This legislation mandates the imposition of sanctions on any person, whether a U.S. or foreign entity subject to U.S. jurisdiction, who knowingly provides material support or media services to a covered foreign media entity and receives compensation. These services are broadly defined to include content, editorial contributions, production infrastructure, and distribution platforms that enable the dissemination of information. The sanctions described include the blocking of property, prohibition of procurement contracts with U.S. persons, denial of financing from the Export-Import Bank, and for aliens, denial of visas or exclusion from the United States. A foreign media entity is defined as one owned or controlled by a foreign government or sanctioned entity, designated as an instrument of propaganda, or acting to disseminate disinformation on behalf of a sanctioned person. The President may waive these sanctions if determined to be in the national interest, with a written explanation to Congress. Additionally, the bill codifies Executive Order 13846, which reimposed certain sanctions with respect to Iran, giving it the force and effect of law. It also requires the Secretary of the Treasury to submit annual reports detailing persons providing such services, enforcement actions taken, and assessing Iran's financing of propaganda or disinformation campaigns targeting U.S. or allied audiences.