Iran: American Freezing of Iranian Assets
Randy Black writes: Regarding the freezing of Iranian assets, in 1995, as a result of Iranian sponsorship of international terrorism and Iran's active pursuit of weapons of mass destruction, President Clinton issued two Executive orders. Executive Order 12957, issued on March 15, 1995, prohibited U.S. persons from entering into contracts for the financing or the overall management or supervision of the development of petroleum resources located in Iran or over which Iran claims jurisdiction. Executive Order 12959, issued on May 6, 1995, substantially broadened the 1987 sanctions. The Executive Order of May 6 imposed prohibitions on the exportation of U.S. goods, technology, and services to Iran, new investment in Iran, the reexportation of certain goods, technology and services to Iran, the brokering or trading in goods or services of Iranian origin, and the facilitation of certain Iran-related trade or investment. This effectively ended U.S. commercial activity with respect to Iran. On August 19, 1997, the President signed Executive Order 13059 clarifying the earlier orders and confirming the prohibition on trade and investment activities with respect to Iran by U.S. persons, wherever located.