; and (B) should be sanctioned in the interest of United States national security. (2) Imposition of sanctions Upon the submission of each list required under paragraph (1), the President shall impose the sanctions described in subsection (c) with respect to each foreign person identified on such list. (c) Sanctions described The sanctions described in this subsection are the following: (1) Blocking of property (A) In general The President shall exercise 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 person subject to subsection (a) or (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) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act ( 50 U.S.C. 1701 ) shall not apply for purposes of this section. (2) Restrictions on correspondent and payable-through accounts The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or payable-through account by a foreign person subject to subsection (a) or (b). (d) Definitions In this section: (1) Joint-equity bank The term joint-equity bank means a bank under the jurisdiction of the People’s Republic of China in which— (A) the bank’s equity is owned jointly by the shareholders; and (B) the Government of the People’s Republic of China holds an interest. (2) National joint-stock commercial bank The term national joint-stock commercial bank means a bank under the jurisdiction of the People’s Republic of China in which— (A) the bank’s stock is owned jointly by the shareholders