; and (2) submit a classified or unclassified report to such chairman and ranking member with respect to the determination under paragraph (1) that includes a statement of whether or not the President has imposed or intends to impose sanctions with respect to that person. (e) Penalties (1) In general 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 knowingly violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under section 7(b) to carry out paragraph (1) or (2)(F) of subsection (c) to the same extent that such penalties apply to a person that knowingly commits an unlawful act described in section 206(a) of that Act. (2) Authorities 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) for purposes of carrying out paragraphs (1) and (2)(F) of subsection (c). (f) Exception The President shall not be required to impose sanctions under this section with respect to a foreign person or an agency or instrumentality of a foreign state if the President certifies in writing to the appropriate congressional committees that— (1) the foreign person or agency or instrumentality (as the case may be)— (A) is no longer carrying out activities or transactions subject to sanctions under this section; or (B) has taken and is continuing to take significant verifiable steps toward terminating activities or transactions subject to sanctions under this section