[Federal Register Volume 79, Number 20 (Thursday, January 30, 2014)]
[Notices]
[Pages 5025-5029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-01939]



[[Page 5025]]

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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Publication of Guidance Relating to the Provision of Certain 
Temporary Sanctions Relief

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice, publication of guidance.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing Guidance Relating to the Provision of 
Certain Temporary Sanctions Relief in Order to Implement the Joint Plan 
Of Action (JPOA) Reached on November 24, 2013, Between the P5+1 and the 
Islamic Republic of Iran (Guidance), issued on January 20, 2014. The 
Guidance sets out how, in furtherance of the U.S. Government's (USG) 
commitments under the JPOA, the Department of State and the Department 
of the Treasury will implement sanctions relief relating to certain 
activities and associated services taking place exclusively during the 
six-month period beginning on January 20, 2014, and ending July 20, 
2014.

DATES: Effective Date: January 20, 2014.

FOR FURTHER INFORMATION CONTACT: Assistant Director for Licensing, 
tel.: 202-622-2480, Assistant Director for Policy, tel.: 202-622-2402, 
Assistant Director for Regulatory Affairs, tel.: 202-622-4855, 
Assistant Director for Sanctions Compliance & Evaluation, tel.: 202-
622-2490, Office of Foreign Assets Control, or Chief Counsel (Foreign 
Assets Control), tel.: 202-622-2410, Office of the General Counsel, 
Department of the Treasury (not toll free numbers).

SUPPLEMENTARY INFORMATION:

Electronic and Facsimile Availability

    This document and additional information concerning OFAC are 
available from OFAC's Web site (www.treasury.gov/ofac). Certain general 
information pertaining to OFAC's sanctions programs also is available 
via facsimile through a 24-hour fax-on-demand service, tel.: 202-622-
0077.

Background

    On November 24, 2013, the United States and its partners in the 
P5+1 reached an initial understanding with Iran, outlined in a JPOA, 
that halts progress on Iran's nuclear program and rolls it back in key 
respects. In return for Iran's commitment to place meaningful limits on 
its nuclear program, the P5+1 committed to provide Iran with limited, 
targeted, and reversible sanctions relief for a six-month period. In 
furtherance of the USG's commitments under the JPOA, the Department of 
State and the Department of the Treasury will implement sanctions 
relief relating to certain activities and associated services taking 
place exclusively during the six-month period beginning on January 20, 
2014, and ending July 20, 2014, as set out in the Guidance. The USG 
retains the authority to revoke this limited sanctions relief at any 
time if Iran fails to meet its commitments under the JPOA.
    The Department of State and the Department of the Treasury jointly 
issued the Guidance on January 20, 2014. At the time of its issuance on 
January 20, 2014, OFAC made the Guidance available on the OFAC Web 
site: www.treasury.gov/ofac and the Department of State made the 
Guidance available on its Web site: www.state.gov. With this notice, 
OFAC is publishing the Guidance in the Federal Register.

Guidance

U.S. DEPARTMENT OF THE TREASURY
U.S. DEPARTMENT OF STATE

GUIDANCE RELATING TO THE PROVISION OF CERTAIN TEMPORARY SANCTIONS 
RELIEF IN ORDER TO IMPLEMENT THE JOINT PLAN OF ACTION REACHED ON 
NOVEMBER 24, 2013, BETWEEN THE P5+1 AND THE ISLAMIC REPUBLIC OF IRAN

    On November 24, 2013, the United States and its partners in the 
P5+1 reached an initial understanding with Iran, outlined in a Joint 
Plan of Action (JPOA), that halts progress on Iran's nuclear program 
and rolls it back in key respects. In return for Iran's commitment to 
place meaningful limits on its nuclear program, the P5+1 committed to 
provide Iran with limited, targeted, and reversible sanctions relief 
for a six-month period. In furtherance of the U.S. Government's (USG) 
commitments under the JPOA, the U.S. Department of State and the U.S. 
Department of the Treasury will implement sanctions relief relating to 
certain activities and associated services taking place exclusively 
during the six-month period beginning on January 20, 2014, and ending 
July 20, 2014 (the ``JPOA Period''), as set out below. The USG retains 
the authority to revoke this limited sanctions relief at any time if 
Iran fails to meet its commitments under the JPOA.
    For purposes of the JPOA sanctions relief, the USG interprets the 
term ``associated service'' to mean any necessary service--including 
any insurance, transportation, or financial service--ordinarily 
incident to the underlying activity covered by the JPOA, provided, 
however, that unless otherwise noted, such services may not involve 
persons identified on the Department of the Treasury's Office of 
Foreign Assets Control's (OFAC) List of Specially Designated Nationals 
and Blocked Persons (SDN List).
    The USG retains the authority to continue imposing sanctions under 
the authorities identified below during the JPOA Period for activities 
that occurred prior to January 20, 2014. Moreover, the USG retains the 
authority to impose sanctions under the authorities outlined below for 
activities occurring during the JPOA Period to the extent such 
activities are materially inconsistent with sanctions relief described 
in the JPOA and outlined in this guidance. The USG also retains the 
authority to continue imposing sanctions during the JPOA Period for 
activities occurring before and during the JPOA Period under other 
authorities, such as those used to combat terrorism and the 
proliferation of weapons of mass destruction. During the JPOA Period, 
the USG will continue to vigorously enforce our sanctions against Iran, 
including by taking action against those who seek to evade or 
circumvent our sanctions.
    Please note that, with the exception of civil aviation activities 
described in section IV and the humanitarian channel described in 
section VI below, none of the sanctions relief outlined in this 
guidance may involve a U.S. person, or, as applicable, a foreign entity 
owned or controlled by a U.S. person,\1\ if otherwise prohibited under 
any sanctions program administered by the USG.
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    \1\ Consistent with section 218 of the Iran Threat Reduction and 
Syria Human Rights Act of 2012 (TRA) and with section 560.215 of the 
Iranian Transactions and Sanctions Regulations, 31 CFR part 560 
(ITSR), foreign entities that are owned or controlled by U.S. 
persons (``U.S.-owned or -controlled foreign entities'') are subject 
to the ITSR.
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I. Sanctions Related to Iran's Export of Petrochemical Products

    The JPOA provides for the temporary suspension of U.S. sanctions on 
``Iran's petrochemical exports, as well as sanctions on any associated 
services.'' To implement this provision of the JPOA, the USG will take 
the following steps to allow for the export of petrochemical products 
from Iran, as well as associated services, by non-U.S. persons not 
otherwise subject to section 560.215 of the Iranian Transactions and 
Sanctions Regulations, 31 CFR part 560 (ITSR), (hereinafter ``non-U.S. 
persons not otherwise subject to the ITSR''):

[[Page 5026]]

    1. Correspondent or Payable-Through Account Sanctions: The USG will 
not impose correspondent or payable-through account sanctions under 
section 1(a)(iii) of Executive Order (E.O.) 13622 (as amended by 
section 16(b) of E.O. 13645); section 3(a)(i) of E.O. 13645; and 
sections 561.204(a) and 561.204(b)(3) of the Iranian Financial 
Sanctions Regulations, 31 CFR part 561 (IFSR), on foreign financial 
institutions that conduct or facilitate transactions that are initiated 
and completed entirely within the JPOA Period by non-U.S. persons not 
otherwise subject to the ITSR for exports of petrochemical products \2\ 
from Iran that are initiated and completed entirely within the JPOA 
Period, including transactions involving the petrochemical companies 
listed in the Annex to this guidance, provided that the transactions do 
not involve persons on the SDN List other than the petrochemical 
companies listed in the Annex to this guidance or any Iranian 
depository institutions \3\ listed solely pursuant to E.O. 13599.
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    \2\ For purposes of this guidance, the USG is interpreting the 
term ``petrochemicals,'' as used in the JPOA, as having the meaning 
given to the term ``petrochemical products'' in, inter alia, section 
10(m) of E.O. 13622; therefore, the term includes any aromatic, 
olefin, and synthesis gas, and any of their derivatives, including 
ethylene, propylene, butadiene, benzene, toluene, xylene, ammonia, 
methanol, and urea. For further information on what products are 
considered to fall within this definition of ``petrochemical 
products'' see the November 13, 2012 State Department Sanctions 
Information and Guidance, 77 FR 67726-67731.
    \3\ For purposes of this guidance, as defined in section 14(g) 
of E.O. 13645, the term ``Iranian depository institution'' means any 
entity (including foreign branches), wherever located, organized 
under the laws of Iran or any jurisdiction within Iran, or owned or 
controlled by the Government of Iran, or in Iran, or owned or 
controlled by any of the foregoing, that is engaged primarily in the 
business of banking (for example, banks, savings banks, savings 
associations, credit unions, trust companies, and bank holding 
companies).
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    2. Blocking Sanctions: The USG will not impose blocking sanctions 
under section 2(a)(i)-(ii) of E.O. 13645 with respect to persons that, 
exclusively during the JPOA Period, materially assist, sponsor, or 
provide financial, material, or technological support for, or goods or 
services to or in support of, the petrochemical companies listed in the 
Annex to this guidance for exports of petrochemical products from Iran 
that are initiated and completed entirely within the JPOA Period, 
provided that the activities do not involve persons on the SDN List 
other than the petrochemical companies listed in the Annex to this 
guidance or any Iranian depository institutions listed solely pursuant 
to E.O. 13599.
    3. Menu-based Sanctions: \4\ The USG will not impose sanctions 
under section 2(a)(ii) of E.O. 13622 (as amended by section 16(d) of 
E.O. 13645) on non-U.S. persons not otherwise subject to the ITSR who 
engage in transactions exclusively during the JPOA Period for exports 
of petrochemical products from Iran that are initiated and completed 
entirely within the JPOA Period, including transactions involving the 
petrochemical companies listed in the Annex to this guidance, provided 
that the activities do not involve persons on the SDN List other than 
the petrochemical companies listed in the Annex to this guidance or any 
Iranian depository institutions listed solely pursuant to E.O. 13599.
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    \4\ E.O. 13622 and 13645, among others, describe menus of 
sanctions that the USG may impose in response to certain conduct 
specified within other sections of the relevant E.O. For the 
purposes of this guidance, such sanctions are termed ``Menu-based 
Sanctions.''
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    In addition, please see section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

II. Sanctions Related to Iran's Auto Industry

    The JPOA provides for the temporary suspension of U.S. sanctions on 
``Iran's auto industry, as well as sanctions on associated services.'' 
To implement this provision, the USG will take the following steps to 
allow for the sale, supply, or transfer to Iran of significant goods or 
services used in connection with the automotive sector of Iran, as well 
as the provision of associated services by non-U.S. persons not 
otherwise subject to the ITSR:
    1. Correspondent or Payable-through Account Sanctions: The USG will 
not impose correspondent or payable-through account sanctions under 
section 3(a)(ii) of E.O. 13645 with respect to foreign financial 
institutions that, exclusively during the JPOA Period, knowingly 
conduct or facilitate financial transactions for the sale, supply, or 
transfer to Iran of significant goods or services used in connection 
with the automotive sector of Iran that are initiated and completed 
entirely within the JPOA Period, provided that the transactions do not 
involve persons on the SDN List other than any Iranian depository 
institutions listed solely pursuant to E.O. 13599.
    2. Menu-based Sanctions: The USG will not impose sanctions 
described in section 6 of E.O. 13645 with respect to persons that, as 
described in section 5(a) of E.O. 13645, knowingly engage in 
transactions for the sale, supply, or transfer to Iran of significant 
goods or services used in connection with the automotive sector of Iran 
that are initiated and completed entirely within the JPOA Period, 
provided that the transactions do not involve persons on the SDN List 
other than any Iranian depository institutions listed solely pursuant 
to E.O. 13599.
    In addition, please see section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

III. Sanctions Related to Gold and Other Precious Metals

    The JPOA provides for the temporary suspension of U.S. sanctions on 
``gold and precious metals, as well as sanctions on associated 
services.'' To implement this provision of the JPOA, the USG will take 
the following steps to allow for the sale of gold and other precious 
metals to or from Iran, as well as the provision of associated 
services, by non-U.S. persons not otherwise subject to the ITSR:
    1. Correspondent or Payable-through Account Sanctions: The USG will 
not impose correspondent or payable-through account sanctions under 
section 3(a)(i) of E.O. 13645 with respect to foreign financial 
institutions that, exclusively during the JPOA Period, conduct or 
facilitate transactions by non-U.S. persons not otherwise subject to 
the ITSR for the purchase or acquisition of precious metals to or from 
Iran that are initiated and completed entirely within the JPOA Period, 
provided that the funds for these purchases of gold and other precious 
metals may not be drawn from Restricted Funds,\5\ and further provided 
that the transactions do not involve persons on the SDN List other than 
any political subdivision, agency, or instrumentality of the Government 
of Iran listed solely pursuant to E.O. 13599 or any Iranian depository 
institutions listed solely pursuant to E.O. 13599.
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    \5\ For the purposes of this guidance, the term ``Restricted 
Funds'' refers to: (i) any existing and future revenues from the 
sale of Iranian petroleum or petroleum products, wherever they may 
be held, and (ii) any Central Bank of Iran (CBI) funds, with certain 
exceptions for non-petroleum CBI funds held at a foreign country's 
central bank.
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    2. Blocking Sanctions: The USG will not impose blocking sanctions 
under section 5(a) of E.O. 13622; sections 2(a)(i)-(ii) of E.O. 13645; 
and section 560.211(c)(2) of the ITSR, with respect to persons that, 
exclusively during the JPOA Period, materially assist, sponsor, or 
provide financial, material, or technological support for, or goods or 
services in support of, the purchase or

[[Page 5027]]

acquisition of precious metals to or from Iran or by the Government of 
Iran if such activities are initiated and completed entirely within the 
JPOA Period, provided that the funds for these purchases of gold and 
other precious metals are not drawn from Restricted Funds, and further 
provided that the transactions do not involve persons on the SDN List 
other than any political subdivision, agency, or instrumentality of the 
Government of Iran listed solely pursuant to E.O. 13599 or any Iranian 
depository institutions listed solely pursuant to E.O. 13599.
    In addition, please see section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

IV. Sanctions Related to Civil Aviation

    The JPOA provides for the temporary licensing of ``the supply and 
installation in Iran of spare parts for safety of flight for Iranian 
civil aviation and associated services. License safety related 
inspections and repairs in Iran as well as associated services.'' To 
implement this provision, the USG will take the following steps:
    1. Statement of Licensing Policy: OFAC will issue a new Statement 
of Licensing Policy (SLP) that covers certain activities related to the 
safety of Iran's civil aviation industry. The SLP will establish, 
during the JPOA Period, a favorable licensing policy regime under which 
U.S. persons, U.S.-owned or -controlled foreign entities, and non-U.S. 
persons involved in the export of U.S.-origin goods can request 
specific authorization from OFAC to engage in transactions that are 
initiated and completed entirely within the JPOA Period to ensure the 
safe operation of Iranian commercial passenger aircraft, including 
transactions involving Iran Air.
    2. Correspondent or Payable-through Account Sanctions: The USG will 
not impose correspondent or payable-through account sanctions under 
section 3(a)(i) of E.O. 13645 and section 561.201(a)(5)(ii) of the IFSR 
on foreign financial institutions that, exclusively during the JPOA 
Period, conduct or facilitate financial transactions relating to the 
type of activities covered by the SLP that are conducted on behalf of 
non-U.S. persons not otherwise subject to the ITSR, provided such 
activities are initiated and completed entirely within the JPOA Period, 
and further provided that the transactions do not involve persons on 
the SDN List other than Iran Air or any Iranian depository institutions 
listed solely pursuant to E.O. 13599.
    3. Blocking Sanctions: The USG will not impose blocking sanctions 
under section 1(a)(iii) of E.O.13382; sections 2(a)(i)-(ii) of E.O. 
13645; and section 544.201(a)(3) of the Weapons of the Mass Destruction 
Proliferators Sanctions Regulations, 31 CFR part 544 (WMDPSR), with 
respect to persons that, exclusively during the JPOA Period, materially 
assist, sponsor, or provide financial, material, or technological 
support for, or goods or services to or in support of, Iran Air in 
connection with activities intended to ensure the safe operation of 
Iranian commercial passenger aircraft, provided such activities are 
outlined in the JPOA and are initiated and completed entirely within 
the JPOA Period and do not involve persons on the SDN List other than 
Iran Air or any Iranian depository institutions listed solely pursuant 
to E.O. 13599.
    In addition, please see Section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

V. Sanctions Related to Iran's Export of Crude Oil

    The JPOA provides for certain sanctions relief related to Iran's 
crude oil sales. Under the JPOA, the USG will ``pause efforts to 
further reduce Iran's crude oil sales, enabling Iran's current 
customers to purchase their current average amounts of crude oil. 
Enable the repatriation of an agreed amount of revenue held abroad. For 
such oil sales, suspend U.S. sanctions on associated insurance and 
transportation services.'' To implement this provision of the JPOA, the 
USG will take the following steps to allow for China, India, Japan, the 
Republic of Korea, Taiwan, and Turkey to maintain their current average 
level of imports from Iran during the JPOA Period and to render non-
sanctionable a limited number of transactions for the release in 
installments of an agreed amount of revenue to Iran for receipt at 
participating foreign financial institutions in selected jurisdictions:
    1. Correspondent or Payable-through Account Sanctions: The USG will 
not impose correspondent or payable-through account sanctions under 
sections 1(a)(i)-(ii) of E.O. 13622 (as amended by section 16(a) of 
E.O. 13645); section 3(a)(i) of E.O. 13645; sections 561.201(a)(5), 
561.204(a), and 561.204(b)(1)-(2) of the IFSR with respect to foreign 
financial institutions that conduct or facilitate transactions 
exclusively during the JPOA Period by non-U.S. persons not otherwise 
subject to the ITSR for exports of petroleum and petroleum products 
from Iran to China, India, Japan, the Republic of Korea, Taiwan, or 
Turkey, and associated insurance and transportation services, that are 
initiated and completed entirely within the JPOA Period, including 
transactions involving the National Iranian Oil Company (NIOC) or the 
National Iranian Tanker Company (NITC), provided that the transactions 
do not involve persons on the SDN List other than NIOC, NITC, or any 
Iranian depository institutions listed solely pursuant to E.O. 
13599.\6\
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    \6\ For the purposes of the sanctions relief with respect to 
Iran's exports of crude oil described in this section, the term 
``associated insurance and transportation services'' means insurance 
and transportation services ordinarily incident to the underlying 
activity covered by the JPOA, provided, however, such services may 
not involve persons on the SDN List other than NIOC, NITC, or any 
Iranian depository institutions listed solely pursuant to E.O. 
13599.
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    2. Blocking Sanctions: The USG will not impose blocking sanctions 
under section 1(a)(iii) of E.O. 13382; section 5(a) of E.O. 13622; 
sections 2(a)(i)-(ii) of E.O. 13645; section 544.201(a)(3) of the 
WMDPSR; and section 560.211(c)(2) of the ITSR with respect to non-U.S. 
persons not otherwise subject to the ITSR that, exclusively during the 
JPOA Period, materially assist, sponsor, or provide financial, 
material, or technological support for, or goods or services in support 
of, exports of petroleum and petroleum products from Iran to China, 
India, Japan, the Republic of Korea, Taiwan, or Turkey, and associated 
insurance and transportation services, including for activities 
involving NIOC or NITC, provided such activities are initiated and 
completed entirely within the JPOA Period, and further provided that 
the activities do not involve persons on the SDN List other than NIOC, 
NITC, or any Iranian depository institutions listed solely pursuant to 
E.O. 13599.
    3. Menu-based Sanctions: The USG will not impose sanctions under 
section 2(a)(i) of E.O. 13622 (as amended by section 16(c) of E.O. 
13645) on non-U.S. persons not otherwise subject to the ITSR who engage 
in transactions exclusively during the JPOA Period for exports of 
petroleum and petroleum products from Iran to China, India, Japan, the 
Republic of Korea, Taiwan, or Turkey, and associated insurance and 
transportation services, including transactions involving NIOC or NITC, 
provided such activities are initiated and completed entirely within 
the JPOA Period, and further provided that the activities do not 
involve persons on the SDN List other than NIOC, NITC, or any Iranian 
depository institutions listed solely pursuant to E.O. 13599.

[[Page 5028]]

    In addition, please see Section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

VI. Facilitation of Humanitarian and Certain Other Transactions

    The JPOA provides for the establishment of ``a financial channel to 
facilitate humanitarian trade for Iran's domestic needs using Iranian 
oil revenues held abroad. Humanitarian trade [is] defined as 
transactions involving food and agricultural products, medicine, 
medical devices, and medical expenses incurred abroad. This channel 
could also enable transactions required to pay Iran's UN obligations . 
. . and direct tuition payments to universities and colleges for 
Iranian students studying abroad.'' In furtherance of the JPOA, the P5 
+ 1 and Iran are establishing mechanisms to further facilitate the 
purchase of, and payment for, the export of food, agricultural 
commodities, medicine, and medical devices to Iran, as well as to 
facilitate Iran's payments of UN obligations, Iran's payments for 
medical expenses incurred abroad by Iranian citizens, and Iran's 
payments of an agreed amount of governmental tuition assistance for 
Iranian students studying abroad. Foreign financial institutions whose 
involvement in hosting these new mechanisms is sought by Iran will be 
contacted directly by the U.S. Department of the Treasury and provided 
specific guidance.
    Please note that the new mechanism for humanitarian trade 
transactions is not the exclusive way to finance or facilitate the sale 
of food, agricultural commodities, medicine, and medical devices to 
Iran by non-U.S. persons not otherwise subject to the ITSR, which is 
not generally sanctionable so long as the transaction does not involve 
persons designated in connection with Iran's support for international 
terrorism or Iran's proliferation of weapons of mass destruction (WMD) 
or WMD delivery systems. Therefore, transactions for the export of 
food, agricultural commodities, medicine, and medical devices to Iran 
generally may be processed pursuant to pre-existing exceptions and are 
not required to be processed through the new mechanism.
    In addition, please see Section VII below, which describes the 
exercise of certain waiver authorities relevant to the activities and 
transactions described in this section.

VII. Waivers

    To enable the implementation of the sanctions relief outlined in 
the JPOA and described in detail in sections I through VI of this 
guidance, the USG has issued limited waivers of sanctions under: 
section 1245(d)(1) of the National Defense Authorization Act for Fiscal 
Year 2012 (NDAA) in connection with exports of crude oil from Iran to 
China, India, Japan, the Republic of Korea, Taiwan, and Turkey and for 
transactions related to the release in installments of an agreed amount 
of revenues to Iran for receipt at participating foreign financial 
institutions in selected jurisdictions and the establishment of the 
financial channel provided for in the JPOA; section 302(a) of the TRA 
with respect to certain transactions involving NIOC; section 5(A)(7) of 
ISA with respect to certain transactions involving NIOC and NITC; and 
the following sub-sections of IFCA:
    1. 1244(c)(1)--to the extent required for transactions by non-U.S. 
persons (and, in the case of the civil aviation activities described in 
section IV, U.S. persons): (i) For Iran's export of crude oil to China, 
India, Japan, the Republic of Korea, Taiwan, and Turkey, excluding any 
transactions involving persons on the SDN List other than NIOC and 
NITC; (ii) for the export from Iran of petrochemical products, 
excluding any transactions involving persons on the SDN List other than 
the petrochemical companies listed in the Annex to this guidance; (iii) 
for the sale of precious metals to or from Iran, excluding any 
transactions involving persons on the SDN List other than any political 
subdivision, agency, or instrumentality of the Government of Iran 
listed solely pursuant to E.O. 13599; and (iv) for the supply and 
installation of spare parts necessary for the safety of Iranian civil 
aviation flights and for safety-related inspections and repairs in 
Iran, excluding any transactions involving persons on the SDN List 
other than Iran Air.
    2. 1244(d)--to the extent required for transactions by non-U.S. 
persons related to Iran's export of crude oil to China, India, Japan, 
the Republic of Korea, Taiwan, and Turkey, excluding any transactions 
involving persons on the SDN List other than NIOC and NITC.
    3. 1245(a)(1)(A) and 1245(c)--to the extent required for 
transactions by non-U.S. persons for the sale, supply, or transfer of 
precious metals to or from Iran, provided that such transactions do not 
involve persons on the SDN List other than any political subdivision, 
agency, or instrumentality of the Government of Iran listed solely 
pursuant to E.O. 13599 or any Iranian depository institutions listed 
solely pursuant to E.O. 13599, and further provided that such 
transactions do not involve funds credited to an account located 
outside Iran pursuant to section 1245(d)(4)(D)(ii)(II) of NDAA.
    4. 1246(a)--to the extent required for transactions by non-U.S. 
persons (and, in the case of the civil aviation activities described in 
section IV, U.S. persons) for: (i) Iran's exports of crude oil to 
China, India, Japan, the Republic of Korea, Taiwan, and Turkey, 
excluding any transactions involving persons on the SDN List other than 
NIOC and NITC; (ii) the export from Iran of petrochemical products, 
excluding any transactions involving persons on the SDN List other than 
the petrochemical companies listed in the Annex to this guidance; (iii) 
the sale of precious metals to or from Iran, excluding any transactions 
involving persons on the SDN List other than any political subdivision, 
agency, or instrumentality of the Government of Iran listed solely 
pursuant to E.O. 13599; (iv) the sale, supply, or transfer to Iran of 
goods and services used in connection with the automotive sector of 
Iran, excluding any transactions involving persons on the SDN List; and 
(v) the supply and installation of spare parts necessary for the safety 
of Iranian civil aviation flights and for safety-related inspections 
and repairs in Iran, excluding any transactions involving persons on 
the SDN List other than Iran Air.
    5. 1247(a)--to the extent required for transactions by foreign 
financial institutions on behalf of: (i) NIOC and NITC related to 
Iran's exports of crude oil to China, India, Japan, the Republic of 
Korea, Taiwan, and Turkey; (ii) the entities listed in the Annex to 
this guidance for the export of petrochemical products from Iran; (iii) 
any political subdivision, agency, or instrumentality of the Government 
of Iran on the SDN List solely pursuant to E.O. 13599 for the sale of 
precious metals to or from Iran; and (iv) Iran Air for the supply and 
installation of spare parts necessary for the safety of Iranian civil 
aviation flights and for safety-related inspections and repairs in 
Iran.
    Issued: January 20, 2014.

Annex

    1. Bandar Imam Petrochemical Company;
    2. Bou Ali Sina Petrochemical Company;
    3. Ghaed Bassir Petrochemical Products Company;
    4. Iran Petrochemical Commercial Company;
    5. Jam Petrochemical Company;
    6. Marjan Petrochemical Company;
    7. Mobin Petrochemical Company;
    8. National Petrochemical Company;
    9. Nouri Petrochemical Company;

[[Page 5029]]

    10. Pars Petrochemical Company;
    11. Sadaf Petrochemical Assaluyeh Company;
    12. Shahid Tondgooyan Petrochemical Company;
    13. Shazand Petrochemical Company; and
    14. Tabriz Petrochemical Company.

    Dated: January 23, 2014.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. 2014-01939 Filed 1-29-14; 8:45 am]
BILLING CODE 4810-AL-P