[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:
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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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