Prohibiting Certain Transactions With Respect to the Development of Iranian Petroleum Resources
Headline: Prohibits United States Involvement in Developing Iranian Petroleum Resources
What it does: Agencies must prohibit United States persons from contracting, financing, or guaranteeing development of petroleum resources in Iran and stop transactions that evade these bans.
- Bars United States companies from managing Iranian oil development contracts.
- Prohibits United States financing or guarantees for Iranian petroleum projects.
- Requires United States agencies to create rules and enforce the bans.
Summary
This order prohibits United States persons from entering into or performing contracts that manage or develop petroleum resources in Iran, from financing such development, and from guaranteeing others' performance under those contracts. It also bans transactions intended to evade these prohibitions.
The order defines who counts as a United States person (U.S. citizens, permanent residents, U.S. companies, and anyone in the United States) and authorizes the Secretary of the Treasury, with the Secretary of State, to issue rules and enforce the order after declaring a national emergency over Iran's actions.
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