31 C.F.R. § 535.567 Payment under advised letters of credit.
Title 31 - Money and Finance: Treasury
(a) Specific licenses may be issued for presentation, acceptance, or payment of documentary drafts under a letter of credit opened by an Iranian entity and advised by a domestic bank or an Iranian bank subject to the jurisdiction of the United States, provided, That: (1) The letter of credit was advised prior to the effective date; (2) The property which is the subject of the payment under the letter of credit was not in the possession or control of the exporter on or after the effective date; (3) The Beneficiary is a person subject to the jurisdiction of the United States. (b) As a general matter, licenses will not be issued if the amount to be paid to a single payee exceeds $500,000, or if hardship cannot be shown. [44 FR 75354, Dec. 19, 1979]
Title 31: Money and Finance: Treasury
PART 535—IRANIAN ASSETS CONTROL REGULATIONS
Subpart E—Licenses, Authorizations and Statements of Licensing Policy
§ 535.567 Payment under advised letters of credit.
