[Weekly Compilation of Presidential Documents Volume 31, Number 11 (Monday, March 20, 1995)]
[Pages 425-426]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Message to the Congress on the Prohibition on Development of Iranian 
Petroleum Resources

March 15, 1995

To the Congress of the United States:

    Pursuant to section 204(b) of the International Emergency Economic 
Powers Act (50 U.S.C. 1703(b)) and section 301 of the National 
Emergencies Act (50 U.S.C. 1631), I hereby report that I have exercised 
my statutory authority to declare a national emergency to respond to the 
actions and policies of the Government of Iran and to issue an Executive 
order prohibiting United States persons from entering into contracts for 
the financing of or the overall management or supervision of the 
development of petroleum resources located in Iran or over which Iran 
claims jurisdiction.
    The Secretary of the Treasury is authorized to issue regulations in 
exercise of my authorities under the International Emergency Economic 
Powers Act to implement these prohibitions. All Federal agencies are 
also directed to take actions within their authority to carry out the 
provisions of the Executive order.
    I am enclosing a copy of the Executive order that I have issued. The 
order is effective at 12:01 a.m., eastern standard time, on March 16, 
1995.
    I have authorized these measures in response to the actions and 
policies of Iran including support for international terrorism, efforts 
to undermine the Middle East Peace Process, and the acquisition of 
weapons of mass destructions and the means to deliver them. We have 
worked energetically to press the Government of Iran to cease this 
unacceptable behavior. To that end we have worked closely with Allied 
governments to prevent Iran's access to goods that would enhance its 
military capabilities and allow it to further threaten the security of 
the region. We have also worked to limit Iran's financial resources by 
opposing subsidized lending.
    Iran has reacted to the limitations on its financial resources by 
negotiating for Western firms to provide financing and know-how

[[Page 426]]

for management of the development of petroleum resources. Such 
development would provide new funds that the Iranian Government could 
use to continue its current policies. It continues to be the policy of 
the U.S. Government to seek to limit those resources and these 
prohibitions will prevent United States persons from acting in a manner 
that undermines that effort.
                                            William J. Clinton
The White House,
March 15, 1995.