Sanctions Implementation Procedures Act of 1998

Sanctions Implementation Procedures Act of 1998 - Authorizes the President to delay the initial imposition of sanctions against a foreign country mandated by statute if it is determined that such delay is necessary: (1) to assist in negotiating a cessation by the country of the sanctionable activity; or (2) for a review of the potential effectiveness of such sanction.

Terminates such a delay and imposes such a sanction: (1) 45 days after the delay commenced; or (2), if earlier, when a report submitted under this Act does not recommend that the sanction should not apply. Allows an extended delay of 15 days if such a report does recommend that the sanction should not apply; but requires imposition of the sanction after such 15-day period if the Congress has not enacted a joint resolution approving the recommendation.

Directs the President to submit to the Congress a report setting forth: (1) the objectives of the country sanction delayed; (2) the extent of multilateral support, if any, for such sanction; (3) the estimated impact on the country to be sanctioned; (4) the costs and benefits to the United States of imposing the country sanction; and (5) if the President so determines, based upon such information, a recommendation that the country sanction should not apply with respect to a sanctionable activity. Declares that a country sanction with respect to which the President has made such a recommendation shall not apply with respect to the sanctionable activity if the Congress enacts a joint resolution approving such recommendation.

Directs the President, two years after the initial imposition of any country sanction, and annually thereafter, to submit a similar report to the Congress.

Sets forth congressional procedures for the approval of joint resolutions.