This Act may be cited as the No Sanctions Relief for Terrorists Act.

(a) In General No license or waiver may be granted with respect to any transaction with any foreign person described in subsection (b) unless the President certifies to the following committees that the foreign persons have ceased their involvement in terrorism: (1) The Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives. (2) The Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. (b) Sanctioned persons The foreign persons described in this subsection are all Iranian individuals and entities included, as of January 20, 2021, on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury pursuant to Executive Order 13224 (66 Fed. Reg. 49079; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism). (c) Rule of construction The prohibition under subsection (a) may not be construed to restrict or modify any general license issued by the Office of Foreign Asset Control relating to transactions with persons described in subsection (b), as in effect on January 20, 2021.