wing of Hamas, they have provided training, they have provided capabilities, they have provided support, and they have provided engagement and contact with Hamas over years and years. . (7) President Biden reached an agreement with the Iranian regime to bring home Siamak Namazi, Morad Tahbaz, Emad Shargi, and two additional American hostages all of whom were wrongfully detained in Iran. 3. Imposition of sanctions with respect to covered Iranian assets (a) In general On and after the date of the enactment of this Act, the President shall impose the sanction described in subsection (c) with respect to each foreign financial institution that the President determines engages in an activity described in subsection (b). (b) Activities described A foreign financial institution engages in an activity described in this subsection if the institution processes, participates in, or facilitates a transaction using or involving covered Iranian funds. (c) Blocking of property The sanction described in this subsection is the exercise of all of the powers granted to the President under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) to the extent necessary to block and prohibit all transactions in property and interests in property of a foreign financial institution described in subsection (a) 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. (d) Penalties 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 violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulations promulgated to carry out this section to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (e) Termination of sanctions The President shall not be required to impose sanctions under