Introduction

The Iran Trade Embargo and the Iranian Transaction Regulations

1. The International Emergency Economic Powers Act (hereinafter IEEPA), Title 50 United States Code §§ 1701-1706, authorizes the President to impose economic sanctions on a foreign country in response to an unusual or extraordinary threat to the national security, foreign policy or the economy of the United States when the President declares a national emergency with respect to that threat. Specifically, Title 50 United States Code, § 1705(a) states it shall be unlawful for a person to violate, conspire to violate, or cause a violation of any license, order, regulation or prohibition issued under IEEPA.
2. On March 15, 1995, the President issued Executive Order No. 12957, finding that "the actions and policies of the Government of Iran constitute an unusual and extraordinary threat to the national security, foreign policy or the economy of the United States" and declaring "a national emergency to deal with that threat."

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