§262p–12a Ukraine Debt Payment Relief

Summary

The Treasury Secretary must tell U.S. executive directors at international financial institutions to use America’s voice and vote to push for immediate debt service relief for Ukraine. The Treasury Secretary must also work with the Secretary of State and with other governments and creditor groups, including the Paris Club, to seek broad debt payment relief. U.S. executive directors must support, where practical, cheaper or more favorable financial help for Ukraine and seek economic support for refugees from Ukraine — including refugees of African and Asian descent — and for countries hosting them that are eligible for multilateral bank aid. By December 31 each year the President must send a public report to the House Committees on Financial Services, Appropriations, and Foreign Affairs and the Senate Committees on Foreign Relations and Appropriations about what was done. The President may waive these rules if it is in the national interest, but must tell Congress why. The rules end on the earlier of seven years after December 23, 2022 (December 23, 2029) or 30 days after the President reports that the Russian government has stopped destabilizing Ukraine’s sovereignty and territorial integrity.