[Weekly Compilation of Presidential Documents Volume 31, Number 11 (Monday, March 20, 1995)]
[Pages 424-425]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Executive Order 12957--Prohibiting Certain Transactions With Respect to 
the Development of Iranian Petroleum Resources

March 15, 1995

    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.

[[Page 425]]

    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.
                                            William J. Clinton
The White House,
March 15, 1995.

[Filed with the Office of the Federal Register, 4:50 p.m., March 15, 
1995]

Note: This Executive order was published in the Federal Register on 
March 17.