; or (B) is owned or controlled by, or has acted for or on behalf of, a foreign person described in paragraph (1). (b) Sanctions described The sanctions to be imposed on a foreign person described in subsection (a) are the following: (1) Blocking of property The President shall exercise all powers granted 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 the foreign person 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. (2) Aliens ineligible for visas, admission, or parole (A) Exclusion from the United States If the foreign person is an individual, the Secretary of State shall deny a visa to, and the Secretary of Homeland Security shall exclude from the United States, the foreign person. (B) Current visas revoked (i) In general The issuing consular officer, the Secretary of State, or the Secretary of Homeland Security (or a designee of one of such Secretaries) shall revoke any visa or other entry documentation issued to the foreign person regardless of when issued. (ii) Effect of revocation A revocation under clause (i) shall take effect immediately and shall automatically cancel any other valid visa or entry documentation that is in the possession of the foreign person. (c) Waiver Subject to section 216, the President may waive the application of sanctions under subsection (b) with respect to a person if the President determines that such a waiver is in the national security interest of the United States. (d) Definitions In this section: (1) Financial, material, or technological support The term financial, material, or technological support has the meaning given such term in section 542.304 of title 31, Code of Federal Regulations (or any corresponding similar