OFAC Regulatory Provisions - 31 CFR § 560.209 - Prohibited transactions with respect to the development of Iranian petroleum resources.

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Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).

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TURBOFAC Commentary (153 words)

Notes:

This prohibition exists as a result of Executive Order 12957 of March 15, 1995 (Prohibiting Certain Transactions With Respect to the Development of Iranian Petroleum Resources), which is the precursor to the full-scale embargo enacted in 1997. The prohibition has not been deleted because the of 1995 is still in effect, but this provision has effectively been made redundant by the totality of the rest of the embargo. Apart from transactions taking place after the effective date of this provision and prior to the effective date of the provisions implemented in 1997, there is nothing here that would not also be prohibited by at least one of the broader prohibitions (particularly 560.206).

Accordingly, the precise scope of the prohibition is not of much practical relevance, and OFAC does not appear to have offered any meaningful guidance in that respect. No enforcement actions have cited a violation of 560.209.

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31 CFR § 560.209 - Prohibited transactions with respect to the development of Iranian petroleum resources.

TURBOFAC Commentary (153 words)