To exclude from admission to the United States aliens who have made investments contributing to the enhancement of the ability of Cuba to develop its petroleum resources, and for other purposes.

SECTION 1. STATEMENT OF POLICY.

    It shall be the policy of the United States to--
            (1) undertake the necessary measures to deny the Cuban 
        regime the financial resources to engage in activities that 
        threaten--
                    (A) United States national security, its interests 
                and its allies;
                    (B) the environment and natural resources of the 
                submerged lands of Cuba's northern coast and Florida's 
                unique maritime environment; and
                    (C) that prolong the dictatorship that oppresses 
                the Cuban people; and
            (2) deter foreign investments that would enhance the 
        ability of the Cuban regime to develop its petroleum resources.

SEC. 2. EXCLUSION OF CERTAIN ALIENS.

    (a) In General.--The Cuban Liberty and Democratic Solidarity 
(LIBERTAD) Act of 1996 (22 U.S.C. 6021 et seq.) is amended by inserting 
after section 401 the following:

``SEC. 402. EXCLUSION FROM THE UNITED STATES OF ALIENS WHO CONTRIBUTE 
              TO THE ABILITY OF CUBA TO DEVELOP PETROLEUM RESOURCES OFF 
              OF CUBA'S NORTHERN COAST.

    ``(a) In General.--The Secretary of State shall deny a visa to, and 
the Secretary of Homeland Security shall exclude from the United 
States, any alien who the Secretary of State determines is a person 
who--
            ``(1) is an officer or principal of an entity, or a 
        shareholder who owns a controlling interest in an entity, that, 
        on or after May 2, 2006, makes an investment that equals or 
        exceeds $1,000,000 (or any combination of investments that in 
        the aggregate equals or exceeds $1,000,000 in any 12-month 
        period), that contributes to the enhancement of Cuba's ability 
        to develop petroleum resources of the submerged lands of Cuba's 
        northern coast; or
            ``(2) is a spouse, minor child, or agent of a person 
        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; or
            ``(2) is appropriate if the requirements of sections 203, 
        204, and 205 have been satisfied.
    ``(c) Definitions.--In this section:
            ``(1) Develop.--The term `develop', with respect to 
        petroleum resources, means the exploration for, or the 
        extraction, refining, or transportation by pipeline or other 
        means of, petroleum resources.
            ``(2) Investment.--The term `investment' means any of the 
        following activities if such activity is undertaken pursuant to 
        an agreement, or pursuant to the exercise of rights under such 
        an agreement, that is entered into with the Government of Cuba 
        (or any agency or instrumentality thereof) or a nongovernmental 
        entity in Cuba, on or after May 2, 2006:
                    ``(A) The entry into a contract that includes 
                responsibility for the development of petroleum 
                resources of the submerged lands of Cuba's northern 
                coast, or the entry into a contract providing for the 
                general supervision and guarantee of another person's 
                performance of such a contract.
                    ``(B) The purchase of a share of ownership, 
                including an equity interest, in that development.
                    ``(C) The entry into a contract providing for the 
                participation in royalties, earnings, or profits in 
                that development, without regard to the form of the 
                participation.
                    ``(D) The entry into, performance, or financing of 
                a contract to sell or purchase goods, services, or 
                technology related to that development.
            ``(3) Petroleum resources.--The term `petroleum resources' 
        includes petroleum and natural gas resources.''.
    (b) Effective Date.--The amendment made by this section applies to 
aliens seeking admission to the United States on or after the date of 
the enactment of this Act.

SEC. 3. IMPOSITION OF SANCTIONS.

    (a) In General.--The President shall impose two or more of the 
sanctions described in subsection (b) if the President determines that 
a person has, on or after May 2, 2006, made an investment that equals 
or exceeds $1,000,000 (or any combination of investments that in the 
aggregate equals or exceeds $1,000,000 in any 12-month period) that 
contributes to the enhancement of Cuba's ability to develop petroleum 
resources of the submerged lands of Cuba's northern coast.
    (b) Sanctions Described.--The sanctions to be imposed on a 
sanctioned person under this section are as follows:
            (1) Export-import bank assistance for exports to sanctioned 
        persons.--The President may direct the Export-Import Bank of 
        the United States not to 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 any sanctioned person.
            (2) Export sanction.--The President may order the United 
        States Government not to issue any specific license and not to 
        grant any 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 reexport of goods or 
                services.
            (3) Loans from united states financial institutions.--The 
        United States Government may prohibit any United States 
        financial institution from making loans or providing credits to 
        any sanctioned person totaling more than $10,000,000 in any 12-
        month period unless such person is engaged in activities to 
        relieve human suffering and the loans or credits are provided 
        for such activities.
            (4) Prohibitions on financial institutions.--The following 
        prohibitions may be imposed against a sanctioned person that is 
        a financial institution:
                    (A) Prohibition on designation as primary dealer.--
                Neither the Board of Governors of the Federal Reserve 
                System nor the Federal Reserve Bank of New York may 
                designate, or permit the continuation of any prior 
                designation of, such financial institution as a primary 
                dealer in United States Government debt instruments.
                    (B) Prohibition on service as a repository of 
                government funds.--Such financial institution may not 
                serve as agent of the United States Government or serve 
                as repository for United States Government funds.
        The imposition of either sanction under subparagraph (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.--The United States Government may 
        not procure, or enter into any contract for the procurement of, 
        any goods or services from a sanctioned person.
    (c) Person Defined.--In this section, the term ``person'' includes 
a foreign subsidiary of a person referred to in subsection (a).

Summary: States that it shall be U.S. policy to: (1) undertake measures to deny the Cuban regime the financial resources to engage in activities that threaten U.S. national security and other interests, threaten the environment and natural resources of northern Cuba and Florida, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources.

Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination of investments that equals or exceeds $1 million in any 12-month period), that significantly contributes to Cuba's ability to develop petroleum and natural gas resources off its north coast; or (2) is a spouse, minor child, or agent of such person.

Exempts on a case-by-case basis entries: (1) for medical reasons or property-related litigation; or (2) where a transition government is in place.

Defines "investment" for purposes of this Act.

Directs the President to impose two or more specified export, procurement, financial institution, loan, or Export-Import Bank sanctions if the President determines that a person has made an investment of $1 million or more (or any combination of investments that in the aggregate equals or exceeds $1 million in any 12-month period) that contributes to the enhancement of Cuba's ability to develop petroleum resources of the submerged lands of Cuba's northern coast.