50 U.S.C. § 1314

AUTHORITY TO REDUCE THE RUSSIAN FEDERATION’S SOVIET-ERA DEBT OBLIGATIONS TO THE UNITED STATES.

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“(a)Authority To Reduce Debt.—“(1)In general.—Upon the entry into force of a Russian Federation Nonproliferation Investment Agreement, the President may reduce amounts of Soviet-era debt owed by the Russian Federation to the United States (or any agency or instrumentality of the United States) that are outstanding as of the last day of the fiscal year preceding the fiscal year for which appropriations are available for the reduction of debt, in accordance with this subtitle.“(2)Limitation.—The authority provided by paragraph (1) shall be available only to the extent that appropriations for the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990 [2 U.S.C. 661a(5)]) of reducing any debt pursuant to such subsection are made in advance.“(3)Supersedes existing law.—The authority provided by paragraph (1) may be exercised notwithstanding section 620(r) of the Foreign Assistance Act of 1961 (22 U.S.C. 2370(r)) or section 321 of the International Development and Food Assistance Act of 1975 [Pub. L. 94–161, set out as a note under section 2220a of Title 22, Foreign Relations and Intercourse].“(b)Implementation.—“(1)Delegation of authority.—The President may delegate any authority conferred upon the President in this subtitle to the Secretary of State.“(2)Establishment of terms and conditions.—Consistent with this subtitle, the President shall establish the terms and conditions under which loans and credits may be reduced pursuant to subsection (a).“(3)Implementation.—In exercising the authority of subsection (a), the President—“(A) shall notify—“(i) the Department of State, with respect to obligations of the former Soviet Union under the Lend Lease Act of 1941 [former 22 U.S.C. 411 et seq.]; and“(ii) the Commodity Credit Corporation, with respect to obligations of the former Soviet Union under the Commodity Credit Corporation Act [15 U.S.C. 713a et seq.];“(B) shall direct the cancellation of old obligations and the substitution of new obligations consistent with the Russian Federation Nonproliferation Investment Agreement; and“(C) shall direct the appropriate agency to make an adjustment in the relevant accounts to reflect the new debt treatment.“(4)Deposit of repayments.—All repayments of outstanding loan amounts under subsection (a) that are not designated under a Russian Federation Nonproliferation Investment Agreement shall be deposited in the United States Government accounts established for repayments of the original obligations.“(5)Not treated as foreign assistance.—Any reduction of Soviet-era debt pursuant to this subtitle shall not be considered assistance for the purposes of any provision of law limiting assistance to a country.“(c)Authorization of Appropriation.—“(1)In general.—For the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990 [2 U.S.C. 661a(5)]) of modifying any Soviet-era debt obligation pursuant to subsection (a), there are authorized to be appropriated to the President such sums as may be necessary.“(2)Availability of funds.—Amounts appropriated pursuant to paragraph (1) are authorized to remain available until expended.