H.R. 6899House117th Congress (2021-2023)Enacted

Russia and Belarus SDR Exchange Prohibition Act of 2022

Introduced March 2, 2022

AI-Generated Summary

Updated February 8, 2026 at 9:45 AM UTC

The Russia and Belarus SDR Exchange Prohibition Act of 2022 bars the U.S. Treasury from any transaction that exchanges Special Drawing Rights (SDRs) held by the Russian Federation or Belarus. It also requires the Treasury to urge IMF member countries to prohibit such exchanges and to use the United States’ vote at international financial institutions to oppose financial assistance to Russia and Belarus, except for basic humanitarian needs. The prohibition remains in effect until the earlier of five years after enactment or 30 days after the President reports that Russia and Belarus have stopped destabilizing Ukraine, and the President may waive the rule if it is in the national interest.

Key Provisions

  • Prohibits the Secretary of the Treasury from engaging in any exchange of IMF‑issued SDRs that are held by Russia or Belarus.
  • Directs the Treasury to vigorously advocate to IMF member governments to prohibit similar SDR exchanges and to use the U.S. vote to oppose financial assistance to Russia and Belarus, except for basic human needs.
  • Sets the rule to expire either five years after enactment or 30 days after the President reports the end of destabilizing activities toward Ukraine, whichever occurs first.
  • Allows the President to waive the prohibition if a report to Congress explains that the waiver serves the United States’ national interest.

Legislative Activity

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22 earlier actions
Became Law Latest Action

Became Public Law No: 117-185.

October 4, 2022

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HouseIntro Referral

Introduced in House

March 2, 2022

HouseIntro Referral

Referred to the House Committee on Financial Services.

March 2, 2022

HouseCommittee

Committee Consideration and Mark-up Session Held.

March 17, 2022

HouseCommittee

Ordered to be Reported in the Nature of a Substitute by Voice Vote.

March 17, 2022

HouseCommittee

Reported (Amended) by the Committee on Financial Services. H. Rept. 117-316.

May 10, 2022

HouseCalendars

Placed on the Union Calendar, Calendar No. 236.

May 10, 2022

HouseFloor

Mr. Garcia (IL) moved to suspend the rules and pass the bill, as amended.

May 10, 2022 • 4:55 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H4754-4755)

May 10, 2022 • 4:55 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 6899.

May 10, 2022 • 4:56 PM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

May 10, 2022 • 5:06 PM

HouseFloor

Considered as unfinished business. (consideration: CR H4840-4841)

May 11, 2022 • 5:49 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162).

May 11, 2022 • 6:00 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162). (text: 05/10/2022 CR H4754)

May 11, 2022 • 6:00 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

May 11, 2022 • 6:00 PM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

May 12, 2022

SenateCommittee

Committee on Foreign Relations. Ordered to be reported without amendment favorably.

July 19, 2022

SenateCommittee

Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.

July 21, 2022

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 452.

July 21, 2022

SenateFloor

Passed Senate without amendment by Unanimous Consent. (consideration: CR S4940)

September 21, 2022

SenateFloor

Message on Senate action sent to the House.

September 22, 2022

President

Presented to President.

September 28, 2022

Became Law

Signed by President.

October 4, 2022

Became Law

Became Public Law No: 117-185.

October 4, 2022

Floor Debate

4 members

What members said about H.R. 6899 on the floor

2 Republicans1 Democrat1 Independent
J. French Hill
Rep. J. French HillR-AR-2 · Dec 14, 2022

Mr. Speaker, I, too, thank my friend from Texas for his inspirational recitations of these outstanding young people who seek an appointment to the military academy. There is no more optimistic and…

J. French Hill
Rep. J. French HillR-AR-2 · May 10, 2022

Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today in support of my legislation being considered here on the House floor, the Russia and Belarus SDR Exchange…

Jesús G. "Chuy" García
Rep. Jesús G. "Chuy" GarcíaD-IL-4 · May 10, 2022

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6899) to prohibit the Secretary of the Treasury from engaging in transactions involving the exchange of Special Drawing Rights…

Bernard Sanders
Sen. Bernard SandersI-VT · Sep 21, 2022

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 452, H.R. 6899. I ask unanimous consent that the bill be considered read a third time and…

Mary E. Miller
Rep. Mary E. MillerR-IL-15 · May 10, 2022

Mr. Speaker, on that I demand the yeas and nays.

Bill Text

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One Hundred Seventeenth Congress of the United States of America

At the Second Session

Begun and held at the City of Washington on Monday, the third day of January, two thousand and twenty-two

H. R. 6899

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.

1.

Short title

This Act may be cited as the Russia and Belarus SDR Exchange Prohibition Act of 2022.

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)

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)

Waiver

The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

Speaker of the House of Representatives.

Vice President of the United States and President of the Senate.