,000 for purposes of activities under this Act, other than to
cover costs under subsection (a) and to cover expenses under section 4.
(c) Availability.--Amounts appropriated pursuant to the
authorizations of appropriations in subsections (a) and (b) shall
remain available until expended.

SEC. 6. DEFINITIONS.

In this Act:
(1) Highly enriched uranium agreement.--The term ''Highly
Enriched Uranium Agreement'' means the Agreement Between the
United States of America and the Government of the Russian
Federation Concerning the Disposition of Highly Enriched
Uranium Extracted from Nuclear Weapons, dated February 18,
1993.
(2) Nuclear nonproliferation treaty.--The term ''Nuclear
Nonproliferation Treaty'' means the Treaty on the
Nonproliferation of Nuclear Weapons, as opened for signature
July 1, 1968.
(3) Plutonium disposition agreement.--The term ''Plutonium
Disposition Agreement'' means the Agreement Between the
Government of the United States of America and the Government
of the Russian Federation Concerning the Management and
Disposition of Plutonium Designated As No Longer Required for
Defense Purposes and Related Cooperation, signed by the United
States on September 1, 2000.

SEC. 7. TERMINATION OF AUTHORITY.

The authority of the Secretary of Energy to guarantee loans under
this Act shall terminate on December 31, 2004. The termination of
authority to guarantee loans under this section shall not affect the
validity of any guarantee made under this Act before that date.
A:
Russian Fissile Materials Disposition Loan Guarantee Act of 2001 - Authorizes the Secretary of Energy, with the President's approval, to guarantee loans (principal and up to three percent per year on interest) made to the Government of the Russian Federation (GRF) for: (1) retirement of the sovereign debt of the Russian Federation; and (2) nuclear nonproliferation programs and activities. Sets forth certain guaranteed loan requirements.