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10/5, 6:31 AM (Source: TeleTrader)
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Biden bans US trade in IMF assets held by Russia, Belarus

United States President Joe Biden on Tuesday signed a bill prohibiting the US Treasury Department from exchanging special drawing rights (SDRs) held by Russia and Belarus, the White House announced.

After the move, Washington will no longer participate in exchanging dollars for international reserve assets maintained by the International Monetary Fund (IMF) based on contributions from the two member states.

The bipartisan legislation, proposed by US Representative French Hill, had passed the Senate with unanimous consent.

Baha Breaking News (BBN) / NL