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[House Document 112-128]
[From the U.S. Government Publishing Office]

112th Congress, 2d Session - - - - - - - - - - - - House Document 112-128

 
 EXECUTIVE ORDER TAKING ADDITIONAL STEPS WITH RESPECT TO THE NATIONAL 
                EMERGENCY DECLARED WITH RESPECT TO IRAN

                               __________

                                MESSAGE

                                  from

                     THEPRESIDENTOFTHEUNITEDSTATES

                              transmitting

  NOTIFICATION OF AN EXECUTIVE ORDER THAT TAKES ADDITIONAL STEPS WITH 
RESPECT TO THE NATIONAL EMERGENCY DECLARED IN EXECUTIVE ORDER 12957 OF 
                             MARCH 15, 1995

    July 31, 2012.--Message and accompanying papers referred to the 
         Committee on Foreign Affairs and ordered to be printed
To the Congress of the United States:
    Pursuant to the International Emergency Economic Powers Act 
(50 U.S.C. 1701 et seq.) (IEEPA), I hereby report that I have 
issued an Executive Order (the ``order'') that takes additional 
steps with respect to the national emergency declared in 
Executive Order 12957 of March 15, 1995.
    In Executive Order 12957, the President found that the 
actions and policies of the Government of Iran threaten the 
national security, foreign policy, and economy of the United 
States. To deal with that threat, the President in Executive 
Order 12957 declared a national emergency and imposed 
prohibitions on certain transactions with respect to the 
development of Iranian petroleum resources. To further respond 
to that threat, Executive Order 12959 of May 6, 1995, imposed 
comprehensive trade and financial sanctions on Iran. Executive 
Order 13059 of August 19, 1997, consolidated and clarified the 
previous orders. To take additional steps with respect to the 
national emergency declared in Executive Order 12957 and to 
implement section 105(a) of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (Public Law 111-195) 
(22 U.S.C. 8501 et seq.) (CISADA), I issued Executive Order 
13553 on September 28, 2010, to impose sanctions on officials 
of the Government of Iran and other persons acting on behalf of 
the Government of Iran determined to be responsible for or 
complicit in certain serious human rights abuses. To take 
further additional steps with respect to the threat posed by 
Iran and to provide implementing authority for a number of the 
sanctions set forth in the Iran Sanctions Act of 1996 (Public 
Law 104-172) (50 U.S.C. 1701 note) (ISA), as amended by CISADA, 
I issued Executive Order 13574 on May 23, 2011, to authorize 
the Secretary of the Treasury to implement certain sanctions 
imposed by the Secretary of State pursuant to ISA, as amended 
by CISADA. I also issued Executive Order 13590 on November 20, 
2011, to take additional steps with respect to this emergency 
by authorizing the Secretary of State to impose sanctions on 
persons providing certain goods, services, technology, or 
support that contribute either to Iran's development of 
petroleum resources or to Iran's production of petrochemicals, 
and to authorize the Secretary of the Treasury to implement 
some of those sanctions. On February 5, 2012, in order to take 
further additional steps pursuant to this emergency, and to 
implement section 1245(c) of the National Defense Authorization 
Act for Fiscal Year 2012 (Public Law 112-81), I issued 
Executive Order 13599 blocking the property of the Government 
of Iran, all Iranian financial institutions, and persons 
determined to be owned or controlled by, or acting for or on 
behalf of, such parties. Most recently, on April 22, 2012, and 
May 1, 2012, I issued Executive Orders 13606 and 13608, 
respectively. Executive Orders 13606 and 13608 each take 
additional steps with respect to various emergencies, including 
the emergency declared in Executive Order 12957 concerning 
Iran, to address the use of computer and information technology 
to commit serious human rights abuses and efforts by foreign 
persons to evade sanctions.
    The order takes additional steps with respect to the 
national emergency declared in Executive Order 12957, 
particularly in light of the Government of Iran's use of 
revenues from petroleum, petroleum products, and petrochemicals 
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. Subject to certain exceptions and 
conditions, the order authorizes the Secretary of the Treasury 
and the Secretary of State, as set forth in the order, to 
impose sanctions on persons as described in the order, all as 
more fully described below.
    Section 1 of the order authorizes the Secretary of the 
Treasury, in consultation with the Secretary of State, to 
impose financial sanctions on foreign financial institutions 
determined to have knowingly conducted or facilitated certain 
significant financial transactions with the National Iranian 
Oil Company (NIOC) or Naftiran Intertrade Company (NICO), or 
for the purchase or acquisition of petroleum, petroleum 
products, or petrochemical products from Iran.
    Section 2 of the order authorizes the Secretary of State, 
in consultation with the Secretary of the Treasury, the 
Secretary of Commerce, and the United States Trade 
Representative, 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, to impose any of a number of sanctions on a person 
upon determining that the person:
           knowingly engaged in a significant 
        transaction for the purchase or acquisition of 
        petroleum, petroleum products, or petrochemical 
        products from Iran;
           is a successor entity to a person determined 
        to meet the criterion above;
           owns or controls a person determined to meet 
        the criterion above, and had knowledge that the person 
        engaged in the activities referred to therein; or
           is owned or controlled by, or under common 
        ownership or control with, a person determined to meet 
        the criterion above, and knowingly participated in the 
        activities referred to therein.
    Sections 3 and 4 of the order provide that, for persons 
determined to meet any of the criteria specified in section 2 
of the order, the heads of the relevant agencies, in 
consultation with the Secretary of State, shall implement the 
sanctions imposed by the Secretary of State. The sanctions 
provided for in sections 3 and 4 of the order include the 
following actions:
           the Board of Directors of the Export-Import 
        Bank shall deny approval of the issuance of any 
        guarantee, insurance, extension of credit, or 
        participation in an extension of credit in connection 
        with the export of any goods or services to the 
        sanctioned person;
           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;
           for a sanctioned person that is a financial 
        institution: 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 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;
           agencies shall not procure, or enter into a 
        contract for the procurement of, any goods or services 
        from the sanctioned person;
           the Secretary of the Treasury shall take 
        actions where necessary to:
                   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;
                   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;
                   prohibit any transfers of credit 
                or payments between financial institutions 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;
                   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, 
                withdrawn, or otherwise dealt in; or
                   restrict or prohibit imports of 
                goods, technology, or services, directly or 
                indirectly, into the United States from the 
                sanctioned person.
    Section 5 of the order authorizes the Secretary of the 
Treasury, in consultation with the Secretary of State, to 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 any person upon determining 
that the person has materially assisted, sponsored, or provided 
financial, material, or technological 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.
    I have delegated to the Secretary of the Treasury the 
authority, in consultation with the Secretary of State, 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 the order.
    The order was effective at 12:01 a.m. eastern daylight time 
on July 31, 2012. All agencies of the United States Government 
are directed to take all appropriate measures within their 
authority to carry out the provisions of the order.
    I am enclosing a copy of the Executive Order I have issued.

                                                      Barack Obama.
    The White House, July 30, 2012.
                            Executive Order

                              ----------                              

         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 Emergencies 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 
petrochemicals 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 specified 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 subsection 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 subsection 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, 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 Representative, 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)(1) 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) (1) 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 subsection 1245(d) of the 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 subsection 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 participation 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:
          (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 institutions 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, 
        withdrawn, 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 
technological 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 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 transaction 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 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 institution 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 sovereignty, 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 arrangements;
    (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 determined 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 petroleum 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, liquefied 
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 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 Government consistent with 
applicable law. 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. 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.
                                                      Barack Obama.
    The White House, July 30, 2012.

                                  
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