Imposition of sanctions with respect to Syrian financial institutions

(a) Imposition of sanctions (1) In general Upon the enactment of this Act, the President shall— (A) impose all of the sanctions described in subsection (d) with respect to— (i) the Central Bank of Syria; (ii) any financial institution organized under the laws of Syria and owned in whole or in part by the Government of Syria; (iii) any subsidiary of, or successor entity to, the Central Bank of Syria or any financial institution described in clause (ii); and (iv) except as provided by subsection (c), any foreign financial institution that engages in transactions with the Central Bank of Syria or any financial institution described in clause (ii) or (iii); and (B) impose the sanctions described in subsection (e) with respect to any leaders, officials, senior executive officers, or members of the board of directors of, or any principal shareholders with a controlling or majority interest in, the Central Bank of Syria or any financial institution described in clause (ii), (iii), or (iv). (2) Updates Not later than 210 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall— (A) review any persons that may be described in paragraph (1); and (B) if sanctions have not been imposed under this subsection with respect to any person the President determines is described in paragraph (1), impose such sanctions with respect to that person. (b) Prohibition on transactions by United States persons Effective on the date that is 30 days after the date of the enactment of this Act, the President shall prohibit any United States person from engaging in any transaction with the Central Bank of Syria or any financial institution described in clause (ii), (iii), or (iv) of subsection (a)(1)(A). (c) Exception for certain financial institutions The President is not required to impose sanctions under subsection (a)(1)(A) with respect to a foreign financial institution described in clause (iv) of that subsection if the Secretary of the Treasury determines that imposing such sanctions is not consistent with the economic or foreign policy interests of the United States. (d) Sanctions applicable to financial institutions The sanctions described in this subsection to be imposed with respect to a financial institution described in subsection (a) are the following: (1) Blocking of property 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 the financial institution 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. (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 the financial institution. (e) Sanctions applicable to individuals The sanctions described in this subsection to be imposed with respect to an individual described in subsection (a) are the following: (1) Blocking of property 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 the individual 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. (2) Ineligibility for visas, admission, or parole (A) Visas, admission, or parole An alien described in subsection (a) shall be— (i) inadmissible to the United States; (ii) ineligible to receive a visa or other documentation to enter the United States; and (iii) otherwise ineligible to be admitted or paroled into the United States or to receive any other benefit under the Immigration and Nationality Act (8 U.S.C. 1101 et seq.). (B) Current visas revoked (i) In general The visa or other entry documentation of an alien described in subsection (a) shall be revoked, regardless of when such visa or other entry documentation is or was issued. (ii) Immediate effect A revocation under clause (i) shall— (I) take effect immediately; and (II) automatically cancel any other valid visa or entry documentation that is in the possession of the alien.