; or (ii) has taken and is continuing to take significant verifiable steps toward terminating the activities or transactions for which the sanctions were imposed pursuant to this subsection; and (B) the President has received reliable assurances from the foreign person or agency or instrumentality of the foreign state that it will not carry out any activities or transactions for which sanctions may be imposed pursuant to this subsection in the future. (c) Waiver The President may waive the application of subsection (b) with respect to a foreign person or agency or instrumentality of a foreign state for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President— (1) determines that the waiver is vital to the national security of the United States