Biden signs law banning Finance Ministry from exchanging Russian SDRs for dollars

The law signed by the U.S. president provides for a similar ban on the exchange of SDR with Belarus.

Biden signs law banning Finance Ministry from exchanging Russian SDRs for dollars

U.S. President Joe Biden signed a law banning the U.S. Treasury Department to participate in exchange of dollars for special drawing rights (SDR), held by Russia and Belarus. This was reported by the press service of the White House.

“The president has signed into law <…> prohibiting the secretary of the Treasury from engaging in transactions involving the exchange of special drawing rights held by Russia or Belarus,” the document reads.

In addition to the ban on transactions, involving the exchange of dollars for Russian and Belarusian SDR, the law obliges the U.S. Treasury Secretary to engage in a dialogue with other countries to refuse similarly to convert special drawing rights of Russia and Belarus into the currency.

Also, U.S. representatives to institutions such as the World Bank and IMF must oppose “the provision of financial assistance to the Russian Federation and Belarus from the relevant institution other than to meet the basic needs of the civilian population.