(a) Suspension of multilateral debt payments of Ukraine

(1) United States position in the international financial institutions

The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice, vote, and influence of the United States to advocate that the respective institution immediately provide appropriate debt service relief to Ukraine.

(2) Official bilateral and commercial debt service payment relief

The Secretary of the Treasury, working in coordination with the Secretary of State, shall commence immediate efforts with other governments and commercial creditor groups, through the Paris Club of Official Creditors and other bilateral and multilateral frameworks, both formal and informal, to pursue comprehensive debt payment relief for Ukraine.

(3) Multilateral financial support for Ukraine

The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to support, to the extent practicable, the provision of concessional financial assistance for Ukraine.

(4) Multilateral financial support for refugees

The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to seek to provide economic support for refugees from Ukraine, including refugees of African and Asian descent, and for countries receiving refugees from Ukraine that are eligible for assistance from the multilateral development banks.

(b) Report to the Congress

Not later than December 31 of each year, the President shall—

(1) submit to the Committees on Financial Services, on Appropriations, and on Foreign Affairs of the House of Representatives and the Committees on Foreign Relations and on Appropriations of the Senate, a report on the activities undertaken under this section; and

(2) make public a copy of the report.

(c) Waiver and termination

(1) Waiver

The President may waive the application of this section if the President determines that a waiver is in the national interest of the United States and reports to the Congress an explanation of the reasons therefor.

(2) Termination

This section shall have no force or effect on the earlier of—

(A) the date that is 7 years after December 23, 2022; or

(B) the date that is 30 days after the date on which the President reports to Congress that the Government of the Russian Federation has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.