[Federal Register Volume 60, Number 154 (Thursday, August 10, 1995)]
[Notices]
[Pages 40881-40888]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-19832]



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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