[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR575.408]



[Page 340]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 575_IRAQI SANCTIONS REGULATIONS--Table of Contents

 

                        Subpart D_Interpretations

 

Sec. 575.408  Offshore transactions.



    (a) The prohibitions contained in Sec. Sec. 575.201 and 575.206 

apply to transactions by U.S. persons in locations outside the United 

States with respect to property in which the U.S. person knows, or has 

reason to know, that the Government of Iraq has or has had an interest 

since the effective date.

    (b) Prohibited transactions include, but are not limited to, 

importation into locations outside the United States of, or dealings 

within such locations in, goods or services of Iraqi origin.

    (c) Examples. (1) A U.S. person may not, within the United States or 

abroad, purchase, sell, finance, insure, transport, act as a broker for 

the sale or transport of, or otherwise deal in, Iraqi crude oil or 

petroleum products refined in Iraq.

    (2) A U.S. person may not, within the United States or abroad, 

conduct transactions of any nature whatsoever with an entity that the 

U.S. person knows or has reason to know is an Iraqi Government entity 

unless the entity is licensed by the Office of Foreign Assets Control to 

conduct such transactions with U.S. persons.