Public Law 117-185 | Public Law 117–185: 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.

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PUBLIC LAW 117–185—OCT. 4, 2022

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.

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,

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)

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)

President.

Reports.

Waiver.—

The President may waive the application of this section if the President reports to the Congress that the waiver 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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