Values in Arms Export Act of 2022 This bill restricts transferring defense articles and services to countries that violate human rights, imposes such restrictions on Saudi Arabia and the United Arab Emirates (UAE), and addresses related issues. The bill establishes the Human Rights and Law of War Oversight Board. The board's duties shall include (1) reviewing countries that receive U.S. defense articles for strict adherence to human rights and the law of armed conflict principles, and (2) ensuring that such principles are appropriately considered in arms transfers. The President, the Department of State, the Department of Defense, the board, or Congress may designate a country (except for certain exempted countries such as NATO member countries) as a country of concern. Such a designation shall last for three years, during which the country shall be barred from receiving the defense articles that led to the designation. The bill also imposes additional restrictions on a designated country that fails to improve its adherence to human rights principles. The Department of the Treasury must impose sanctions on the appropriate government officials of a country subject to such additional restrictions. The bill designates Saudi Arabia and the UAE as countries of concern. Before certain defense articles transfers, the President must provide Congress an assessment of the risk of the defense articles being used to violate human rights. The bill also requires various government agencies to monitor and report information concerning human rights violations involving U.S. defense articles.