to the government of the foreign state. (D) No item on the United States Munitions List (established pursuant to section 38 of the Arms Export Control Act ( 22 U.S.C. 2778 )) or the Commerce Control List set forth in Supplement No. 1 to part 774 of title 15, Code of Federal Regulations, may be exported to the government of the foreign state. (E) The President may, pursuant to such regulations as the President may prescribe, prohibit any transactions in foreign exchange that are subject to the jurisdiction of the United States and in which the government of the foreign state has any interest. (F) The President may, pursuant to such regulations as the President may prescribe, prohibit any transfers of credit or payments between one or more financial institutions or by, through, or to any financial institution, to the extent that such transfers or payments are subject to the jurisdiction of the United States and involve any interest of the government of the foreign state. (e) Exemptions, waivers, and removals of sanctions and designations (1) Exemptions (A) Mandatory exemptions The following activities shall be exempt from sanctions under subsections (b), (c), and (d): (i) Activities subject to the reporting requirements of title V of the National Security Act of 1947 ( 50 U.S.C. 413 et seq.), or to any authorized intelligence activities of the United States. (ii) Any transaction necessary to comply with United States obligations under the Agreement between the United Nations and the United States of America regarding the Headquarters of the United Nations, signed June 26, 1947, and entered into force on November 21, 1947, or under the Vienna Convention on Consular Relations, signed April 24, 1963, and entered into force on March 19, 1967, or under other international agreements. (2) Waiver The President may waive, on a case-by-case basis, the imposition of sanctions for a period of not more than one year, and may renew that waiver for additional periods of not more than one year, any sanction or penalty under this