; or (2) the Export Administration Regulations under subchapter C of chapter VII of title 15, Code of Federal Regulations. (c) Regulations Not later than 180 days after the date of the enactment of this Act, the President shall prescribe such regulations as are necessary to carry out subsection (a). 5. Imposition of sanctions with respect to provision to or purchase from People's Republic of China of covered national interest technology and intellectual property (a) In general The President shall, pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ), block and prohibit all transactions in all property and interests in property of a person described in subsection (b) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (b) Persons described A person described in this subsection is— (1) a foreign person that, on or after the date of the enactment of this Act, knowingly sells or otherwise provides to, or knowingly purchases from, the People's Republic of China any covered national interest technology or intellectual property subject to the jurisdiction of the United States