On Tuesday, US President Joe Biden signed a bill that forbids the US Treasury from acquiring Special Drawing Rights from Belarus and Russia in exchange for US currency.
In addition, the law requires the US Treasury Secretary to contact other countries in an effort to persuade them to avoid exchanges using the special drawing rights provided to Russia and Belarus.
According to the statute, the United States’ representatives at the World Bank and the International Monetary Fund must oppose the provision of financial aid to the aforementioned nations, unless it is necessary to address the basic needs of their civilian populations.
If the US President does not certify to Congress that Russia and Belarus have discontinued what US law refers to as “destabilising acts that undermine Ukraine’s sovereignty and territorial integrity,” these measures will be approved for a term of five years.
In March of last year, this programme was introduced in the US in response to the beginning of the Russian military action in Ukraine.
It should be emphasised that Special Drawing Rights are reserve assets issued by the International Monetary Fund that are traded in a wide range of international currencies and are accessible in many nations.
Author: TASS.
Biden forbids the acquisition of special drawing rights from Belarus and Russia.
About Author
