[Federal Register Volume 61, Number 222 (Friday, November 15, 1996)]
[Rules and Regulations]
[Pages 58480-58481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29276]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 560
Iranian Transactions Regulations
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendment.
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SUMMARY: The Office of Foreign Assets Control of the U.S. Department of
the Treasury is amending the Iranian Transactions Regulations to
clarify the reporting requirement in Sec. 560.603 for oil-related
transactions.
EFFECTIVE DATE: November 14, 1996.
FOR FURTHER INFORMATION CONTACT: Loren L. Dohm, Chief, Blocked Assets
Division (tel.: 202/622-2440), or William B. Hoffman, Chief Counsel
(tel.: 202/622-2410), Office of Foreign Assets Control, Department of
the Treasury, Washington, DC 20220.
SUPPLEMENTARY INFORMATION:
Electronic and Facsimile 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
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fedbbs.access.gpo.gov. 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 the appropriate
self-expanding file 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). Additional information concerning the programs of the
Office of Foreign Assets Control is available for downloading from the
Office's Internet Home Page: http://www.ustreas.gov/treasury/services/
fac/fac.html, or in fax form through the Office's 24-hour fax-on-demand
service: call 202/622-0077 using a fax machine, fax modem, or touch
tone telephone.
Background
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 and imposed
sanctions against Iran supplementing those which were imposed in 1987,
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 those sanctions in Executive
Order 12959 of May 6, 1995 (60 FR 24757, May 9, 1995), invoking the
authority, inter alia, of IEEPA and the International Security and
Development Cooperation Act of 1985 (22 U.S.C. 2349aa-9). In
implementation of these orders, the Office of Foreign Assets Control
amended the Iranian Transactions Regulations in September 1995 (60 FR
47061, September 11, 1995 -- the ``Regulations'').
This final rule further amends the Regulations to clarify that the
scope of the reporting requirement in Sec. 560.603 extends beyond
transactions directly involving crude oil or natural gas to include
transactions involving petrochemicals and the provision of goods and
services related to the financing, lifting, transporting, insuring,
refining or processing of crude oil, natural gas and petrochemicals,
including the sale to Iran of oilfield supplies or equipment.
Because the Regulations involve a foreign affairs function,
Executive Order 12866 and the provisions of the Administrative
Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking,
opportunity for public participation, and delay in effective date, are
inapplicable. Because no notice of proposed rulemaking is required for
this rule, the Regulatory Flexibility Act (5 U.S.C. 601-612), does not
apply.
List of Subjects in 31 CFR Part 560
Administrative practice and procedure, Agricultural commodities,
Banking and finance, Exports, Foreign trade, Imports, Information,
Investments, Iran, Loans, Penalties, Reporting and recordkeeping
requirements, Services, Specially designated nationals, Terrorism,
Transportation.
For the reasons set forth in the preamble, 31 CFR part 560 is
amended as follows:
PART 560--IRANIAN TRANSACTIONS REGULATIONS
1. The authority section is revised to read as follows:
Authority: 50 U.S.C. 1701-1706; 50 U.S.C. 1601-1651; 22 U.S.C.
2349aa-9; Pub. L. 104-132, 110 Stat. 1214, 1254 (18 U.S.C. 2332d);
Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); 3 U.S.C. 301;
E.O. 12613, 52 FR 41940, 3 CFR, 1987 Comp., p. 256; E.O. 12957, 60
FR 14615, 3 CFR, 1995 Comp., p. 332; E.O. 12959, 60 FR 24757, 3 CFR,
1995 Comp., p. 356.
Subpart F--Reports
2. Section 560.603 is amended by revising paragraph (f)(2) to read
as follows:
[[Page 58481]]
Sec. 560.603 Reports on oil transactions engaged in by foreign
affiliates.
* * * * *
(f) * * *
(2) The term ``reportable transaction'' includes:
(i) Any purchase, sale, or swap of Iranian-origin crude oil,
natural gas, or petrochemicals;
(ii) The provision of goods or services to Iran or the Government
of Iran relating to the financing, lifting, transporting, insuring,
refining or processing of crude oil, natural gas, or petrochemicals,
including oilfield supplies or equipment.
Dated: October 24, 1996.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: October 25, 1996.
James E. Johnson,
Assistant Secretary (Enforcement).
[FR Doc. 96-29276 Filed 11-14-96; 8:45 am]
BILLING CODE 4810-25-F