Legis Daily

Russia and Belarus SDR Exchange Prohibition Act of 2022

USA117th CongressS-4079| Senate 
| Updated: 4/25/2022
Rick Scott

Rick Scott

Republican Senator

Florida

Cosponsors (1)
Joe Manchin (Independent)

Foreign Relations Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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, (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased aggression directed at undermining Ukraine's sovereignty and territorial integrity, or (3) the date on which the President reports to Congress that termination of the provisions is in the national interest of the United States.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 25, 2022
Introduced in Senate
Apr 25, 2022
Read twice and referred to the Committee on Foreign Relations.
Oct 4, 2022

Latest Companion Bill Action

HR 117-6899
Signed by President.
  • April 25, 2022
    Introduced in Senate


  • April 25, 2022
    Read twice and referred to the Committee on Foreign Relations.


  • October 4, 2022

    Latest Companion Bill Action

    HR 117-6899
    Signed by President.

International Affairs

Related Bills

  • HR 117-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022
BelarusConflicts and warsCongressional oversightCurrencyEuropeInternational monetary system and foreign exchangeInternational organizations and cooperationMilitary operations and strategyRussiaSovereignty, recognition, national governance and statusUkraine

Russia and Belarus SDR Exchange Prohibition Act of 2022

USA117th CongressS-4079| Senate 
| Updated: 4/25/2022
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, (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased aggression directed at undermining Ukraine's sovereignty and territorial integrity, or (3) the date on which the President reports to Congress that termination of the provisions is in the national interest of the United States.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 25, 2022
Introduced in Senate
Apr 25, 2022
Read twice and referred to the Committee on Foreign Relations.
Oct 4, 2022

Latest Companion Bill Action

HR 117-6899
Signed by President.
  • April 25, 2022
    Introduced in Senate


  • April 25, 2022
    Read twice and referred to the Committee on Foreign Relations.


  • October 4, 2022

    Latest Companion Bill Action

    HR 117-6899
    Signed by President.
Rick Scott

Rick Scott

Republican Senator

Florida

Cosponsors (1)
Joe Manchin (Independent)

Foreign Relations Committee

International Affairs

Related Bills

  • HR 117-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
BelarusConflicts and warsCongressional oversightCurrencyEuropeInternational monetary system and foreign exchangeInternational organizations and cooperationMilitary operations and strategyRussiaSovereignty, recognition, national governance and statusUkraine