Prohibiting Certain Transactions With Respect to the Development of Iranian Petroleum Resources

Executive Order 12957 of March 15, 1995

Prohibiting Certain Transactions With Respect to
the
Development of Iranian Petroleum Resources

By the authority vested in me as President by the
Constitution and the laws of the United States of
America, including the International Emergency Economic
Powers Act (50 U.S.C. 1701 et seq.), the National
Emergencies Act (50 U.S.C. 1601 et seq.), and section
301 of title 3, United States Code,

I, WILLIAM J. CLINTON, President of the United States
of America, find that the actions and policies of the
Government of Iran constitute an unusual and
extraordinary threat to the national security, foreign
policy, and economy of the United States, and hereby
declare a national emergency to deal with that threat.

I hereby order:

Section 1. The following are prohibited, except to the
extent provided in regulations, orders, directives, or
licenses that may be issued pursuant to this order, and
notwithstanding any contract entered into or any
license or permit granted prior to the effective date
of this order: (a) the entry into or performance by a
United States person, or the approval by a United
States person of the entry into or performance by an
entity owned or controlled by a United States person,
of (i) a contract that includes overall supervision and
management responsibility for the development of
petroleum resources located in Iran, or (ii) a guaranty
of another person's performance under such a contract;

    (b) the entry into or performance by a United
States person, or the approval by a United States
person of the entry into or performance by an entity
owned or controlled by a United States person, of (i) a
contract for the financing of the development of
petroleum resources located in Iran, or (ii) a guaranty
of another person's performance under such a contract;
and
    (c) any transaction by any United States person or
within the United States that evades or avoids, or has
the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in this
order.

Sec. 2. For the purposes of this order: (a) The term
“person” means an individual or entity;

    (b) The term “entity” means a partnership,
association, trust, joint venture, corporation, or
other organization;
    (c) The term “United States person” means any
United States citizen, permanent resident alien, entity
organized under the laws of the United States
(including foreign branches), or any person in the
United States; and
    (d) The term “Iran” means the land territory
claimed by Iran and any other area over which Iran
claims sovereignty, sovereign rights or jurisdiction,
including the territorial sea, exclusive economic zone,
and continental shelf claimed by Iran.

Sec. 3. The Secretary of the Treasury, in consultation
with the Secretary of State, is hereby authorized to
take such actions, including the promulgation of rules
and regulations, and to employ all powers granted to me
by the International Emergency Economic Powers Act as
may be necessary to carry out the purposes of this
order. The Secretary of the Treasury may redelegate any
of these functions to other officers and agencies of
the United States  Government. All
agencies of the United States Government are hereby
directed to take all appropriate measures within their
authority to carry out the provisions of this order.

Sec. 4. Nothing contained in this order shall create
any right or benefit, substantive or procedural,
enforceable by any party against the United States, its
agencies or instrumentalities, its officers or
employees, or any other person.

Sec. 5. (a) This order is effective at 12:01 a.m.,
eastern standard time, on March 16, 1995.

    (b) This order shall be transmitted to the Congress
and published in the Federal Register.

    (Presidential Sig.)>

THE WHITE HOUSE,

    March 15, 1995.