any 12-month period), that contributes 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; or 
‘‘(2) is a spouse, minor child, or agent of a per-
son described in paragraph (1). 
‘‘(b) WAIVER.—The Secretary of State may waive the 
application of subsection (a) if the Secretary certifies and 
reports to the appropriate congressional committees, on a 
case-by-case basis, that the admission to the United States 
of a person described in subsection (a)— 
‘‘(1) is necessary for critical medical reasons or 
for purposes of litigation of an action under title III 
of this Act; or 
‘‘(2) is appropriate if the requirements of sec-
tions 204, 205, and 206 of this Act have been satis-
fied. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) AGENT
AND
INSTRUMENTALITY.—The 
terms ‘agent’ and ‘instrumentality’ shall include the 
Cuban Communist Party. 
‘‘(2) DEVELOP.—The term ‘develop’, with re-
spect to petroleum resources, means the exploration 
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for, or the extraction, refining, or transportation by 
pipeline or other means of, petroleum resources. 
‘‘(3) INVESTMENT.—The term ‘investment’ 
means any of the following activities if such activity 
is undertaken pursuant to an agreement, or pursu-
ant to the exercise of rights under such an agree-
ment, that was or is entered into with the Govern-
ment of Cuba (or any agency or instrumentality 
thereof) or a nongovernmental entity in Cuba, on or 
after January 10, 2005: 
‘‘(A) The entry into a contract that in-
cludes responsibility for the development of pe-
troleum resources of the submerged lands lo-
cated off Cuba’s coast, or the entry into a con-
tract providing for the general supervision and 
guarantee of another person’s performance of 
such a contract. 
‘‘(B) The purchase of a share of owner-
ship, including an equity interest, in such devel-
opment. 
‘‘(C) The entry into a contract providing 
for the participation in royalties, earnings, or 
profits in such development, without regard to 
the form of the participation. 
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‘‘(D) The entry into, performance, or fi-
nancing of a contract to sell or purchase goods, 
services, or technology related to such develop-
ment. 
‘‘(4) PETROLEUM RESOURCES.—The term ‘pe-
troleum resources’ includes petroleum and natural 
gas resources, petroleum by products, and liquified 
natural gas.’’. 
(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. 5. 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 
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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 
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. 
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(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 
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. 
(4) PROCUREMENT
SANCTION.—Prohibit the 
United States Government from procuring, or enter-
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