This bill prohibits the issuance of licenses or waivers from sanctions for specific Iranian individuals and entities. It targets those included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control (OFAC) as of January 20, 2021, pursuant to Executive Order 13224, which addresses terrorism-related activities. Such licenses or waivers may only be granted if the President certifies to designated congressional committees that the foreign persons have ceased their involvement in terrorism. This prohibition, however, does not restrict or modify any general licenses issued by OFAC that were already in effect on January 20, 2021, relating to transactions with these sanctioned persons.