Executive Order 12957 - Prohibiting Certain Transactions With Respect to the Development of Iranian Petroleum Resources (Effective Date - March 16, 1995)

Date issued: Mar. 16 1995

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TURBOFAC Commentary (423 words)

Notes:

EO 12957 is the second of six EOs that inform the prohibitions and scope of the ITSR. This EO, issued prior to the full-scale embargo, prohibits the transactions with respect to the development of Iranian petroleum resources that are implemented by 560.209.

560.209 remains in the ITSR because this EO is still active, but for practical purposes, it has been superseded by broader prohibitions that have been interpreted encompass the entire scope the prohibitions of this EO. Between 560.208 (prohibited facilitation), 560.207 (prohibited investment) and 560.204 (prohibited exportation, reexportation, sale, or supply of goods, technology, or services to Iran), there does not appear to be anything prohibited by this EO that is not otherwise prohibited. OFAC has never cited 560.209 in the context...