Sanctions with respect to the Government of Canada

(a) Mandatory sanctions Upon an affirmative determination under section 5(a), the President shall impose the sanctions described in paragraphs (1), (2), and (3), and not fewer than 3 of the sanctions described in paragraphs (4) through (9): (1) United states government procurement The head of an executive agency may not enter into or renew a contract for the procurement of goods or services with the Government of Canada or an entity owned or controlled by the Government of Canada. (2) Export-import bank assistance The Export-Import Bank of the United States may not give approval to the issuance of any guarantee, insurance, extension of credit, or participation in the extension of credit in connection with the export of any goods or services to the Government of Canada or an entity owned or controlled by the Government of Canada. (3) International financial institutions The Secretary of the Treasury shall instruct the United States executive director at each international financial institution, as defined in section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r(c)(2)), to use the voice and vote of the United States to oppose any loan, grant, strategy, or policy that would benefit the Government of Canada, except assistance intended to meet basic human needs or directly support wildfire prevention, suppression, mitigation, environmental remediation, or public health. (4) Prohibition on banking transactions The President may prohibit any United States financial institution from making loans or providing credits to the Government of Canada, except loans or credits for the provision of humanitarian goods, agricultural commodities, food, medicine, medical devices, or wildfire-management assistance. (5) Restrictions on sovereign debt The President may prohibit United States persons from purchasing, subscribing to, or otherwise dealing in new debt issued by the Government of Canada or an entity owned or controlled by that government. (6) Restrictions on government equity The President may prohibit United States persons from purchasing or dealing in new equity issued by an entity owned or controlled by the Government of Canada. (7) Import restrictions The President may prohibit the importation into the United States of goods produced, manufactured, grown, or extracted by an entity owned or controlled by the Government of Canada. (8) Restrictions on new investment The President may prohibit new investment by a United States person in an entity owned or controlled by the Government of Canada. (9) Restrictions on state-owned enterprises The President may block and prohibit transactions in property and interests in property of any State-owned enterprise of Canada that materially finances or supports a ministry, agency, official, policy, or activity described in section 6(a). (b) Application A sanction imposed under subsection (a) shall apply notwithstanding any contract, license, or permit entered into or issued before the date on which the sanction is imposed, except to the extent the President provides a wind-down period not exceeding 60 days. (c) Regulatory authority The President may prescribe such regulations, licenses, orders, directives, and guidance as are necessary to carry out this section. (d) Rule regarding private persons Nothing in this section shall be construed to require the imposition of sanctions on a privately owned person in Canada solely because that person is organized or located in Canada.