Modifying the Protection Granted to the Development Fund for Iraq and Certain Property in Which Iraq Has an Interest and Protecting the Central Bank of Iraq

Executive Order 13364 of November 29, 2004

Modifying the Protection Granted to the
Development Fund for Iraq and Certain Property in Which
Iraq Has an Interest and Protecting the Central Bank of
Iraq

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, as amended (50 U.S.C. 1701 et seq.)
(IEEPA), the National Emergencies Act (50 U.S.C. 1601
et seq.), section 5 of the United Nations Participation
Act, as amended (22 U.S.C. 287c) (UNPA), and section
301 of title 3, United States Code,

I, GEORGE W. BUSH, President of the United States of
America, hereby modify the scope of the national
emergency declared in Executive Order 13303 of May 22,
2003, and expanded in Executive Order 13315 of August
28, 2003, and further modified in Executive Order 13350
of July 29, 2004, to address the unusual and
extraordinary threat to the national security and
foreign policy of the United States posed by obstacles
to the orderly reconstruction of Iraq, the restoration
and maintenance of peace and security in that country,
and the development of political, administrative, and
economic institutions in Iraq. I find that the threat
of attachment or other judicial process against the
Central Bank of Iraq constitutes one of these
obstacles. I further determine that, consistent with
United Nations Security Council Resolutions 1483 of May
22, 2003, and 1546 of June 8, 2004, the steps taken in
Executive Order 13303 to deal with the national
emergency declared therein need to be limited so that
such steps do not apply with respect to any final
judgment arising out of a contractual obligation
entered into by the Government of Iraq, including any
agency or instrumentality thereof, after June 30, 2004,
and so that, with respect to Iraqi petroleum and
petroleum products and interests therein, such steps
shall apply only until title passes to the initial
purchaser.

I hereby order:

Section 1. Section 1 of Executive Order 13303 is hereby
amended to read as follows:

“Section 1. (a) Except as provided in section 1(b) of this order, and
unless licensed or otherwise authorized pursuant to this order, any
attachment, judgment, decree, lien, execution, garnishment, or other
judicial process is prohibited and shall be deemed null and void with
respect to the following:

(i)

the Development Fund for Iraq;

(ii)

all Iraqi petroleum and petroleum products, and interests therein, but
only until title passes to the initial purchaser, and proceeds,
obligations, or any financial instruments of any nature whatsoever arising
from or related to the sale or marketing thereof, and interests therein, in
which any foreign country or a national thereof has any interest, that are
in the United States, that hereafter come within the United States, or that
are or hereafter come within the possession or control of United States
persons; and

(iii)

any accounts, assets, investments, or any other property of any kind owned
by, belonging to, or held by the Central Bank of Iraq, or held, maintained,
or otherwise controlled by any financial institution of any kind in the
name of, on behalf of, or otherwise for the Central Bank of Iraq.

(b)

The prohibition in section 1(a) of this order shall not apply with respect
to any final judgment arising out of a contractual obligation entered into
by the Government of Iraq, including any agency or instrumentality thereof,
after June 30, 2004.”

Sec. 2. (a) 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 the President by IEEPA and the
UNPA 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 consistent
with applicable law. 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.

(b) Nothing contained in this order shall relieve a
person from any requirement to obtain a license or
other authorization in compliance with applicable laws
and regulations.

Sec. 3. This order is not intended to, and does not,
create any right, benefit, or privilege, substantive or
procedural, enforceable at law or in equity by a party
against the United States, its departments, agencies,
entities, officers, employees, or agents, or any other
person.

Sec. 4. This order shall be transmitted to the Congress
and published in the Federal Register.

    (Presidential Sig.)B

THE WHITE HOUSE,

     November 29, 2004.