EXPROPRIATION OF UNITED STATES PROPERTY.

SEC. 527. EXPROPRIATION OF UNITED STATES PROPERTY. (a) Prohibition.— None of the funds made available to carry out this Act, the Foreign Assistance Act of 1961, or the Arms Export Control Act may be provided to a government or any agency or instrumentality thereof if the government of such country (other than a country described if subsection (d))— (1) has on or after January 1, 1956— (A) nationalized or expropriated the property of any United States person, (B) repudiated or nullified any contract with any United States person, or (C) taken any other action (such as the imposition of discriminatory taxes or other exactions) which has the effect of seizing ownership or control of the property of any United States person, and (2) has not, within the period specified in subsection (c), either— (A) returned the property, (B) provided adequate and effective compensation for such property in convertible foreign exchange or other mutually acceptable compensation equivalent to the full value thereof, as required by international law, (C) offered a domestic procedure providing prompt, adequate and effective compensation in accordance with international law, or (D) submitted the dispute to arbitration under the rules of the Convention for the Settlement of Investment Disputes or other mutually agreeable binding international arbitration procedure. 108 STAT. 476 (b) Other Actions.— The President shall instruct the United States Executive Directors of each multilateral development bank and international financial institution to vote against any loan or other utilization of the funds of such bank or institution for the benefit of any country to which assistance is prohibited under subsection (a), unless such assistance is directed specifically to programs which serve the basic human needs of the citizens of that country. (c) Period for Settlement of Claims.— The period of time described in subsection (a)(2) is the latest of the following— (1) 3 years after the date on which a claim was filed, (2) in the case of a country that has a totalitarian or authoritarian government at the time of the action described in subsection (a)(1), 3 years after the date of installation of a democratically elected government, or (3) 90 days after the date of enactment of this Act. (d) Excepted Countries and Territories.— This section shall not apply to any country established by international mandate through the United Nations or to any territory recognized by the United States Government to be in dispute. (e) Resumption of Assistance.—A prohibition or termination of assistance under subsection (a) and an instruction to vote against loans under subsection (b) shall cease to be effective when the President certifies in writing to the Speaker of the House of Representatives and to the Committee on Foreign Relations of the Senate that such government has taken one of the steps described in subsection (a)(2). (f) Reporting Requirement.— Not later than 90 days after the date of enactment of this Act and at the beginning of each fiscal year thereafter, the Secretary of State shall transmit to the Speaker of the House of Representatives and the Committee on Foreign Relations of the Senate, a report containing the following: (1) A list of every country in which the United States Government is aware that a United States person has an outstanding expropriation claim. (2) The total number of such outstanding expropriation claims made by United States persons against each such country. (3) The period of time in which each such claim has been outstanding. (4) The status of each case and efforts made by the United States Government and the government of the country in which such claim has been made, to take one or more of the steps described in subsection (a)(2). (5) Each project a United States Executive Director voted against as a result of the action described in subsection (b). (g) Waiver.— The President may waive the prohibitions in subsections (a) and (b) for a country, on an annual basis, if the President determines and so notifies Congress that it is in the national interest to do so. (h) Definitions.— For the purpose of this section, the term “United States person” means a United States citizen or corporation, partnership, or association at least 50 percent beneficially owned by United States citizens.