This bill requires the Department of the Treasury to instruct the United States Executive Directors at each international financial institution to use their voice, vote, and influence to prevent such institutions from entering into contracts for reconstruction in Ukraine with companies in countries supporting the Russian invasion of Ukraine. The international financial institutions include the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation.
Specifically, the bill requires such instructions to prevent the institutions from contracting with firms, including subcontractors, that are located or have operations in designated countries or in countries whose government has provided material or diplomatic support for the Russian invasion of Ukraine.
The bill also authorizes Treasury to waive such instructions for countries specified by the bill if the government of that country (1) publicly opposes the Russian invasion of Ukraine, or (2) provides material support to Ukraine to evict Russian forces from its territory.
