; or (ii) has taken and is continuing to take significant verifiable steps toward terminating the activities or transactions for which the sanctions were imposed pursuant to this subsection; and (B) the President has received reliable assurances from the foreign person or agency or instrumentality of the foreign state that it will not carry out any activities or transactions for which sanctions may be imposed pursuant to this subsection in the future. (c) Waiver (1) In general The President may waive, on a case by case basis and for a period of not more than 180 days, a requirement under subsection (b) to impose or maintain sanctions with respect to a foreign person or agency or instrumentality of a foreign state if the President— (A) determines that the waiver is in the national security interest of the United States; and (B) not less than 30 days before the waiver takes effect, submits to the appropriate congressional committees a report on the waiver and the justification for the waiver. (2) Renewal of waiver The President may, on a case by case basis, renew a waiver under paragraph (1) for additional periods of not more than 180 days if the President— (A) determines that the renewal of the waiver is in the national security interest of the United States