; or (B) an entity owned or controlled by Hizballah. (3) Sanctions described The sanctions described in this paragraph are the exercise of all powers granted to the President by the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) (except that the requirements of section 202 of such Act ( 50 U.S.C. 1701 ) shall not apply) to the extent necessary to block and prohibit all transactions in all property and interests in property of an agency or instrumentality of a foreign state if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (b) Sanctions against state sponsors of terrorism (1) In general In the case of an agency or instrumentality of a foreign state that engages in the activities described in subsection (a) that is an agency or instrumentality of a foreign state described in paragraph (2), the President shall, pursuant to section 6 of the Export Administration Act of 1979 (as continued in effect pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.)), require a license under the Export Administration Regulations to export or re-export to that foreign state any item designated by the Secretary of Commerce as EAR 99 , other than food, medicine, medical devices, or similarly licensed items. (2) Foreign state described A foreign state described in this paragraph is a foreign state that— (A) the President determines has, on or after the date of the enactment of this section, knowingly provided significant financial or material support for, or arms or related material to— (i) Hizballah; or (ii) an entity owned or controlled by Hizballah