; or (3) any activities that are required for the safe operation of nuclear reactors including critical reactor safety, safeguards, and security, in which there are no alternative suppliers. (c) 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 sections 4, 5, and 6 if the President notifies Congress not later than 5 days prior to the issuance of a license relating to such exercise of authorities. (2) 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 regulations promulgated under subsection (d) to carry out section 4, 5, or 6 to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (d) Regulatory authority Not later than 180 days after the date of the enactment of this Act, the President shall promulgate regulations as necessary for the implementation of sections 4, 5, and 6. 8. Congressional oversight of certain sanctions imposed with respect to the russian federation (a) In general Not later than 60 days after receiving a request from the chairman and ranking member of one of the appropriate congressional committees with respect to whether a person meets the criteria of a foreign person described in paragraph (2), (3), (4) or (5) of section 5(a) or a foreign financial institution described in section 6(a), as the case may be, or is violating or has violated a covered regulation, the President shall— (1) determine if the person or foreign financial institution, as the case may be, meets such criteria