Page:United States Statutes at Large Volume 116 Part 2.djvu/665

 PUBLIC LAW 107-228—SEPT. 30, 2002 116 STAT. 1447 SEC. 1316. INDEPENDENT MEDIA AND THE RULE OF LAW. 22 USC 5952 Notwithstanding section 1315(a)(1) and (b)(1), up to 10 percent of the amount equal to the value of the debt reduced pursuant to this subtitle may be used to promote a vibrant, independent media sector and the rule of law in the Russian Federation through an endowment to support the establishment of a "Center for an Independent Press and the Rule of Law" in the Russian Federation, which shall be directed by a joint United States-Russian Board of Directors in which the majority of members, including the chairman, shall be United States personnel, and which shall be responsible for management of the endowment, its funds, and the Center's programs. SEC. 1317. RESTRICTION ON DEBT REDUCTION AUTHORITY. 22 USC 5952 (a) PROLIFERATION TO STATE SPONSORS OF TERRORISM. —Subject °°*®' to the provisions of subsection (c), the debt reduction authority provided by section 1314 may not be exercised unless and until the President certifies to the appropriate congressional committees that the Russian Federation has made material progress in stemming the flow of sensitive goods, technologies, material, and knowhow related to the design, development, and production of weapons of mass destruction and the means to deliver them to state sponsors of international terrorism. (b) ANNUAL DETERMINATION.— If, in any annual report to Congress submitted pursuant to section 1321, the President cannot certify that the Russian Federation continues to meet the condition required in subsection (a), then, subject to the provisions of subsection (c), the debt reduction authority provided by section 1314 may not be exercised unless and until such certification is made to the appropriate congressional committees. (c) PRESIDENTIAL WAIVER. —The President may waive the requirements of subsection (a) or (b) for a fiscal year if the President— (1) determines that application of the subsection for a fiscal year would be counter to the national interest of the United States; and (2) so reports to the appropriate congressional committees. SEC. 1318. DISCUSSION OF RUSSIAN FEDERATION DEBT REDUCTION 22 USC 5952 FOR NONPROLIFERATION WITH OTHER CREDITOR note. STATES. It is the sense of Congress that the President and such other appropriate officials as the President may designate should pursue discussions with other creditor states with the objectives of— (1) ensuring that other advanced industrial democracies, especially the largest holders of Soviet-era Russian debt, dedicate significant proportions of their bilateral official debt with the Russian Federation or equivalent amounts of direct assistance to the G-8 Global Partnership against the Spread of Weapons and Materials of Mass Destruction, as agreed upon in the Statement by G—8 Leaders on June 27, 2002; and (2) reaching agreement, as appropriate, to establish a unified Russian Federation official debt reduction fund to manage and provide financial transparency for the resources provided by creditor states through debt reductions.

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