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31 C.F.R. § 560.532   Payment for and financing of exports and reexports of commercial commodities, medicine, and medical devices.

Title 31 - Money and Finance: Treasury

Title 31: Money and Finance: Treasury
PART 560—IRANIAN TRANSACTIONS REGULATIONS
Subpart E—Licenses, Authorizations and Statements of Licensing Policy

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§ 560.532   Payment for and financing of exports and reexports of commercial commodities, medicine, and medical devices.

(a) General license for payment terms. The following payment terms for sales of agricultural commodities and products, medicine, and medical equipment pursuant to §§560.530 and 560.531 are authorized:

(1) Payment of cash in advance;

(2) Sales on open account, provided that the account receivable may not be transferred by the person extending the credit; or

(3) Financing by third-country financial institutions that are neither United States persons nor Government of Iran entities. Such financing may be confirmed or advised by U.S. financial institutions.

(b) Specific licenses for alternate payment terms. Specific licenses may be issued on a case-by-case basis for payment terms and trade financing not authorized by the general license in paragraph (a) of this section for sales pursuant to §§560.530 and 560.531. See §501.801(b) of this chapter for specific licensing procedures.

(c) No debits or credits to Iranian accounts on the books of U.S. depository institutions. Nothing in this section authorizes payment terms or trade financing involving a debit or credit to an account of a person located in Iran or of the Government of Iran maintained on the books of a U.S. depository institution.

(d) Transfers through the U.S. financial system. Any payment relating to a transaction authorized in or pursuant to §560.530 or §560.533 that is routed through the U.S. financial system must reference the relevant Office of Foreign Assets Control license authorizing the payment to avoid the rejection of the transfer. See §560.516(c).

(e) Notwithstanding any other provision of this part, no commercial exportation to Iran may be made with United States Government assistance, including United States foreign assistance, United States export assistance, and any United States credit or guarantees absent a Presidential waiver.

[64 FR 41793, Aug. 2, 1999, as amended at 64 FR 58791, Nov. 1, 1999; 66 FR 36693, July 12, 2001; 70 FR 15584, Mar. 28, 2005]

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