(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to aliens seeking admission to the 
United States on or after the date of the enactment of 
this Act. 
SEC. 4. IMPOSITION OF SANCTIONS AND PROHIBITION ON 
FACILITATION OF DEVELOPMENT OF CUBA’S 
PETROLEUM RESOURCES. 
(a) IN GENERAL.—If the President determines that 
a person has, on or after January 10, 2005, made an in-
vestment that equals or exceeds $1,000,000 (or any com-
bination of investments that in the aggregate equals or 
exceeds $1,000,000 in any 12-month period) that contrib-
utes to the enhancement of the ability of the Government 
of Cuba, or any agent or instrumentality thereof, to de-
velop petroleum resources of the submerged lands located 
off Cuba’s coast, or has made an investment of any 
amount of money that contributes to such an enhancement 
and has trafficked in confiscated United States property, 
the President shall impose two or more of the following 
sanctions: 
(1) PROHIBITION
ON
LOANS
AND
GUARAN-
TEES.—Prohibit the issuance by the Overseas Pri-
vate Investment Corporation, the Export-Import 
Bank, or any other United States instrument of any 
loan, guarantee, insurance, extension of credit, or 
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participation in the extension of credit in connection 
with the export of any goods or services to any sanc-
tioned person. 
(2) EXPORT SANCTION.—Prohibit the issuance 
by the United States Government of any specific li-
cense and or other specific permission or authority 
to export any goods or technology to a sanctioned 
person under— 
(A) the Export Administration Act of 
1979; 
(B) the Arms Export Control Act; 
(C) the Atomic Energy Act of 1954; or 
(D) any other statute that requires the 
prior review and approval of the United States 
Government as a condition for the export or re-
export of goods or services. 
(3) PROHIBITIONS
ON
FINANCIAL
INSTITU-
TIONS.—The following prohibitions may be imposed 
against a sanctioned person that is a financial insti-
tution: 
(A) PROHIBITION
ON
DESIGNATION
AS 
PRIMARY DEALER.—Prohibit the Board of Gov-
ernors of the Federal Reserve System and the 
Federal Reserve Bank of New York from desig-
nating, or permitting the continuation of any 
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prior designation of, such financial institution 
as a primary dealer in United States Govern-
ment debt instruments. 
(B) PROHIBITION ON SERVICE AS A RE-
POSITORY OF GOVERNMENT FUNDS.—Prohibit 
such financial institution from serving as agent 
of the United States Government or serving as 
repository for United States Government funds. 
The imposition of either sanction under subpara-
graph (A) or (B) shall be treated as one sanction for 
purposes of this section, and the imposition of both 
such sanctions shall be treated as two sanctions for 
purposes of this section. 
(5) PROCUREMENT
SANCTION.—Prohibit the 
United States Government from procuring, or enter-
ing into any contract for the procurement of, any 
goods or services from a sanctioned person. 
(b) TERMINATION
OF SANCTIONS.—Sanctions im-
posed pursuant to subsection (a) shall terminate if the 
President determines and certifies to the appropriate con-
gressional committees that the requirements of sections 
204, 205, and 206 of the Cuban Liberty and Democratic 
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6064, 
6065, and 6066) have been satisfied. 
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(c) PROHIBITION
ON FACILITATION
BY UNITED 
STATES PERSONS OF CUBA’S ABILITY TO DEVELOP PE-
TROLEUM RESOURCES.—It shall be unlawful for any 
United States person to provide materials, technical equip-
ment, or other assistance that contributes to the enhance-
ment of Cuba’s ability to develop petroleum resources of 
the submerged lands located off Cuba’s coast. 
(d) REPORTS BY SECRETARY OF STATE.—Not later 
than 180 days after the date of the enactment of this Act 
and every 180 days thereafter, the Secretary of State shall 
submit to the Committee on Foreign Affairs and the Com-
mittee on Appropriations of the House of Representatives 
and the Committee on Foreign Relations and the Com-
mittee on Appropriations of the Senate a report relating 
to— 
(1) 
investments 
that 
equal 
or 
exceed 
$1,000,000 (or any combination of investments that 
in the aggregate equals or exceeds $1,000,000 in 
any 12-month period) that contribute to the en-
hancement of the ability of the Government of Cuba, 
or any agent or instrumentality thereof, to develop 
petroleum resources of the submerged lands located 
off Cuba’s coast, including information relating to 
the values of such investments, the identity of the 
persons making such investments, and proposed in-
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vestments that would satisfy such criteria, and infor-
mation relating to any sanctions that have been im-
posed pursuant to subsection (a) as a result of such 
investments; and 
(2) investments of any amount of money, in 
conjunction with trafficking in confiscated United 
States property, that contribute to such an enhance-
ment, including information relating to the values of 
such investments, the identity of the persons making 
such investments, and the identity of such con-
fiscated property, and information relating to any 
sanctions that have been imposed pursuant to sub-
section (a) as a result of such investments. 
(e) ASSESSMENTS OF ENVIRONMENTAL IMPACTS OF 
DEVELOPMENT OF CUBA’S PETROLEUM RESOURCES.— 
(1) IN
GENERAL.—Not later than one year 
after the date of the enactment of this Act and an-
nually thereafter, the Secretary of State, in consulta-
tion with the Secretary of the Interior and the Ad-
ministrator of the Environmental Protection Agency, 
shall submit to the Committee on Foreign Affairs 
and the Committee on Natural Resources of the 
House of Representatives and the Committee on 
Foreign Relations and the Committee on Energy 
and Natural Resources of the Senate a report con-
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