Russia and Belarus SDR Exchange Prohibition Act of 2022

Russia and Belarus SDR Exchange Prohibition Act of 2022

This act prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to 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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations.

The act's provisions shall be in effect until the earlier of (1) five years after this act'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. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov