Executive Order No. 13622. Authorizing Additional Sanctions With Respect to Iran

• Executive Order No.: 13622
• Published date: 02 August 2012
• Citation: 77 FR 45897
• Date: 30 July 2012
• Section: Presidential Documents
• Issuer: Executive Office of the President

Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Presidential Documents 
45897 
Presidential Documents
Executive Order 13622 of July 30, 2012 
Authorizing Additional Sanctions With Respect to Iran 
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.) (IEEPA), the National Emer-
gencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United 
States Code, 
I, BARACK OBAMA, President of the United States of America, in order 
to take additional steps with respect to the national emergency declared 
in Executive Order 12957 of March 15, 1995, as relied upon for additional 
steps in subsequent Executive Orders, particularly in light of the Government 
of Iran’s use of revenues from petroleum, petroleum products, and petro-
chemicals for illicit purposes, Iran’s continued attempts to evade international 
sanctions through deceptive practices, and the unacceptable risk posed to 
the international financial system by Iran’s activities, hereby order: 
Section 1. (a) The Secretary of the Treasury, in consultation with the Secretary 
of State, is hereby authorized to impose on a foreign financial institution 
the sanctions described in subsection (b) of this section upon determining 
that the foreign financial institution has knowingly conducted or facilitated 
any significant financial transaction: 
(i) with the National Iranian Oil Company (NIOC) or Naftiran Intertrade 
Company (NICO), except for a sale or provision to NIOC or NICO of 
the products described in section 5(a)(3)(A)(i) of the Iran Sanctions Act 
of 1996 (Public Law 104–172), as amended, provided that the fair market 
value of such products is lower than the applicable dollar threshold speci-
fied in that provision; 
(ii) for the purchase or acquisition of petroleum or petroleum products 
from Iran; or 
(iii) for the purchase or acquisition of petrochemical products from Iran. 
(b) With respect to any foreign financial institution determined by the 
Secretary of the Treasury in accordance with this section to meet the criteria 
set forth in subsection (a)(i), (a)(ii), or (a)(iii) of this section, the Secretary 
of the Treasury may prohibit the opening, and prohibit or impose strict 
conditions on the maintaining, in the United States of a correspondent 
account or a payable-through account by such foreign financial institution. 
(c) Subsections (a)(i) and (ii) of this section shall apply with respect 
to a significant financial transaction conducted or facilitated by a foreign 
financial institution only if: 
(i) the President determines under subparagraphs (4)(B) and (C) of sub-
section 1245(d) of the National Defense Authorization Act for Fiscal Year 
2012 (Public Law 112–81) (NDAA) that there is a sufficient supply of 
petroleum and petroleum products from countries other than Iran to permit 
a significant reduction in the volume of petroleum and petroleum products 
purchased from Iran by or through foreign financial institutions; and 
(ii) an exception under subparagraph 4(D) of subsection 1245(d) of the 
NDAA from the imposition of sanctions under paragraph (1) of that sub-
section does not apply with respect to the country with primary jurisdiction 
over the foreign financial institution. 
(d) Subsection (a) of this section shall not apply with respect to any 
person for conducting or facilitating a transaction for the sale of food, 
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medicine, or medical devices to Iran or when the underlying transaction 
has been authorized by the Secretary of the Treasury. 
(e) The prohibitions in subsection (b) of this section apply except to 
the extent provided by statutes, or 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. 
Sec. 2. (a) The Secretary of State, in consultation with the Secretary of 
the Treasury, the Secretary of Commerce, and the United States Trade Rep-
resentative, and with the President of the Export-Import Bank, the Chairman 
of the Board of Governors of the Federal Reserve System, and other agencies 
and officials as appropriate, is hereby authorized to impose on a person 
any of the sanctions described in section 3 or 4 of this order upon determining 
that the person: 
(i) knowingly, on or after the effective date of this order, engaged in 
a significant transaction for the purchase or acquisition of petroleum or 
petroleum products from Iran; 
(ii) knowingly, on or after the effective date of this order, engaged in 
a significant transaction for the purchase or acquisition of petrochemical 
products from Iran; 
(iii) is a successor entity to a person determined by the Secretary of 
State in accordance with this subsection to meet the criteria in subsection 
(a)(i) or (a)(ii) of this section; 
(iv) owns or controls a person determined by the Secretary of State in 
accordance with this subsection to meet the criteria in subsection (a)(i) 
or (a)(ii) of this section, and had knowledge that the person engaged 
in the activities referred to in that subsection; or 
(v) is owned or controlled by, or under common ownership or control 
with, a person determined by the Secretary of State in accordance with 
this subsection to meet the criteria in subsection (a)(i) or (a)(ii) of this 
section, and knowingly participated in the activities referred to in that 
subsection. 
(b) Subsection (a)(i) of this section shall apply with respect to a person 
only if: 
(i) the President determines under subparagraphs (4)(B) and (C) of sub-
section 1245(d) of the NDAA that there is a sufficient supply of petroleum 
and petroleum products from countries other than Iran to permit a signifi-
cant reduction in the volume of petroleum and petroleum products pur-
chased from Iran by or through foreign financial institutions; and 
(ii) an exception under subparagraph 4(D) of subsection 1245(d) of the 
NDAA from the imposition of sanctions under paragraph (1) of that sub-
section does not apply with respect to the country with primary jurisdiction 
over the person. 
Sec. 3. When the Secretary of State, in accordance with the terms of section 
2 of this order, has determined that a person meets any of the criteria 
described in section 2 and has selected any of the sanctions set forth below 
to impose on that person, the heads of relevant agencies, in consultation 
with the Secretary of State, shall take the following actions where necessary 
to implement the sanctions imposed by the Secretary of State: 
(a) the Board of Directors of the Export-Import Bank shall deny approval 
of the issuance of any guarantee, insurance, extension of credit, or participa-
tion in an extension of credit in connection with the export of any goods 
or services to the sanctioned person; 
(b) agencies shall not issue any specific license or grant any other specific 
permission or authority under any statute that requires the prior review 
and approval of the United States Government as a condition for the export 
or reexport of goods or technology to the sanctioned person; 
(c) with respect to a sanctioned person that is a financial institution: 
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Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Presidential Documents 
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(i) the Chairman of the Board of Governors of the Federal Reserve System 
and the President of the Federal Reserve Bank of New York shall take 
such actions as they deem appropriate, including denying designation, 
or terminating the continuation of any prior designation of, the sanctioned 
person as a primary dealer in United States Government debt instruments; 
or 
(ii) agencies shall prevent the sanctioned person from serving as an agent 
of the United States Government or serving as a repository for United 
States Government funds; or 
(d) agencies shall not procure, or enter into a contract for the procurement 
of, any goods or services from the sanctioned person. 
(e) The prohibitions in subsections (a)–(d) of this section apply except 
to the extent provided by statutes, or 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. 
Sec. 4. (a) When the Secretary of State, in accordance with the terms of 
section 2 of this order, has determined that a person meets any of the 
criteria described in section 2 and has selected any of the sanctions set 
forth below to impose on that person, the Secretary of the Treasury, in 
consultation with the Secretary of State, shall take the following actions 
where necessary to implement the sanctions imposed by the Secretary of 
State: 
(i) prohibit any United States financial institution from making loans 
or providing credits to the sanctioned person totaling more than 
$10,000,000 in any 12-month period, unless such person is engaged in 
activities to relieve human suffering and the loans or credits are provided 
for such activities; 
(ii) prohibit any transactions in foreign exchange that are subject to the 
jurisdiction of the United States and in which the sanctioned person 
has any interest; 
(iii) prohibit any transfers of credit or payments between financial institu-
tions or by, through, or to any financial institution, to the extent that 
such transfers or payments are subject to the jurisdiction of the United 
States and involve any interest of the sanctioned person; 
(iv) block all property and interests in property that are in the United 
States, that come within the United States, or that are or come within 
the possession or control of any United States person, including any 
foreign branch, of the sanctioned person, and provide that such property 
and interests in property may not be transferred, paid, exported, with-
drawn, or otherwise dealt in; or 
(v) restrict or prohibit imports of goods, technology, or services, directly 
or indirectly, into the United States from the sanctioned person. 
(b) The prohibitions in subsections (a)(i)–(a)(v) of this section apply except 
to the extent provided by statutes, or 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. 
Sec. 5. (a) The Secretary of the Treasury, in consultation with the Secretary 
of State, is hereby authorized to impose on a person the measures described 
in subsection (b) of this section upon determining that the person has 
materially assisted, sponsored, or provided financial, material, or techno-
logical support for, or goods or services in support of, NIOC, NICO, or 
the Central Bank of Iran, or the purchase or acquisition of U.S. bank notes 
or precious metals by the Government of Iran. 
(b) With respect to any person determined by the Secretary of the Treasury 
in accordance with subsection (a) to meet the criteria set forth in subsection 
(a) of this section, all property and interests in property that are in the 
United States, that hereafter come within the United States, or that are 
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or hereafter come within the possession or control of any United States 
person, including any foreign branch, of such person are blocked and may 
not be transferred, paid, exported, withdrawn, or otherwise dealt in. 
(c) The prohibitions in subsection (b) of this section apply except to 
the extent provided by statutes, or 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. 
Sec. 6. Subsection 1(a), section 2, and subsection 5(a) of this order shall 
not apply with respect to any person for conducting or facilitating a trans-
action involving a natural gas development and pipeline project initiated 
prior to the effective date of this order to bring gas from Azerbaijan to 
Europe and Turkey in furtherance of a production sharing agreement or 
license awarded by a sovereign government other than the Government 
of Iran before the effective date of this order. 
Sec. 7. I hereby determine that, to the extent section 203(b)(2) of IEEPA 
(50 U.S.C. 1702(b)(2)) may apply, the making of donations of the type 
of articles specified in such section by, to, or for the benefit of any person 
whose property and interests in property are blocked pursuant to subsection 
(a)(iv) of section 4 or subsection (b) of section 5 of this order would seriously 
impair my ability to deal with the national emergency declared in Executive 
Order 12957, and I hereby prohibit such donations as provided by subsection 
(a)(iv) of section 4 and subsection (b) of section 5 of this order. 
Sec. 8. The prohibitions in subsection (a)(iv) of section 4 and subsection 
(b) of section 5 of this order include, but are not limited to: 
(i) the making of any contribution or provision of funds, goods, or services 
by, to, or for the benefit of any person whose property and interests 
in property are blocked pursuant to this order; and 
(ii) the receipt of any contribution or provision of funds, goods, or services 
from any such person. 
Sec. 9. (a) Any transaction that evades or avoids, has the purpose of 
evading or avoiding, causes a violation of, or attempts to violate any of 
the prohibitions set forth in this order is prohibited. 
(b) Any conspiracy formed to violate any of the prohibitions set forth 
in this order is prohibited. 
Sec. 10. 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, group, subgroup, 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 or any jurisdiction within the United States (including foreign 
branches), or any person in the United States; 
(d) the term ‘‘financial institution,’’ as used in sections 3 and 4 of this 
order, includes (i) a depository institution (as defined in section 3(c)(1) 
of the Federal Deposit Insurance Act) (12 U.S.C. 1813(c)(1)), including a 
branch or agency of a foreign bank (as defined in section 1(b)(7) of the 
International Banking Act of 1978) (12 U.S.C. 3101(7)); (ii) a credit union; 
(iii) a securities firm, including a broker or dealer; (iv) an insurance company, 
including an agency or underwriter; and (v) any other company that provides 
financial services; 
(e) the term ‘‘foreign financial institution,’’ as used in section 1 of this 
order, means any foreign entity that is engaged in the business of accepting 
deposits, making, granting, transferring, holding, or brokering loans or credits, 
or purchasing or selling foreign exchange, securities, commodity futures 
or options, or procuring purchasers and sellers thereof, as principal or agent. 
It includes, but is not limited to, depository institutions, banks, savings 
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banks, money service businesses, trust companies, securities brokers and 
dealers, commodity futures and options brokers and dealers, forward contract 
and foreign exchange merchants, securities and commodities exchanges, 
clearing corporations, investment companies, employee benefit plans, and 
holding companies, affiliates, or subsidiaries of any of the foregoing. The 
term does not include the international financial institutions identified in 
22 U.S.C. 262r(c)(2), the International Fund for Agricultural Development, 
the North American Development Bank, or any other international financial 
institution so notified by the Secretary of the Treasury; 
(f) the term ‘‘United States financial institution’’ means a financial institu-
tion as defined in subsection (d) of this section (including its foreign 
branches) organized under the laws of the United States or any jurisdiction 
within the United States or located in the United States; 
(g) the term ‘‘Iran’’ means the Government of Iran and the territory of 
Iran and any other territory or marine area, including the exclusive economic 
zone and continental shelf, over which the Government of Iran claims sov-
ereignty, sovereign rights, or jurisdiction, provided that the Government 
of Iran exercises partial or total de facto control over the area or derives 
a benefit from economic activity in the area pursuant to international arrange-
ments; 
(h) the term ‘‘Government of Iran’’ includes the Government of Iran, any 
political subdivision, agency, or instrumentality thereof, including the Central 
Bank of Iran, and any person owned or controlled by, or acting for or 
on behalf of, the Government of Iran; 
(i) the terms ‘‘knowledge’’ and ‘‘knowingly,’’ with respect to conduct, 
a circumstance, or a result, mean that a person has actual knowledge, or 
should have known, of the conduct, the circumstance, or the result; 
(j) the term ‘‘sanctioned person’’ means a person on whom the Secretary 
of State, in accordance with the terms of section 2 of this order, has deter-
mined to impose sanctions pursuant to section 2; 
(k) the term ‘‘petroleum’’ (also known as crude oil) means a mixture 
of hydrocarbons that exists in liquid phase in natural underground reservoirs 
and remains liquid at atmospheric pressure after passing through surface 
separating facilities; 
(l) the term ‘‘petroleum products’’ includes unfinished oils, liquefied petro-
leum gases, pentanes plus, aviation gasoline, motor gasoline, naphtha-type 
jet fuel, kerosene-type jet fuel, kerosene, distillate fuel oil, residual fuel 
oil, petrochemical feedstocks, special naphthas, lubricants, waxes, petroleum 
coke, asphalt, road oil, still gas, and miscellaneous products obtained from 
the processing of: crude oil (including lease condensate), natural gas, and 
other hydrocarbon compounds. The term does not include natural gas, lique-
fied natural gas, biofuels, methanol, and other non-petroleum fuels; 
(m) the term ‘‘petrochemical products’’ includes any aromatic, olefin, and 
synthesis gas, and any of their derivatives, including ethylene, propylene, 
butadiene, benzene, toluene, xylene, ammonia, methanol, and urea; 
(n) the terms ‘‘National Iranian Oil Company’’ and ‘‘NIOC’’ mean the 
National Iranian Oil Company and any entity owned or controlled by, or 
operating for or on behalf of, the National Iranian Oil Company; and 
(o) the terms ‘‘Naftiran Intertrade Company’’ and ‘‘NICO’’ mean the Naftiran 
Intertrade Company and any entity owned or controlled by, or operating 
for or on behalf of, the Naftiran Intertrade Company. 
Sec. 11. For those persons whose property and interests in property are 
blocked pursuant to this order who might have a constitutional presence 
in the United States, I find that because of the ability to transfer funds 
or other assets instantaneously, prior notice to such persons of measures 
to be taken pursuant to subsection (a)(iv) of section 4 or subsection (b) 
of section 5 of this order would render those measures ineffectual. I therefore 
determine that for these measures to be effective in addressing the national 
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emergency declared in Executive Order 12957, there need be no prior notice 
of an action taken pursuant to subsection (a)(iv) of section 4 or subsection 
(b) of section 5 of this order. 
Sec. 12. 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 as may be necessary to carry out the purposes of sections 1, 
4, and 5 of this order. The Secretary of the Treasury may redelegate any 
of these functions to other officers and agencies of the United States Govern-
ment consistent with applicable law. All agencies of the United States Gov-
ernment are hereby directed to take all appropriate measures within their 
authority to carry out the provisions of this order. 
Sec. 13. This order is not intended to, and does not, create any right 
or benefit, substantive or procedural, enforceable at law or in equity by 
any party against the United States, its departments, agencies, or entities, 
its officers, employees, or agents, or any other person. 
Sec. 14. The measures taken pursuant to this order are in response to 
actions of the Government of Iran occurring after the conclusion of the 
1981 Algiers Accords, and are intended solely as a response to those later 
actions. 
Sec. 15. This order is effective at 12:01 a.m. eastern daylight time on July 
31, 2012. 
THE WHITE HOUSE, 
Washington, July 30, 2012. 
[FR Doc. 2012–19055 
Filed 8–1–12; 8:45 am] 
Billing code 3295–F2–P 
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