; and (2) submits to the appropriate congressional committees a report on the waiver and the reasons for the waiver. (e) Implementation; penalties (1) Implementation 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) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (f) Sunset The authority to impose sanctions under this section shall terminate on the date that is the earlier of the following: (1) The date that is 5 years after the date of the enactment of this Act. (2) The date on which the Russian oil price cap policy ceases to be in effect. (g) Consultations Prior to the imposition of sanctions under this section, the Secretary of State shall consult with the appropriate counterparts of the Governments of Australia, G7 countries, and member countries of the European Union with respect to the imposition of sanctions. (h) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate