; or (ii) has taken and is continuing to take significant verifiable steps toward terminating the activities or transactions for which the sanctions were to be imposed; and (B) the President has received reliable assurances from the foreign person or agency or instrumentality that it will not carry out any activities or transactions for which sanctions may be imposed under this subsection in the future. (c) Penalties (1) In general The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to a person that knowingly violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under section 8(b) to carry out subsection (b)(2)(F) to the same extent that such penalties apply to a person that knowingly commits an unlawful act described in section 206(a) of that Act. (2) Authorities The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 and 1704) for purposes of carrying out subsection (b)(2)(F). (d) 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