GroundRules
31 CFR 535.567: Payment under advised letters of credit.
Where this section sits in the code
- Title 31—Money and Finance: Treasury
- Subtitle B—Regulations Relating to Money and Finance
- CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
- PART 535—IRANIAN ASSETS CONTROL REGULATIONS
- Subpart E—Licenses, Authorizations and Statements of Licensing Policy
(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.
Collected 2026-08-27T02:25:25Z. Source file · JSON