U.S. Treasury Secretary Janet Yellen must block Russia from exchanging the $17 billion in International Monetary Fund reserves it received last year and oppose any further such IMF allocations, U.S. Republican lawmakers said.
The 41 lawmakers said in a letter to Yellen that the $650 billion allocation of Special Drawing Rights to IMF members had undermined previous sanctions on Russia even before it invaded Ukraine.
The United States and Western allies have imposed sanctions on Russia's central bank aimed at neutralizing Moscow's $640 billion reserves, which would make such a transaction difficult and subject the counterparty to sanctions as well.But the lawmakers used the invasion to repeat their longstanding criticism of the SDR allocation, which also provided SDRs to China and Iran.
The lawmakers also said that Yellen and U.S. allies must plan for contingencies to block a bailout if an economically weakened Russia is forced to turn to the IMF for future loans.
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