Implementation of Executive Order No. 12959 With Respect to Iran

DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

Implementation of Executive Order No. 12959 With Respect to Iran

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice; publication of general licenses and general notices.

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SUMMARY: The Office of Foreign Assets Control is publishing its interim

general licenses and general notices issued through July 21, 1995, to

implement recently imposed economic sanctions on Iran.

FOR FURTHER INFORMATION CONTACT: Regarding the issuance of licenses,

Licensing Division (tel.: 202/622-2480); regarding banking and

compliance questions, Compliance Programs Division (tel.: 202/622-

2490); or, regarding legal questions, Chief Counsel's Office (tel.:

202/622-2410); Office of Foreign Assets Control, Department of the

Treasury, Washington, D.C. 20220.

SUPPLEMENTARY INFORMATION:

Electronic Availability

This document is available as an electronic file on The Federal

Bulletin Board the day of publication in the Federal Register. By modem

dial 202/512-1387 and type ``/GO FAC'' or call 202/512-1530 for disks

or paper copies. This file is available for downloading in WordPerfect

5.1, ASCII, and Postscript formats. The document is also accessible for

downloading in ASCII format without charge from Treasury's Electronic

Library (``TEL'') in the ``Business, Trade and Labor Mall'' of the

FedWorld bulletin board. By modem dial 703/321-3339, and select self-

expanding file ``T11FR00.EXE'' in TEL. For Internet access, use one of

the following protocols: Telnet = fedworld.gov (192.239.93.3); World

Wide Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov

(192.239.92.205).

Background

In Executive Order No. 12613 of October 29, 1987 (3 CFR, 1987

Comp., p. 256, 52 FR 41940), President Reagan imposed import sanctions

against Iran, invoking the authority, inter alia, of the International

Security and Development Cooperation Act of 1985, 22 U.S.C. 2349aa-9

(``ISDCA''). In Executive Order 12957 of March 15, 1995 (60 FR 14615,

March 17, 1995), President Clinton declared a national emergency with

respect to the actions and policies of the Government of Iran, invoking

the authority, inter alia, of the International Emergency Economic

Powers Act, 50 U.S.C. 1701-06 (``IEEPA''). The President substantially

supplemented and amended the sanctions in those orders in Executive

Order 12959 of May 6, 1995 (60 FR 24757, May 9, 1995), invoking the

authority, inter alia, of IEEPA and ISDCA. In the Executive orders, the

President imposed specified sanctions against Iran, and authorized the

Secretary of the Treasury, in consultation with the Secretary of State,

to take such actions, including the promulgation of rules and

regulations, as might be necessary to carry out the purposes of those

orders.

[[Page 40882]]

The Office of Foreign Assets Control is publishing its interim

general licenses and general notices issued through July 21, 1995, to

provide guidance to the public on its interpretation of Executive Order

12959. Whenever possible, it is the practice of the Office of Foreign

Assets Control to receive written submissions or hold informal

consultations with interested parties before the issuance of any rule

or other public document. Any interested person may write the Director

of the Office of Foreign Assets Control at the above address to make

comments or suggestions with respect to the general licenses and

general notices printed below.

GENERAL LICENSE NO. 1

30-Day Delayed Effective Date for Pre-May 7, 1995 Trade Contracts

Involving Iran

(a) All transactions necessary to complete performance of a trade

contract entered into prior to May 7, 1995, and involving Iran (a

``pre-existing trade contract''), including the exportation of goods,

services (including financial services), or technology from the United

States that were authorized pursuant to Federal regulations in force

immediately prior to May 7, 1995, or performance under a contract for

transactions in Iranian-origin or Iranian government-owned or

controlled goods or services not involving importation into the United

States, are authorized without specific licensing by the Office of

Foreign Assets Control (``OFAC'') if the conditions in subsection

(a)(1) or subsection (a)(2) are met:

(1) If the pre-existing trade contract is for exportation of goods

or technology from the United States that were authorized pursuant to

Federal regulations in force immediately prior to May 7, 1995, the

goods or technology must be exported from the United States prior to

12:01 a.m. EDT, June 6, 1995, and all other activity by U.S. persons

that is necessary and incidental to the performance of the pre-existing

trade contract (other than payment under a financing contract) must be

completed prior to 12:01 a.m. EDT, August 6, 1995; or

(2) If the pre-existing trade contract is for:

(i) The provision of services benefitting a person in Iran, the

Government of Iran, or an entity owned or controlled by the Government

of Iran, or

(ii) The reexportation of goods or technology to Iran, the

Government of Iran, or an entity owned or controlled by the Government

of Iran that were authorized pursuant to Federal regulations in force

immediately prior to May 7, 1995, or

(iii) Transactions relating to goods or services of Iranian origin

or owned or controlled by the Government of Iran other than

transactions relating to importation into the United States of such

goods or services,

all obligations under the pre-existing trade contract must be fully

completed prior to 12:01 a.m. EDT, June 6, 1995.

(b) In order to complete performance of a pre-existing trade

contract, and consistent with section 8(a) of Executive Order 12959,

the arrangement or renegotiation of contracts for transactions

necessary and incidental to performance of the pre-existing trade

contract is authorized. Such incidental transactions may include, for

example, financing, shipping and insurance arrangements. Amendments to

pre-existing trade contracts for the purpose of accelerating a

previously-specified delivery schedule under a contract for a fixed

quantity or value of goods, technology or services, or curtailing or

cancelling required performance, are authorized without specific

licensing. Any other alteration of the trade contract must be

specifically licensed by OFAC.

(c) The existence of a contract will be determined with reference

to the principles contained in Article 2 of the Uniform Commercial

Code.

(d) No U.S. person may change its policies or operating procedures

in order to enable a foreign entity owned or controlled by U.S. persons

to enter into a transaction that could not be entered into directly by

a U.S. person located in the United States pursuant to Executive Order

12959.

Issued: May 19, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 2

Payment and U.S. Dollar Clearing Transactions Involving Iran

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995--the

``Order''). Section 1(b) of the Order prohibits the exportation of

services (including financial services) to Iran. This general

license provides guidance to U.S. banking institutions for the

transfer of funds not involving accounts of persons located in Iran,

the Government of Iran, or entities owned or controlled by the

Government of Iran maintained on the books of a U.S. banking

institution (``Iranian Accounts''). Iranian Accounts must be

operated in accordance with General License No. 3, issued

contemporaneously with this license.

Transfer instructions directing the movement of funds or the

performance of other banking services that would directly or

indirectly benefit persons in Iran or the Government of Iran are

requests for the exportation of services. Such services may not be

performed by a U.S. banking institution, and thus the transfer

instructions must be rejected, unless the transfer is authorized by

the general license below or by a specific or another general

license issued by the Office of Foreign Assets Control (``OFAC'').

Pursuant to section 8(a)(i) of the Order, contracts for the

provision of financial services in force on May 6, 1995 (including

the account contracts for Iranian Accounts) may continue to be

performed through 12:01 a.m. EDT, June 6, 1995.]

(a) United States banking institutions (``U.S. banking

institutions'') are authorized to process transfers of funds to or from

Iran, or for the direct or indirect benefit of persons in Iran, the

Government of Iran, or entities owned or controlled by the Government

of Iran, if the transfer is covered in full by any of the following

conditions and does not involve debiting or crediting an Iranian

Account:

(1) The transfer arises from an underlying transaction that is not

prohibited by or not subject to the Order (such as a third-country

transaction not involving a United States person or not otherwise

prohibited by the Order); or

(2) The transfer arises from an underlying transaction that has

been authorized by a specific or general license issued by the Office

of Foreign Assets Control; or

(3) The transfer arises from an underlying transaction that is

exempted from regulation pursuant to section 203(b) of the

International Emergency Economic Powers Act, 50 U.S.C. 1702(b), such as

an exportation of information or informational materials to Iran, a

travel-related remittance, or payment for the shipment of a donation of

articles to relieve human suffering; or

(4) The transfer is a non-commercial remittance to or from Iran,

such as a family remittance not related to a family-owned enterprise.

(b) Before a U.S. banking institution initiates a payment subject

to the Order on behalf of a customer, or credits a transfer subject to

the Order to the account on its books of the ultimate beneficiary, the

U.S. banking institution must determine that the transfer is not

prohibited by the Order.

(c) Pursuant to the prohibitions in section 1(f) of the Order, a

United States banking institution may not make transfers to or for the

benefit of a foreign-organized entity owned or controlled by it if the

underlying

[[Page 40883]]

transaction would be prohibited if engaged in directly by the U.S.

banking institution.

(d) This general license does not authorize transactions with

respect to property blocked pursuant to residual provisions of the

Iranian Assets Control Regulations, 31 C.F.R. Part 535.

(e) For the purposes of this general license:

(1) The term ``United States banking institution'' or ``U.S.

banking institution'' means:

(i) Any entity organized under the laws of any jurisdiction within

the United States (including its foreign branches), and

(ii) Any agency, office, or branch located in the United States of

a foreign entity,

that is engaged primarily in the business of banking, including

accepting deposits and making, granting, transferring, holding, or

brokering loans or credits. The term includes, among others, depository

institutions, banks, savings banks, savings associations, mortgage

companies, credit unions, and trust companies;

(2) The term ``United States person'' means any United States

citizen, permanent resident alien, juridical person organized under the

laws of the United States or any jurisdiction within the United States

(including foreign branches), or any person in the United States, and

vessels and aircraft of U.S. registration.

For further information concerning this general license contact the

Compliance Programs Division of the Office of Foreign Assets Control at

(202)622-2490.

Issued: June 1, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 3

Exportation of Services: Iranian Accounts at U.S. Financial

Institutions

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

(a) Until 12:01 a.m. EDT, June 6, 1995, U.S. financial institutions

are authorized to perform services with respect to accounts held on

their books for persons located in Iran, the Government of Iran, or

entities owned or controlled by the Government of Iran, pursuant to

contracts in force as of May 6, 1995 (``Iranian Accounts'').

(b) After 12:01 a.m. EDT, June 6, 1995, U.S. financial institutions

are prohibited from performing services with respect to Iranian

Accounts at the instruction of the Government of Iran, entities owned

or controlled by the Government of Iran, and persons located in Iran,

except that U.S. financial institutions are authorized to provide and

be compensated for services and incidental transactions with respect

to:

(1) The maintenance of Iranian Accounts, including the payment of

interest and the debiting of service charges,

(2) The processing of transfers arising from underlying

transactions that are exempted from regulation pursuant to section

203(b) of the International Emergency Economic Powers Act, 50 U.S.C.

1702(b), such as an exportation of information or informational

materials to Iran, a travel-related remittance, or payment for the

shipment of a donation of articles to relieve human suffering, and

(3) At the request of the account party, the closing of Iranian

Accounts and the lump sum transfer only to the account party of all

remaining funds and other assets in the account.

(c) Specific licenses may be issued with respect to the operation

of Iranian Accounts that constitute accounts of:

(1) Foreign government missions and their personnel in Iran, or

(2) Missions of the Government of Iran in the United States.

(d) For the purposes of this general license the term ``United

States financial institution'' means:

(1) Any entity organized under the laws of any jurisdiction within

the United States (including its foreign branches), and

(2) Any agency, office, or branch located in the United States of a

foreign entity,

that is engaged primarily in the business of accepting deposits,

making, granting, transferring, holding, or brokering loans or credits,

or purchasing or selling foreign exchange, securities, commodity

futures or options, or procuring purchasers and sellers thereof, as

principal or agent. The term includes, among others, depository

institutions, banks, savings banks, savings associations, mortgage

companies, credit unions, trust companies, securities brokers and

dealers, commodity futures and options brokers and dealers, forward

contract and foreign exchange merchants, securities and commodities

exchanges, clearing corporations, investment companies, employee

benefit plans, insurance companies, credit card issuers, and U.S.

holding companies, U.S. affiliates, or U.S. subsidiaries of any of the

foregoing.

For further information concerning this general license contact the

Compliance Programs Division of the Office of Foreign Assets Control at

(202)622-2490.

Issued: June 1, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

ANNEX TO GENERAL LICENSE NO. 3

Banks Controlled by the Government of Iran

The following banks have been determined to be owned or

controlled by the Government of Iran:

AGRICULTURAL COOPERATIVE BANK OF IRAN (a.k.a. BANK TAAVON KESHAVARZI

IRAN), No. 129 Patrice Lumumba Street, Jalal-Al-Ahmad Expressway,

P.O. Box 14155/6395, Tehran, Iran

AGRICULTURAL DEVELOPMENT BANK OF IRAN (a.k.a. BANK JOSIAIYI

KESHAHVARZI), Farahzad Expressway, Tehran, Iran

BANK JOSIAIYI KESHAHVARZI (a.k.a. AGRICULTURAL DEVELOPMENT BANK OF

IRAN), Farahzad Expressway, Tehran, Iran

BANK MARKAZI JOMHOURI ISLAMI IRAN (a.k.a. THE CENTRAL BANK OF IRAN),

Ferdowsi Avenue, P.O. Box 11365-8551, Tehran, Iran

BANK MASKAN (a.k.a. HOUSING BANK (of Iran)), Ferdowsi St., Tehran,

Iran

BANK MELLAT, Park Shahr, Varzesh Avenue, P.O. Box 11365/5964,

Tehran, Iran, and all offices worldwide, including, but not limited

to:

BANK MELLAT (Branch), Ziya Gokalp Bulvari No. 12, Kizilay, Ankara,

Turkey

BANK MELLAT (Branch), Binbir Cicek Sokak, Buyukdere Caddesi, P.O.

Box 67, Levant, Istanbul, Turkey

BANK MELLAT (Branch), 48 Gresham Street, London EC2V 7AX, England

BANK MELLI, P.O. Box 11365-171, Ferdowsi Avenue, Tehran, Iran, and

all offices worldwide, including, but not limited to:

BANK MELLI (Branch), 4 Moorgate, London EC2R 6AL, England

BANK MELLI (Branch), Schadowplatz 12, 4000 Dusseldorf 1, Germany

BANK MELLI (Branch), Friedenstrasse 4, P.O. Box 160 154, 6000

Frankfurt am Main, Germany

BANK MELLI (Branch), P.O. Box 112129, Holzbruecke 2, 2000 Hamburg

11, Germany

BANK MELLI (Branch), Odeonsplatz 18, 8000 Munich 22, Germany

BANK MELLI (Branch), 43 Avenue Montaigne, 75008 Paris, France

BANK MELLI (Branch), 601 Gloucester Tower, The Landmark, 11 Pedder

Street, P.O. Box 720, Hong Kong

BANK MELLI (Representative Office), 333 New Tokyo Building, 3-1

Marunouchi, 3-chome, Chiyoda-ku, Tokyo, Japan

BANK MELLI (Agency), 818 Wilshire Boulevard, Los Angeles, California

90017, U.S.A.

[[Page 40884]]

BANK MELLI (Agency), 767 Fifth Avenue, 44th Floor, New York, New

York 10153, U.S.A.

BANK MELLI (Representative Office), Smolensky Boulevard 22/14, Kv.

S., Moscow, Russia

BANK MELLI (Branch), Flat No. 1, First Floor, 8 Al Sad El-Aaly,

Dokki, P.O. Box 2654, Cairo, Egypt

BANK MELLI (Branch), Ben Yas Street, P.O. Box No. 1894, Riga Deira,

Dubai, U.A.E.

BANK MELLI (Branch), P.O. Box 2656, Shaikha Maryam Building, Liwa

Street, Abu Dhabi, U.A.E.

BANK MELLI (Branch), B.P.O. Box 1888, Clock Tower, Industrial Road,

Al-Ain Club Building in from Emertel Al Ain, Al Ain, Abu Dhabi,

U.A.E.

BANK MELLI (Branch), P.O. Box 1894, Riqa, Ban Yas Street, Deira,

Dubai, U.A.E.

BANK MELLI (Branch), Mohd-Habib Building, Al-Fahidi Street, P.O. Box

3093, Bur Dubai, Dubai, U.A.E.

BANK MELLI (Branch), P.O. Box 248, Fujairah, U.A.E.

BANK MELLI (Branch), Sami Sagar Building Oman Street Al-Nakheel,

P.O. Box 5270, Ras-Al Khaimah, U.A.E.

BANK MELLI (Branch), P.O. Box 459, Al Bory Street, Sharjah, U.A.E.

BANK MELLI (Branch), P.O. Box 785, Government Road, Shaikh Mubarak

Building, Manama, Bahrain

BANK MELLI (Branch), P.O. Box 23309, Shaikh Salman Street, Road No.

1129, Muharraq 211, Bahrain

BANK MELLI (Branch), P.O. Box 5643, Mossa Abdul Rehman Hassan

Building, 238 Al Burj St., Ruwi, Muscat, Oman

BANK OF INDUSTRY AND MINE (of Iran) (a.k.a. BANK SANAT VA MADAN),

Hafez Avenue, P.O. Box 11365/4978, Tehran, Iran

BANK REFAH KARGARAN (a.k.a. WORKERS WELFARE BANK (of Iran)),

Moffettah No. 125, P.O. Box 15815 1866, Tehran, Iran

BANK SADERAT IRAN, Bank Saderat Tower, P.O. Box 15745-631, Somayeh

Street, Tehran, Iran, and all offices worldwide, including, but not

limited to:

BANK SADERAT IRAN (Branch), Hamdam Street, Airport Road

Intersection, P.O. Box 700, Abu Dhabi, U.A.E.

BANK SADERAT IRAN (Branch), Al-Am Road, P.O. Box 1140, Al Ein, Abu

Dhabi, U.A.E.

BANK SADERAT IRAN (Branch), Liwara Street, P.O. Box 16, Ajman,

U.A.E.

BANK SADERAT IRAN (Branch), 3rd Floor Dom Dasaf Building, Mejloka

Street 7A, Ashkhabad, Turkmenistan

BANK SADERAT IRAN (Branch), 25-29 Panepistimiou Street, P.O. Box

4308, GR-10210, Athens 10672, Greece

BANK SADERAT IRAN (Branch), Imam Ali Street, Sahat Yaghi, Ras Elain-

Alektisad Building 2nd Floor, Baalbeck, Lebanon

BANK SADERAT IRAN (Branch and Offshore Banking Unit), 106 Government

Road, P.O. Box 825, Manama Town 316, Bahrain

BANK SADERAT IRAN (Branch), Hamra Pavillion Street, Savvagh and

Daaboul Building 1st Floor, P.O. Box 113-6717, Beirut, Lebanon

BANK SADERAT IRAN (Branch), Alghobairi Boulevard, Beirut, Lebanon

BANK SADERAT IRAN (Branch), 28 Sherif Street, P.O. Box 462, Cairo,

Egypt

BANK SADERAT IRAN (Branch), Old Ben-Ghanem Street (next to God

Market), P.O. Box 2256, Doha, Qatar

BANK SADERAT IRAN (Branch), Almaktoum Road, P.O. Box 4182, Deira,

Dubai, U.A.E.

BANK SADERAT IRAN (Branch), Bazar Murshid, P.O. Box 4182, Deira,

Dubai, U.A.E.

BANK SADERAT IRAN (Branch), Alfahid Road, P.O. Box 4182, Bur Dubai,

Dubai, U.A.E.

BANK SADERAT IRAN (Branch), Sherea Shekikh Zayad Street, P.O. Box

55, Fujairah, U.A.E.

BANK SADERAT IRAN (Branch), Wilhelm Leuschner Strasse 41, P.O. Box

160151, W-6000 Frankfurt am Main, Germany

BANK SADERAT IRAN (Branch), P.O. Box 112227, Hopfenhof Passage,

Kleiner Bustah 6-10, W-2000 Hamburg 11, Germany

BANK SADERAT IRAN (Branch), Lothbury, London EC2R 7HD, England

BANK SADERAT IRAN (Representative Office), 707 Wilshire Boulevard,

Suite 4880, Los Angeles, California 90017, U.S.A.

BANK SADERAT IRAN (Agency), 375 Park Avenue, New York, New York

10152, U.S.A.

BANK SADERAT IRAN (Branch), P.O. Box 4269, Mutrah, Muscat, Oman

BANK SADERAT IRAN (Branch), 16 rue de la Paix, Paris 2eme, 75002

Paris, France

BANK SADERAT IRAN (Branch), Alaroba Road, P.O. Box 316, Sharjah,

U.A.E.

BANK SANAT VA MADAN (a.k.a. BANK OF INDUSTRY AND MINE (of Iran)),

Hafez Avenue, P.O. Box 11365/4978, Tehran, Iran

BANK SEPAH, Emam Khomeini Square, P.O. Box 11364, Tehran, Iran, and

all offices worldwide, including, but not limited to:

BANK SEPAH (Branch), Muenchener Strasse 49, P.O. Box 10 03 47, W-

6000 Frankfurt am Main 1, Germany

BANK SEPAH (Branch), 5/7 Eastcheap, EC3M 1JT London, England

BANK SEPAH (Branch), 650 Fifth Avenue, New York, New York 10019,

U.S.A.

BANK SEPAH (Branch), 17 Place Vendome, 75001 Paris, France.

BANK SEPAH (Branch), Via Barberini 50, 00187 Rome, Italy

BANK SEPAH (Representative Office), Ufficio di Rappresentan Za, Via

Ugo Foscolo 1, 20121 Milan, Italy

BANK TAAVON KESHAVARZI IRAN (a.k.a. AGRICULTURAL COOPERATIVE BANK OF

IRAN) No. 129 Patrice Lumumba Street, Jalal-Al-Ahmad Expressway,

P.O. Box 14155/6395, Tehran, Iran

BANK TEJARAT, 130 Taleghani Avenue, Nejatoullahie, P.O. Box 11365-

5416, Tehran, Iran, and all offices worldwide, including, but not

limited to:

BANK TEJARAT (Branch), 6/8 Clements Lane, London EC4N 7AP, England

BANK TEJARAT (Branch), 44 Avenue des Champs Elysees, 75008 Paris,

France

DEUTSCH-IRANISCHE HANDELSBANK AG (n.k.a. EUROPAEISCH-IRANISCHE

HANDELSBANK AG) Depenau 2, W-2000 Hamburg 1, Germany, and all

offices worldwide, including, but not limited to:

DEUTSCH-IRANISCHE HANDELSBANK AG (n.k.a. EUROPAEISCH-IRANISCHE

HANDELSBANK AG) (Representative Office), 23 Argentine Square,

Beihaghi Bulvard, P.O. Box 15815/1787, Tehran 15148, Iran

EUROPAEISCH-IRANISCHE HANDELSBANK AG (f.k.a. DEUTSCH-IRANISCHE

HANDELSBANK AG) Depenau 2, W-2000 Hamburg 1, Germany, and all

offices worldwide, including, but not limited to:

EUROPAEISCH-IRANISCHE HANDELSBANK AG (f.k.a. DEUTSCH-IRANISCHE

HANDELSBANK AG) (Representative Office), 23 Argentine Square,

Beihaghi Bulvard, P.O. Box 15815/1787, Tehran 15148, Iran

HOUSING BANK (of Iran) (a.k.a. BANK MASKAN), Ferdowsi St., Tehran,

Iran

IRAN OVERSEAS INVESTMENT BANK LIMITED (f.k.a. IRAN OVERSEAS

INVESTMENT CORPORATION LIMITED), 120 Moorgate, London EC2M 6TS,

England, and all offices worldwide, including, but not limited to:

IRAN OVERSEAS INVESTMENT BANK LIMITED (Representative Office), 1137

Avenue Vali Asr off Park-e-SAll, P.O. Box 15115/531, Tehran, Iran

IRAN OVERSEAS INVESTMENT BANK LIMITED (Agency), Suite 3c Olympia

House, 61/63 Dame Street, Dublin 2, Ireland

IRAN OVERSEAS INVESTMENT BANK LIMITED (Agency), Improgetti, Via

Germanico 24, 00192 Rome, Italy

IRAN OVERSEAS TRADING COMPANY LIMITED (Subsidiary), 120 Moorgate,

London EC2M 6TS, England

IRAN OVERSEAS INVESTMENT CORPORATION LIMITED (n.k.a. IRAN OVERSEAS

INVESTMENT BANK LIMITED), 120 Moorgate, London EC2M 6TS, England

THE CENTRAL BANK OF IRAN (a.k.a. BANK MARKAZI JOMHOURI ISLAMI IRAN),

Ferdowsi Avenue, P.O. Box 11365-8551, Tehran, Iran

WORKERS WELFARE BANK (of Iran) (a.k.a. BANK REFAH KARGARAN),

Moffettah No. 125, P.O. Box 15815 1866, Tehran, Iran

GENERAL LICENSE NO. 4

Transactions in Iranian-Origin and Iranian Government Property

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995--the

``Order'').]

(a) Except for transactions involving the Government of Iran or an

entity owned or controlled by the Government of Iran, all domestic

transactions with

[[Page 40885]]

respect to Iranian-origin goods located in the United States are

authorized, provided that this paragraph (a) does not affect the status

of property blocked pursuant to 31 C.F.R. Part 535 or detained or

seized, or subject to detention or seizure, pursuant to 31 C.F.R. Part

560 or the Order.

(b) All transactions necessary and incidental to a U.S. person's

disposition of goods or services of Iranian origin or owned or

controlled by the Government of Iran that are located or to be

performed outside the United States and were acquired by that U.S.

person in transactions not prohibited by 31 C.F.R. Part 535 or Part

560, or by the Order, are authorized, provided:

(1) The disposition does not result in the importation of such

goods or services into the United States, and

(2) The disposition is completed no later than 12:01 a.m. EDT,

August 6, 1995.

(c) Except as provided in paragraph (a), after 12:01 a.m. EDT, June

6, 1995, U.S. persons may not deal in goods or services of Iranian

origin or owned or controlled by the Government of Iran, except that

the following transactions are authorized:

(1) Transactions by a U.S. person with third-country nationals

incidental to the storage and maintenance in third countries of

Iranian-origin goods owned prior to May 7, 1995, by that U.S. person or

acquired thereafter by that U.S. person consistent with the provisions

of the Order;

(2) Exportation of Iranian-origin household and personal effects

from the United States incident to the relocation of U.S. persons

outside the United States;

(3) Importation of Iranian-origin household and personal effects,

including baggage and articles for family use, of persons arriving in

the United States; to qualify, articles included in such effects must

have been actually used by such persons or their family members abroad,

must not be intended for any other person or for sale, and must not be

otherwise prohibited from importation;

(4) Purchase for personal use or consumption in Iran of Iranian-

origin goods or services; and

(5) Transactions authorized pursuant to Subpart E of 31 C.F.R. Part

560, except that importations after 12:01 a.m. EDT, June 6, 1995,

pursuant to authorizations contained in Secs. 560.503 (``Importation

pursuant to prior contractual agreements''), 560.504 (``Iranian goods

in third countries prior to effective date''), and 560.514

(``Importation of household effects and personal goods authorized'')

are hereby prohibited.

(d) In addition to transactions authorized by paragraph (c)(1) of

this general license, a U.S. person is authorized after 12:01 a.m. EDT,

June 6, 1995, to use or dispose of Iranian-origin household and

personal effects that are located outside the United States and that

have been acquired by the U.S. person in transactions not prohibited by

31 C.F.R. Part 560 or the Order.

Issued: June 3, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 5

Exportation and Importation of Information and Informational

Materials

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

(a) The exportation to Iran of information and informational

materials, whether commercial or otherwise, regardless of format or

medium of transmission, is exempt from the prohibitions contained in

Executive Order 12959.

(b) The importation of information and informational materials of

Iranian origin from any location, whether commercial or otherwise,

regardless of format or medium of transmission, is authorized.

(c) All financial and other transactions related to the importation

or exportation of information and informational materials are

authorized.

(d) Specific licenses may be issued on a case-by-case basis for the

exportation of equipment necessary for the establishment of news wire

feeds or other transmissions of information or informational materials.

(e) For the purposes of this general license:

(1) The term informational materials includes, without limitation:

(i) Publications, films, posters, phonograph records, photographs,

microfilms, microfiche, tapes, compact disks, CD ROMs, artwork and news

wire feed;

(ii) To be considered informational materials, artwork must be

classified under chapter subheading 9701, 9702, or 9703 of the

Harmonized Tariff Schedule of the United States;

(2) The terms information and informational materials with respect

to U.S. exports do not include items:

(i) That would be controlled for export pursuant to section 5 of

the Export Administration Act of 1979, 50 U.S.C. App. 2401-2420 (1993)

(the ``EAA''), or section 6 of the EAA to the extent that such controls

promote the nonproliferation or antiterrorism policies of the United

States, including ``software'' that is not ``publicly available'' as

these terms are defined in 15 CFR Parts 779 and 799.1 (1994); or

(ii) With respect to which acts are prohibited by 18 U.S.C. chapter

37; and

(3) The terms ``information'' and ``informational materials'' do

not include blank media for the recording of information.

Issued: June 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 6

Diplomatic Pouches

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order No. 12959 of May 6, 1995 (60 FR 24757, May 9, 1995).]

All transactions in connection with the importation into the United

States from Iran, or the exportation from the United States to Iran, of

diplomatic pouches and their contents are authorized.

Issued: June 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 7

Policy Governing News Organization Offices

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

(a) Specific licenses may be issued authorizing transactions

necessary for the establishment and operation of news bureaus in Iran

by U.S. organizations whose primary purpose is the gathering and

dissemination of news to the general public.

(b) Transactions that will be authorized include but are not

limited to those incident to the following:

(1) Leasing office space and securing related goods and services;

(2) Hiring support staff;

(3) Purchasing Iranian-origin goods for use in the operation of the

office; and

(4) Paying fees related to the operation of the office in Iran.

(c) Specific licenses may be issued authorizing transactions

necessary for the establishment and operation of news

[[Page 40886]]

bureaus in the United States by Iranian organizations whose primary

purpose is the gathering and dissemination of news to the general

public.

(d) The number assigned to such specific licenses should be

referenced in all import and export documents and in all funds

transfers and other banking transactions through banking institutions

organized or located in the United States in connection with the

licensed transactions to avoid disruption of the trade and financial

transactions.

Issued: June 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 8

Exportation of Agricultural Commodities

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

(a) All transactions by U.S. persons in connection with the

exportation from the United States to Iran of any agricultural

commodity under an export sales contract are authorized, provided (1)

such contract was entered into prior to 12:01 a.m. EDT, May 7, 1995,

and (2) the terms of such contract require delivery of the commodity

prior to February 2, 1996. The performance of letters of credit and

other financing agreements with respect to exports authorized by this

general license is authorized pursuant to their terms.

(b) For purposes of this general license, the term ``agricultural

commodity'' shall be defined as feed grains, rice, wheat, cotton,

peanuts, tobacco, dairy products, and oilseeds (including vegetable

oil).

(c) Specific licenses may be granted on a case-by-case basis for

transactions by U.S. persons in connection with the exportation of

other agricultural articles from the United States to Iran that do not

fall within the definition of ``agricultural commodity'' contained in

paragraph (b) of this general license, provided such exportation is

pursuant to an export sales contract and the conditions set forth in

paragraphs (a)(1) and (a)(2) of this general license are met.

Issued: June 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 9

Iranian Government Missions in the United States

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

(a) All transactions ordinarily incident to the importation of

goods or services into the United States by, the exportation of goods

or services from the United States by, or the provision of goods or

services in the United States to, the missions of the government of

Iran to international organizations in the United States, and Iranians

admitted to the United States under section 101(a)(15)(G) of the

Immigration and Nationality Act (``INA''), 8 U.S.C. 1101(a)(15)(G), are

authorized, provided that:

(1) The goods or services are for the conduct of the official

business of the mission, or for personal use personnel admitted to the

U.S. under INA section 101(a)(15)(G), and are not for resale; and

(2) The transaction is not otherwise prohibited by law.

(b) All transactions ordinarily incident to the importation of

goods or services into the United States by, the exportation of goods

or services from the United States by, or the provision of goods or

services in the United States to, the Iranian Interests Section of the

Embassy of Pakistan (or any successor protecting power) in the United

States, are authorized, provided that:

(1) The goods or services are for the conduct of the official

business of the Interests Section, and are not for resale; and

(2) The transaction is not otherwise prohibited by law.

(c) All transactions ordinarily incident to the provision of goods

or services in the United States to the employees of Iranian missions

to international organizations in the United States, and to employees

of the Iranian Interests Section of the Embassy of Pakistan (or any

successor protecting power) in the United States, are authorized,

provided that the transaction is not otherwise prohibited by law.

Issued: June 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 10

Transactions Related to the Resolution of Disputes Between the

United States or United States Nationals and the Government of Iran

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995--the

``Order''). Section 1 of the Order contains prohibitions on

transactions with respect to Iran that are applicable except to the

extent provided in regulations, orders, directives or licenses that

may be issued pursuant to the Order. At the time of signing the

Order, the President directed the Secretary of the Treasury to

authorize through licensing, inter alia, ``transactions by United

States persons related to the Iran-U.S. Claims Tribunal in The

Hague, established pursuant to the Algiers Accords, and other

international obligations and United States government functions.''

This general license provides a policy statement concerning

transactions that will be licensed related to the resolution of

disputes between the Government of Iran and the United States or

United States nationals at the Iran-U.S. Claims Tribunal, other

international tribunals, and domestic courts in the United States

and abroad.]

(a) Specific licenses may be issued on a case-by-case basis to

authorize transactions in connection with awards, decisions or orders

of the Iran-U.S. Claims Tribunal, the International Court of Justice,

or other international tribunals (collectively, ``tribunals'');

agreements settling claims brought before tribunals; and awards,

orders, or decisions of an administrative, judicial or arbitral

proceeding in the United States or abroad, where the proceeding

involves the enforcement of awards, decisions or orders of tribunals,

or is contemplated under an international agreement, or involves claims

arising before 12:01 a.m. EDT, May 7, 1995, that resolve disputes

between the Government of Iran and the United States or United States

nationals, including the following transactions:

(1) Importation into the United States of, or any transaction

related to, goods and services of Iranian origin or owned or controlled

by the Government of Iran;

(2) Exportation or reexportation to Iran, the Government of Iran,

or an entity owned or controlled by the Government of Iran of any

goods, technology, or services, except to the extent that such

exportation or reexportation is also subject to export licensing

application requirements of another agency of the United States

Government and the granting of such a license by that agency would be

prohibited by law;

[[Page 40887]]

(3) Financial transactions related to the resolution of disputes at

tribunals, including transactions related to the funding of proceedings

or of accounts related to proceedings or to a tribunal; participation,

representation, or testimony before a tribunal; and the payment of

awards of a tribunal; and

(4) Other transactions otherwise prohibited by the Order necessary

to permit implementation of the foregoing awards, decisions, orders, or

agreements.

(b) Specific licenses may be issued on a case-by-case basis to

authorize payment of costs related to the storage or maintenance of

goods in which the Government of Iran or an entity owned or controlled

by the Government of Iran has title, and to authorize the transfer of

title to such goods, provided that such goods were in the United States

on the effective date of the Order and that such goods are the subject

of a proceeding pending before a tribunal.

(c) Section 560.513 of title 31 of the Code of Federal Regulations

remains in force.

(d)(1) All transactions are authorized with respect to the

importation of goods and services necessary to the initiation and

conduct of legal proceedings, in the United States or abroad, including

administrative, judicial and arbitral proceedings and proceedings

before tribunals.

(2) Specific licenses may be issued on a case-by-case basis to

authorize the exportation of goods and services necessary to the

initiation and conduct of legal proceedings, in the United States or

abroad, including administrative, judicial and arbitral proceedings and

proceedings before tribunals, except to the extent that the exportation

is also subject to export licensing application requirements of another

agency of the United States Government and the granting of such a

license by that agency would be prohibited by law.

For further information concerning this statement of licensing

policy, contact the Licensing Division of the Office of Foreign Assets

Control at 202/622-2480.

Issued: June 22, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 11

Exportation of Household Goods and Personal Effects to Iran

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

The exportation from the United States to Iran of household and

personal effects, including baggage and articles for family use, of

persons departing the United States to relocate in Iran is authorized

provided the articles included in such effects have been actually used

by such persons or their family members, are not intended for any other

person or for sale, and are not otherwise prohibited from exportation.

Issued: July 21, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL LICENSE NO. 12

Exportation of Legal Services

[Note: The following general license is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive Order

12959 of May 6, 1995, 60 FR 24757 (May 9, 1995 -- the ``Order''). The

prohibition on the exportation of services contained in section 1(b) of

the Order applies to services performed in the United States, or

outside the United States by an individual United States person

ordinarily resident in the United States or by the overseas branch of

an entity located in the United States, and where the services are

performed on behalf of a person in Iran or the Government of Iran or

where the benefit of such services is otherwise received in Iran. The

benefit of services performed anywhere in the world on behalf of the

Government of Iran, including services performed for a controlled

entity or a specially designated national of the Government of Iran, is

presumed to be received in Iran. For example, United States persons may

not, without authorization from the Office of Foreign Assets Control in

the form of a specific or general license, provide legal representation

to the Government of Iran or a person in Iran with respect to contract

negotiations, contract performance, or other business dealings. The

following general license authorizes the performance of certain legal

services.]

(a) The provision of the following legal services to the Government

of Iran or to a person in Iran, and receipt of payment therefor, are

authorized:

(1) The provision of legal advice and counseling to the Government

of Iran or to a person in Iran on the requirements of and compliance

with the laws of any jurisdiction within the United States, provided

that such advice and counselling is not provided to facilitate

transactions in violation of the Order;

(2) The representation of the Government of Iran or of a person in

Iran when named as a defendant in or otherwise made a party to domestic

U.S. legal, arbitration, or administrative proceedings;

(3) The initiation of domestic U.S. legal, arbitration, or

administrative proceedings in defense of property interests of the

Government of Iran that were in existence prior to May 7, 1995, or

acquired thereafter in a transaction not inconsistent with the Order;

(4) The representation of the Government of Iran or a person in

Iran before any federal or state agency with respect to the imposition,

administration, or enforcement of United States sanctions against Iran;

(5) The initiation and conduct of legal proceedings, in the United

States or abroad, including administrative, judicial and arbitral

proceedings and proceedings before international tribunals (including

the Iran-U.S. Claims Tribunal and the International Court of Justice):

(i) To resolve disputes between the Government of Iran and the

United States or a United States national;

(ii) Where the proceeding is contemplated under an international

agreement; or

(iii) Where the proceeding involves the enforcement of awards,

decisions, or orders resulting from such legal proceedings,

provided that any transaction, unrelated to the provision of legal

services or the payment therefor, that is necessary or related to the

execution of an award, decision or order resulting from such legal

proceeding, or otherwise necessary to the conduct of such proceeding,

shall require a specific license in accordance with General License No.

10;

(6) The provision of legal advice and counselling to the Government

of Iran or to a person in Iran in connection with settlement or other

resolution of matters described in paragraph (5) of this general

license; and

(7) The provision of legal services in any other context in which

prevailing United States law requires access to legal counsel at public

expense.

(b) The provision of any other legal services to a person in Iran

or the Government of Iran requires the issuance of a specific license.

Issued: July 21, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

[[Page 40888]]

GENERAL NOTICE NO. 1

Applications for Limited Time Extension to Perform Transactions,

Including Exportation

The President, by Executive Order 12959 of May 6, 1995, 60 FR 24757

(May 9, 1995--the ``Order''), prohibited trade-related transactions

with Iran, including the exportation from the United States of all

goods, services, and technology, with certain limited exceptions, to

Iran, the Government of Iran (``GOI''), or to any entity owned or

controlled by the GOI, or the financing of any such prohibited

exportation. General License No. 1, issued May 19, 1995, describes

those transactions involving Iran which, pursuant to section 8 of the

Order, have a delayed effective date of 12:01 am EDT, June 6, 1995, or

which are authorized in connection with those transactions. The 30-day

period from the date of the signing of the Order to the effective date

for such pre-existing trade transactions involving exportation

permitted U.S. persons to perform on their pre-May 7 trade contracts

while terminating future binding trade obligations with respect to

Iran.

This General Notice No. 1 describes how a person may request

additional time for the performance of a pre-May 7 trade contract by

submitting a letter providing the information specified below. Specific

licenses are being granted on a case-by-case to permit wind-down

performance of pre-May 7 trade contracts through a final deadline of

12:01 a.m. EDT, August 6, 1995. For agricultural commodities, see

General License No. 8, issued June 14, 1995.

The license application should include:

Identity of the parties to the trade contract;

Description in detail of the subject goods;

Description of the trade contract, including the date on

which the trade contract became binding;

Description of the financing arrangements; and

Explanation of why an extension is requested.

Applications should be addressed to: Director, Office of Foreign

Assets Control, U.S. Department of the Treasury, 1500 Pennsylvania

Ave., N.W., Washington, DC 20220. Telephone inquiries may be made to

the Licensing Division at (202) 622-2480.

Issued: June 28, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

GENERAL NOTICE NO. 2

Payment of Letters of Credit by U.S. Agencies of Iranian Banks

[Note: The following general notice is issued pursuant to the

authority delegated to the Secretary of the Treasury in Executive

Order 12959 of May 6, 1995, 60 FR 24757 (May 9, 1995).]

The Office of Foreign Assets Control has issued authorizations that

enable Bank Melli Iran New York Agency, Bank Melli Iran Los Angeles

Agency, Bank Saderat Iran New York Agency and Bank Sepah Iran New York

Agency (the ``Agencies'') through December 29, 1995 to complete

transactions for U.S. exporters involving letters of credit which they

issued, confirmed, or advised. Any letter of credit issued, confirmed,

or advised by an Agency may be paid by that Agency, provided that the

letter of credit was issued, confirmed, or advised prior to June 6,

1995 and that the underlying export was completed in accordance with

the terms of General License No. 1 or a specific license issued to the

exporter by the Office of Foreign Assets Control. In addition, the

Agencies have been authorized to offer discounted advance payments on

deferred payment letters of credit which they issued, confirmed, or

advised provided they meet the above criteria.

Issued: July 14, 1995

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

Dated: July 21, 1995.

R. Richard Newcomb,

Director, Office of Foreign Assets Control.

Approved: July 26, 1995.

John P. Simpson,

Deputy Assistant Secretary (Regulatory, Tariff & Trade Enforcement).

[FR Doc. 95-19832 Filed 8-7-95; 5:03 pm]

BILLING CODE 4810-25-F