; or (C) conducting any transaction involving such property. (2) Exclusion from the United States and revocation of visa or other documentation In the case of a foreign person who is an individual, the President may direct the Secretary of State to deny a visa to, and the Secretary of Homeland Security to exclude from the United States, the foreign person, subject to regulatory exceptions to permit the United States to comply with the Agreement regarding the Headquarters of the United Nations, signed at Lake Success June 26, 1947, and entered into force November 21, 1947, between the United Nations and the United States, or other applicable international obligations. 7. Sanctions with respect to foreign financial institutions that conduct significant transactions with foreign persons that contravene the obligations of China under the Joint Declaration or the Basic Law (a) Imposition of sanctions (1) Initial sanctions Not later than one year after the date on which a foreign financial institution is included in the report under section 5(b) or an update to that report under section 5(e), the President shall impose not fewer than 5 of the sanctions described in subsection (b) with respect to that foreign financial institution. (2) Expanded sanctions Not later than two years after the date on which a foreign financial institution is included in the report under section 5(b) or an update to that report under section 5(e), the President shall impose each of the sanctions described in subsection (b). (b) Sanctions described The sanctions described in this subsection with respect to a foreign financial institution are the following: (1) Loans from United States financial institutions The United States Government may prohibit any United States financial institution from making loans or providing credits to the foreign financial institution. (2) Prohibition on designation as primary dealer Neither the Board of Governors of the Federal Reserve System nor the Federal Reserve Bank of New York may designate, or permit the