; or (ii) any significant transaction described in paragraph (1)(B) that involves, directly or indirectly, a foreign state described in clause (i). (b) Imposition of sanctions (1) In general The President shall impose two or more of the sanctions described in paragraph (2) with respect to a foreign person or an agency or instrumentality of a foreign state identified pursuant to subsection (a). (2) Sanctions described The sanctions referred to in paragraph (1) are the following: (A) The President may direct the Export-Import Bank of the United States not to give approval to the issuance of any guarantee, insurance, extension of credit, or participation in the extension of credit in connection with the export of any goods or services to the foreign person or agency or instrumentality of the foreign state, and the Export-Import Bank of the United States shall comply with any such direction. (B) No sales of any defense articles, defense services, or design and construction services under the Arms Export Control Act ( 22 U.S.C. 2751 et seq.) may be made to the foreign person or agency or instrumentality of the foreign state. (C) No licenses for export of any item on the United States Munitions List that include the foreign person or agency or instrumentality of the foreign state as a party to the license may be granted. (D) No exports may be permitted to the foreign person or agency or instrumentality of the foreign state of any goods or technologies controlled for national security reasons under the Export Administration Regulations, except that such prohibition shall not apply to any transaction subject to the reporting requirements of title V of the National Security Act of 1947 ( 50 U.S.C. 413 et seq.