The Entity List is the list most often misdescribed in reporting on sanctions, so it is worth being precise.
What it does
Addition imposes a licence requirement on exports, re-exports and in-country transfers of items subject to the Export Administration Regulations to the named party. Each entry states the licence requirement and the licence review policy, which is frequently a presumption of denial.
What it does not do
It does not block property. It does not freeze assets. It does not prohibit all dealings with the party. A bank may generally maintain an account for an Entity List party; an exporter may not ship controlled items to it without a licence.
Why the distinction matters commercially
Treating an Entity List entry as a designation causes firms to terminate lawful relationships, and treating a designation as an Entity List entry causes them to continue prohibited ones. Both errors are common, and both come from reading a screening hit without reading which list produced it.