required under paragraph (1) shall be submitted in unclassified form but may contain a classified annex. (b) Imposition of sanctions (1) In general If the President determines that a financial institution identified under subsection (a) has knowingly engaged in conduct described in that subsection, the President shall apply the following sanctions with respect to that financial institution: (A) Prohibit the designation of the financial institution, or the continuation of any prior designation of the financial institution, as a primary dealer in United States Government debt instruments. (B) Prohibit the financial institution from serving as agent of the United States Government or as a repository for funds of the United States Government. (C) One or more of the following: (i) Prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of any correspondent account or payable-through account by the financial institution if the financial institution is a foreign financial institution. (ii) Prohibit any transactions in foreign exchange that are subject to the jurisdiction of the United States and in which the financial institution has any interest. (iii) In accordance with the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of the financial institution 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) Civil penalties If the President determines that a financial institution identified under subsection (a) that is a United States financial institution has knowingly engaged in conduct described in that subsection— (A) if the financial institution has taken reasonable steps to prevent a recurrence of conduct described in that subsection and is cooperating fully with the efforts of the President to enforce the provisions of this Act— (i) unless the