; 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 described in this paragraph to be imposed with respect to a foreign person or an agency or instrumentality of a foreign state 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 a foreign state, and the Export-Import Bank of the United States shall comply with any such direction. (B) The President may prohibit the sale of any defense articles, defense services, or design and construction services under the Arms Export Control Act ( 22 U.S.C. 2751 et seq.) to the foreign person or agency or instrumentality of a foreign state. (C) The President may prohibit the issuance of licenses for export of any item on the United States Munitions List under section 38(a)(1) of the Arms Export Control Act ( 22 U.S.C. 2778(a)(1) ) that include the foreign person or agency or instrumentality of a foreign state as a party. (D) The President may prohibit the export of any goods or technologies controlled for national security reasons under the Export Administration Regulations under subchapter C of chapter VII of title 15, Code of Federal Regulations, to the foreign person or agency or instrumentality of a foreign state, 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. 3091 et seq.). (E) The President may prohibit any