United States advocacy for investment in projects that decrease reliance on Russia for agricultural commodities

(a)

In general

Title XIV of the International Financial Institutions Act (22 U.S.C. 262n-262n-3) is amended by adding at the end the following:

1405.

Advocacy for investment in projects that decrease reliance on Russia for agricultural commodities

(a)

In general

The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States, to the maximum extent practicable, to encourage the respective institution to— (1)support projects that decrease the reliance of countries on Russia for agricultural commodities, particularly fertilizer and grain; (2)ensure the resilience of global grain supplies; and (3)stimulate private investment in the projects. (b)

Waiver authority

The Secretary of the Treasury may waive subsection (a) with respect to a project upon notifying Congress that the waiver is in the national interest of the United States.

(b)

Repeal

Section 1405 of such Act, as added by this section, is repealed effective on the earlier of— (1)the date that is 5 years after the date of the enactment of this Act; or (2)the date that is 30 days after the date the President reports to the Congress that the termination of such section 1405 is important to the national interest of the United States, with an explanation of the reasons therefor.