US President Joe Biden on Tuesday signed a law banning the US Treasury from buying special drawing rights from Russia and Belarus with US dollars.
The law also provides that the US Secretary of the Treasury is responsible for consulting with other countries in order to convince them to abandon operations related to the exchange of hard currency with special drawing rights available to Russia and Belarus.
The law also authorizes US representatives to the World Bank and the International Monetary Fund to oppose the provision of financial assistance by international organizations to the two countries, with the exception of meeting the basic needs of the civilian population in them.
These measures will be approved for a period of 5 years, unless the US president confirms to Congress that Russia and Belarus have stopped what US law describes as “destabilizing activities that undermine the sovereignty and territorial integrity of Ukraine.”
This initiative was put forward in the United States in March last year against the backdrop of the start of the Russian military operation in Ukraine.
It should be noted that special drawing rights are reserve assets issued by the International Monetary Fund, available in many countries and exchangeable for various world currencies.
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